AUD/USD finally managed to take out the $0.9312 resistance level and small stops above, but the move higher lacked follow through which is a concern for those looking for a correction. As a result, the bearish bias remains, with a close above the $0.9343 high from yesterday now needed to see the immediate focus shift to a retest of the $0.9550 level. Daily tech studies remain around oversold levels and would be supportive of a correction.
R 4: $0.9665 – High June 6
R 3: $0.9548 – High June 19
R 2: $0.9478 – 21 day moving average
R 1: $0.9343 – High June 26
Latest price: 0.9275
S 1: $0.9151 – 2013 low June 24 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 managed to close the NY session just above the 200-WMA ($0.7776) but the earlier spike towards the June 20 high lacked follow through and ensures the bearish focus remains. A close above the June 20 high is needed to relieve the immediate bearish focus while back above $0.8154 is needed to shift overall focus back to the 2013 highs. For now pressure is expected to return to the 2013 low.
R 4: $0.8154 – High May 29
R 3: $0.7936 – 21 day moving average
R 2: $0.7897 – High June 20
R 1: $0.7858 – High June 26
Latest price: 0.7780
S 1: $0.7685 – 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 88.82-92.54 range is likely to continue into the end of the week. Topside the pair needs to close back above the June 14 Jpy92.54 high, with the 200-DMA noted just below (Jpy92.24), to relieve the immediate bearish pressure. Overall a close back above the Jpy97.00 level is needed to shift focus back to 2013 highs.
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: 90.70
S 1: Jpy88.82 – Low Dec 31 2012
S 2: Jpy87.55 – Low Dec 21 2012
S 3: Jpy87.03 – 21 day lower Bollinger band
S 4: Jpy85.27 – Low Nov 28 2012
USD/KRW has pulled back a little from the fresh 2013 and 12 month highs set to start the new week but remains supported ahead of the Krw1147.2 level that previously capped. The pair needs to close back below this level to relieve the immediate bullish focus that is currently targeting an extension higher that tests the 2012 and 2011 highs. The 21 day upper Bollinger band is noted at Krw1161.5 today with spikes above expected to continue.
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: Krw1166.0 – 2013 high June 24
Latest price: 1155.1
S 1: Krw1147.2 – Previous daily res now sup
S 2: Krw1138.1 – Previous daily res now sup
S 3: Krw1133.4 – 21 day moving average
S 4: Krw1119.2 – Low June 10
USD/SGD has bounced from ahead of the Sgd1.2637 support level with stops expected below. A close below Sgd1.2637 is needed to see the immediate focus shift lower to retests of the Sgd1.2482 level with the 100-DMA noted just below at Sgd1.2463. While the pair remains supported at Sgd1.2637 the risk of spikes above the 21 day upper Bollinger band remains, with an overall target of Sgd1.2970-00.
R 4: Sgd1.2933 – 200 week moving average
R 3: Sgd1.2847 – High June 25 2012
R 2: Sgd1.2814 – 2013 high June 24
R 1: Sgd1.2789 – 21 day upper Bollinger band
Latest price: 1.2742
S 1: Sgd1.2637 – Previous daily res now sup
S 2: Sgd1.2482 – Low June 13
S 3: Sgd1.2463 – 100 day moving average
S 4: Sgd1.2407 – Low June 7