AUD/USD again finds itself looking heavy after another failed attempt to work its way towards the $0.9343 resistance level. This level remains key with a close above needed to relieve the immediate bearish focus that is initially targeting the $0.9056 low from Sept 2 2010. Overall a test of the $0.8771 Aug 25 2010 low remains favoured until the AUD/USD can manage a daily close back above the June 13 high ($0.9665).
R 4: $0.9548 – High June 19
R 3: $0.9391 – 21 day moving average
R 2: $0.9343 – High June 26
R 1: $0.9250 – High July 2
Latest price: 0.9145
S 1: $0.9109 – 2013 low June 28
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 remained confined to a $0.7685-0.7858 range since mid-June. With the 21-DMA coming in at $0.7883 today we will look for a close above to relieve the immediate bearish focus that is targeting a break of the $0.7685 support and a continuation lower that tests the $0.7373-0.7461 region. Any decent topside correction is likely to be tough going given layers of resistance in the $0.8154-0.8317 region.
R 4: $0.8154 – High May 29
R 3: $0.7897 – High June 20
R 2: $0.7883 – 21 day moving average
R 1: $0.7858 – High June 26
Latest price: 0.7750
S 1: $0.7685 – 2013 low June 21
S 2: $0.7651 – 21 day lower Bollinger band
S 3: $0.7621 – Low June 8 2012
S 4: $0.7461 – 2012 low May 23
AUD/JPY is hesitating ahead of the 200-DMA and the June 14 high, despite closing above the 21-DMA (Jpy91.50) for the past two days, the . We continue to look for a close above the Jpy92.48-54 region to relieve the current bearish focus that is favouring retests of the Jpy88.80-00 region and an eventual break lower. A close above the Jpy92.48-54 region risks a bigger bounce that targets the 100-DMA (Jpy97.60).
R 4: Jpy94.66 – High June 6
R 3: Jpy93.79 – High June 10
R 2: Jpy92.54 – High June 14
R 1: Jpy92.48 – 200 day moving average
Latest price: 91.90
S 1: Jpy90.49 – Low June 28
S 2: Jpy89.61 – Low June 25
S 3: Jpy88.82 – Low Dec 31 2012
S 4: Jpy87.55 – Low Dec 21 2012
USD/KRW lower daily lows and highs again yesterday but the bullish close on its highs and back above the 21-DMA could be hinting that the USD/KRW dip may have run its course. We need to see a close back above the June 26 high to confirm this but for now we expect to see the pair trade sideways within a Krw1130.1-1152.6 range into the end of the week. A close below the initial support sees the pair targeting the Krw1108.4 support.
R 4: Krw1176.2 – High June 8 2012
R 3: Krw1166.0 – 2013 high June 24
R 2: Krw1163.0 – 21 day upper Bollinger band
R 1: Krw1152.6 – High June 26
Latest price: 1138.8
S 1: Krw1130.1 – Low July 2
S 2: Krw1125.6 – Low June 14
S 3: Krw1119.2 – Low June 10
S 4: Krw1115.0 – 100 day moving average
USD/SGD has again bounced from a dip back towards the previously identified key support with a close below remaining needed to end our bullish hopes. While the pair remains supported at the Sgd1.2622 level, spikes above the rising 21 day upper Bollinger band remain favoured as the pair targets an overall move higher that tests the Sgd1.2970-00 region. A close below Sgd1.2622 sees immediate focus shift to tests of the June 13 low.
R 4: Sgd1.2970 – High June 1 2012
R 3: Sgd1.2847 – High June 25 2012
R 2: Sgd1.2814 – 2013 high June 24
R 1: Sgd1.2809 – 21 day upper Bollinger band
Latest price: 1.2718
S 1: Sgd1.2622 – Low June 27
S 2: Sgd1.2482 – Low June 13
S 3: Sgd1.2474 – 100 day moving average
S 4: Sgd1.2407 – Low June 7