AUD/USD consolidated the sharp move lower last week with the pair trading just above the fresh 2013 lows on Friday. We will continue to look for a close back above the $0.9312 level to relieve the immediate bearish focus while a close back above the $0.9920 level is needed to see focus turn to higher levels. Overall we are currently targeting a test of the $0.8771 support from Aug 25 2010. Daily tech studies are approaching O/S but are not yet an issue.
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: 0.9220
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 managed to close last week below the 200-WMA for the first time since July 2010 which adds further weight to the current bearish case. The pair needs to close back above the $0.7897 June 20 high to relieve the immediate focus that sees the pair targeting a test of the $0.7373-0.7461 region from 2011-12. Overall the pair needs to close above the $0.8154 resistance level to hint at a shift higher in focus.
R 4: $0.8211 – High May 21
R 3: $0.8154 – High May 29
R 2: $0.7897 – High June 20
R 1: $0.7771 – 200 week moving average
Latest price: 0.7755
S 1: $0.7702 – 2013 low June 21
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 traded largely sideways above initial support last week with most of the attention on the USD. The Jpy88.82 support remains key for the pair this week with stops noted below this level and a break below helping the pair towards our current target at Jpy85.27. Topside the pair needs to close back above the June 14 high, with the 200-DMA noted just below, to relieve the immediate bearish pressure.
R 4: Jpy96.02 – Previous daily sup now res
R 3: Jpy94.66 – High June 6
R 2: Jpy93.79 – High June 10
R 1: Jpy92.54 – High June 14
Latest price: 90.50
S 1: Jpy88.82 – Low Dec 31 2012
S 2: Jpy87.55 – Low Dec 21 2012
S 3: Jpy87.27 – 21 day lower Bollinger band
S 4: Jpy85.27 – Low Nov 28 2012
USD/KRW consolidated last week’s sharp move higher by trading around the upper end of the weekly range on Friday. 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. For now we will look for a close below the June 10 low as confirmation of a break of the 21-DMA with a shift lower in focus likely to follow as a result.
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: 1157.1
S 1: Krw1147.2 – Previous daily res now sup
S 2: Krw1138.1 – Previous daily res now sup
S 3: Krw1130.4 – 21 day moving average
S 4: Krw1119.2 – Low June 10
USD/SGD remained little changed from opening levels Friday to end last week after managing fresh 2013 and 12 month highs by a pip. We will continue to 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. Overall we are now targeting the Sgd1.2970-00 region.
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: Sgd1.2774 – 2013 high June 21
Latest price: 1.2745
S 1: Sgd1.2637 – Previous daily res now sup
S 2: Sgd1.2482 – Low June 13
S 3: Sgd1.2453 – 100 day moving average
S 4: Sgd1.2407 – Low June 7