AUD/USD followed on from Wednesday’s sharp move lower my making fresh nearly 3 year lows again yesterday with the pair currently targeting a test of the $0.8771 low from back on Aug 25 2010. Above $.9665 is needed to relieve the immediate bearish focus and see focus shift from the $0.8771 Aug 2010 low and back to the $0.9840-50 region. Daily tech studies are again heading lower but have room to move before oversold becomes a concern.
R 4: $0.9791 – High June 3
R 3: $0.9665 – High June 6
R 2: $0.9548 – High June 19
R 1: $0.9312 – High June 20
Latest price: 0.9210
S 1: $0.9166 – 2013 low June 20 2013
S 2: $0.9056 – Low Sept 2 2010
S 3: $0.8771 – Low Aug 25 2010
S 4: $0.8634 – Low July 19 2010
NZD/USD has closed in NY below the 200-WMA ($0.7771) for the first time since July 2010 and we are now closely watching for a weekly close below the 200-WMA to add to the current bearish pressure. A close below the 200-WMA targets the 2012 low. Layers of resistance remain in the $0.8154-0.8327 region including previous daily highs, Fibonacci retracement levels and key daily moving averages.
R 4: $0.8279 – 200 day moving average
R 3: $0.8211 – High May 21
R 2: $0.8154 – High May 29
R 1: $0.7897 – High June 20
Latest price: 0.7766
S 1: $0.7714 – 2013 low June 20
S 2: $0.7621 – Low June 8 2012
S 3: $0.7461 – 2012 low May 23
S 4: $0.7373 – Monthly low Nov 25 2011
AUD/JPY remains little changed from yesterday’s NY close as market focus remains largely on the USD. In saying that, immediate bearish focus remains on spikes below the sharply falling 21 day lower Bollinger band with the Jpy85.27 level our overall downside target. The pair needs to close back above the June 6 high with the 21-DMA noted just below, to relieve the current bearish
focus. Jpy87.78 – 21 day lower Bollinger band.
R 4: Jpy96.02 – Previous daily support now resistance
R 3: Jpy94.66 – High June 6
R 2: Jpy93.79 – High June 10
R 1: Jpy92.54 – High June 14
Latest price: 89.65
S 1: Jpy88.82 – Low Dec 31 2012
S 2: Jpy87.55 – Low Dec 21 2012
S 3: Jpy87.43 – 21 day lower Bollinger band
S 4: Jpy85.27 – Low Nov 28 2012
USD/KRW followed on from Wednesday’s break higher with another leg higher that took out numerous resistance levels and triggered stops before pausing ahead of the Krw1165.1 resistance level. We will continue to look for a close below the Krw1138.1 level to relieve the immediate bullish focus that is now targeting the 2012 high and then the 2011 high beyond that. Overall a close below the 21-DMA is needed to shift focus lower.
R 4: Krw1207.8 – 2011 high Oct 4
R 3: Krw1186.7 – 2012 high June 4
R 2: Krw1176.2 – High June 8 2012
R 1: Krw1165.1 – High June 25 2012
Latest price: 1157.5
S 1: Krw1153.5 – High July 25 2012
S 2: Krw1147.2 – Previous daily resistance now support
S 3: Krw1138.1 – Previous daily resistance now support
S 4: Krw1128.9 – 21 day moving average
USD/SGD continued on from Wednesday’s break higher with the pair trading at fresh 2013 and 12 month highs yesterday before closing on a reasonably bullish note. We will now look for a close back below the Sgd1.2637 level to signal a false break higher. Daily slow stochastic, RSI and momentum indicators are heading sharply higher but have plenty of room to move higher before becoming overbought is a concern.
R 4: Sgd1.2970 – High June 1 2012
R 3: Sgd1.2941 – 200 week moving average
R 2: Sgd1.2847 – High June 25 2012
R 1: Sgd1.2773 – 2013 high June 20
Latest price: 1.2737
S 1: Sgd1.2637 – Previous daily resistance now support
S 2: Sgd1.2482 – Low June 13
S 3: Sgd1.2444 – 100 day moving average
S 4: Sgd1.2407 – Low June 7