AUD/USD managed to bounce off lows to start the week but has remained capped at the $0.9120 level after a couple of attempts to head higher. The 21-DMA continues to head lower with the pair not having closed above since mid April with a close above needed to hint at a pause to the current move lower. Overall we need to see a close back above the $0.9343 resistance level to see the immediate focus shift back to the $0.9665 level.
R 4: $0.9609 – 38.2% Retracement of 1.0582-0.9008 move
R 3: $0.9343 – High June 26
R 2: $0.9212 – 21 day moving average
R 1: $0.9120 – High July 15
Latest price: 0.9089
S 1: $0.9008 – 2013 low July 12
S 2: $0.8970 – 21 day lower Bollinger band
S 3: $0.8771 – Low Aug 25 2010
S 4: $0.8404 – Low July 2 2010
NZD/USD remains set for a test of the $0.7685 2013 lows this week after the failed move higher last week. A close back above the $0.7967 level remains needed to see focus shift back to tests of the key $0.8154 level with layers of significant resistance noted above. Overall a continuation lower remains favoured that targets the $0.7373-0.7461 support region and weekly lows. Daily tech studies are at relatively neutral levels.
R 4: $0.8154 – High May 29
R 3: $0.8052 – High June 19
R 2: $0.7967 – High July 11
R 1: $0.7878 – High July 12
Latest price: 0.7794
S 1: $0.7758 – Low July 12
S 2: $0.7685 – 2013 low June 21
S 3: $0.7621 – Low June 8 2012
S 4: $0.7461 – 2012 low May 23
AUD/JPY is again hesitating a little on its move back towards the Jpy88.80-00 support region but has remained capped ahead of initial resistance. Jpy93.02 remains key resistance and it remains in play we will look for a test and eventual break of the Jpy88.82 support level and a continuation lower that sees the Jpy85.27 support as the overall target. Above Jpy93.02 is needed to see focus shift higher to the Jpy96.02 level.
R 4: Jpy93.79 – High June 10
R 3: Jpy93.02 – High June 9
R 2: Jpy92.00 – High July 11
R 1: Jpy91.02 – High July 12
Latest price: 90.90
S 1: Jpy89.61 – Low June 25
S 2: Jpy89.18 – 21 day lower Bollinger band
S 3: Jpy88.82 – Low Dec 31 2012
S 4: Jpy87.55 – Low Dec 21 2012
USD/KRW remains supported by the 100-DMA and June 10 support, and capped ahead of the Krw1127.2-1130.1 resistance region. Topside a close back above the Krw1130.1 level remains needed to relieve the immediate bearish focus. Overall potential remains for a deeper correction back to the Krw1081.7 May monthly low. Daily tech studies are heading towards o/s levels but still have a little room to move.
R 4: Krw1153.2 – High July 5
R 3: Krw1141.1 – 21 day moving average
R 2: Krw1130.1 – Previous daily support now resistance
R 1: Krw1127.2 – High July 11
Latest price: 1122.5
S 1: Krw1119.6 – 100 day moving average
S 2: Krw1110.2 – 50% Fibo retracement of 1054.5-1166.0
S 3: Krw1108.4 – Low June 7
S 4: Krw1101.3 – 200 day moving average
USD/SGD has held above the rising daily trend line from the May monthly low following Monday’s bounce, but we will continue to look to the June 19 low as key support with a break below needed to confirm the break of the rising trend line and see focus shift to tests of the 200-DMA. A close below the 200-DMA is needed to confirm a deeper move is underway and we would then look to target the May monthly lows at Sgd1.2269.
R 4: Sgd1.2970 – High 1 June 2012
R 3: Sgd1.2909 – 200 week moving average
R 2: Sgd1.2858 – 2013 high July 8
R 1: Sgd1.2721 – High July 11
Latest price: 1.2624
S 1: Sgd1.2579- Rising daily trend line
S 2: Sgd1.2550- Low June 19
S 3: Sgd1.2504 – 100 day moving average
S 4: Sgd1.2407 – Low June 7