AUD/USD dipped below the 21 and 100-DMA’s to start the new week before closing above, but continues to look heavy as overbought daily tech studies look to correct back to more neutral levels. The $0.9221 Sept 10 low remains key support for the pair with a close below needed to see overall focus shift lower to the $0.8850-95 region. While $0.9221 supports potential remains for a bounce back to the $0.9527 Sept monthly.
R 4: $0.9482 – Hourly breakdown level Sept 19
R 3: $0.9458 – High Sept 20
R 2: $0.9420 – Hourly resistance Sept 24
R 1: $0.9401 – High Sept 26
Latest price: $0.9322
S 1: $0.9292 – 21 day moving average
S 2: $0.9221 – Low Sept 10
S 3: $0.9117 – Low Sept 5
S 4: $0.9083 – Ichimoku cloud base
NZD/USD continued to chip away at the $0.8327-45 resistance region to start the new week but overbought daily tech studies that are slowly correcting remain a concern and may limit follow through on further attempts higher. Layers of support remain in the $0.8159-0.8207 region with a close below the $0.8159 level to confirm a break of the 200-DMA and shift overall focus back to tests of the 2013 low.
R 4: $0.8435 – High Sept 19
R 3: $0.8401 – High Sept 20
R 2: $0.8345 – Hourly resistance Sept 24
R 1: $0.8331 – High Sept 30
Latest price: $0.8298
S 1: $0.8253 – Low Sept 30
S 2: $0.8207 – Low Sept 18
S 3: $0.8181 – 200 day moving average
S 4: $0.8159 – Previous daily resistance now support
AUD/NZD: The NZ$1.1401 level capped bounces last week before the pair headed lower once more. Immediate focus is on tests of the Sept 20 NZ$1.1215 low with a break lower favoured that takes out the 2013 low and targets tests of the falling 21 day lower Bollinger band. Initial resistance is now noted at yesterday’s NZ$1.1281 high with a close back above this level needed to relieve the immediate bearish focus
R 4: NZ$1.1442 – Previous daily support now resistance
R 3: NZ$1.1429 – Ichimoku cloud base
R 2: NZ$1.1401 – High Sept 19
R 1: NZ$1.1338 – Previous daily support now resistance
Laest price: NZ$1.1226
S 1: NZ$1.1215 – Low Sept 20
S 2: NZ$1.1185 – 2013 low Aug 1
S 3: NZ$1.1156 – 21 day lower Bollinger band
S 4: NZ$1.0936 – Low Oct 24 2008
AUD/JPY bounced from just short of the Sept 6 low to start the new week but remained capped ahead of the 21-DMA. Layers of support remain in the Y90.11-67 region with a close below the Y90.11 previous resistance level needed to confirm a break of the 55-DMA and see overall focus shift lower to retests of the 2013 low. A close back above the 21-DMA is needed to relieve the immediate bearish focus targeting the Y90.11-67 region.
R 4: Y93.56 – High Sept 23
R 3: Y93.01 – High Sept 26
R 2: Y92.40 – Hourly resistance Sept 27
R 1: Y92.17 – 21 day moving average
Latest price: Y91.58
S 1: Y90.67 – Low Sept 6
S 2: Y90.43 – 55 day moving average
S 3: Y90.11 – Previous daily resistance now support
S 4: Y89.73 – Ichimoku cloud top
EUR/AUD: An inside day to start the new week for the pair with a close above the Sept 4 high needed to confirm a shift higher in focus that targets retests of the 2013 high. The consolidation above the 21-DMA on Monday following Friday’s break and close above adds support to the bullish case and we will look for close back below the 21-DMA to relieve the pressure on the Sept 4 high and see focus return to tests of the A$1.4165-97 support region.
R 4: A$1.5028 – 2013 high Aug 28
R 3: A$1.4757 – Previous daily support now resistance
R 2: A$1.4638 – Ichimoku cloud top
R 1: A$1.4558 – High Sept 4
Latest price: A$1.4511
S 1: A$1.4381 – 21 day moving average
S 2: A$1.4275 – Low Sept 23
S 3: A$1.4210 – 100 day moving average
S 4: A$1.4197 – Low Sept 18
USD/KRW: A close above Krw1081.1 remains needed to relieve the immediate bearish focus, while back above the Krw1091.1 level is needed to shift focus back to the Krw1102.7-1108.4 region. It is worth noting that the falling daily channel top comes in just below the Krw1105.4 level and adds additional significance to the resistance region. Daily tech studies have corrected a little from oversold levels and are no longer considered to be an issue.
R 4: Krw1108.4 – Previous daily support now resistance
R 3: Krw1105.3 – 200 day moving average
R 2: Krw1091.1 – Previous daily support now resistance
R 1: Krw1081.1 – Previous daily support now resistance
Latest price: Krw1076.4
S 1: Krw1070.4 – Low Sept 19
S 2: Krw1066.9 – 21 day lower Bollinger band
S 3: Krw1060.5 – Alternating daily support/resistance
S 4: Krw1054.5 – 2013 low Jan 11
Attempts higher for USD/SGD continue to lack follow through and we will now look for a close above Monday’s high to hint at a continuation higher that initially targets the pivotal Sgd1.2649 resistance. A close above Sgd1.2649 is needed to shift overall focus back to retests of the Sgd1.2812-60 region with the 2013 high noted at Sgd1.2860 and the 21 day upper Bollinger band just below at Sgd1.2833. The current risk remains skewed to the downside.
R 4: Sgd1.2649 – Previous daily support now resistance/100-DMA
R 3: Sgd1.2626 – 21 day moving average
R 2: Sgd1.2610 – High Sept 18
R 1: Sgd1.2581 – High Sept 30
Latest price: Sgd1.2553
S 1: Sgd1.2523 – Low Sept 26
S 2: Sgd1.2479 – Low Sept 23
S 3: Sgd1.2407 – Monthly low June 7
S 4: Sgd1.2359 – Previous daily resistance now support