The sequence of consecutive higher daily highs now numbers 5 with the move to fresh 2014 highs on Tuesday now seeing bulls targeting the 2011 high at $0.8842. The pair managed a spike above the 21 day upper Bollinger band ($0.8746) before dipping a little with closes much above the upper Bollinger a rarity. Initial support is noted at $0.8691 with bears needing a close below to ease the bullish pressure.
AUD/NZD has bounced a little from just short of the NZ$1.0640 level with the NZ$1.0606-40 region seen as key to further downside. Bears need a close below this region to see focus shift lower to 2014 lows. Bulls will take comfort in the bounce but still need a close above the 100-DMA to confirm an easing of bearish pressure and a close above the 21-DMA needed to end bearish hopes and shift focus back to the $1.0911-45 region
Following Monday’s bounce from the rising daily channel base AUD/JPY has continued to head higher with immediate focus shifting to the key Y95.34 resistance level with the 21-DMA noted just below at Y95.32. Bulls need a close above Y95.34 to end bearish hopes of further tests of the channel base and shift focus higher to the Y96.24-51 region. Daily studies are correcting from O/S and are supportive of the bullish case
EUR/AUD corrected lower from ahead of the initial resistance at the A$1.0521 level with it dipping marginally below the 200-DMA in the process. Bears continue to look for a close below the 21-DMA to confirm a break of key moving averages and see focus return to the 2014 low. Daily studies are looking to correct from O/B levels and are adding weight to the bearish case. Bulls need a close above A$1.5021 to see overall focus shift to the 100-DMA (A$1.5178).
USD/KRWconsolidated at the lower end of last week’s range on Friday with the pressure remaining on lower levels following the relatively bearish close. Initial resistance remains at the Krw1034.4 low from Apr 17 that was previously noted as support with a close above needed to ease the bearish pressure. Bulls now need a close above Krw1042.0 to confirm a break of the 21-DMA and above Krw1044.7 to end bearish hopes of sub Krw1000.0 levels
The move lower continued Tuesday with a break and close below the previous Sgd1.2485 support that now becomes initial resistance. Immediate focus remains on the 2014 low with bears then targeting levels last seen in Nov 2013. Bulls need to see a close above Sgd1.2485 to ease the bearish pressure with a close above the 21-DMA remaining needed to hint at a bigger bounce back towards the layers of resistance in the Sgd1.2595-1.2606 region.