The Sgd1.2446-57 region confirmed its significance as resistance last week with previous highs, the 21-DMA, falling daily trend line and 38.2% Fibonacci retracement located in this region and the subsequent correction lower Monday. Bulls need a close above the falling daily trend line to confirm a break of the 21-DMA, easing bearish pressure. Bears remain firmly focused on the 2014 low with a break lower initially targeting Oct 2013 monthly lows.
RES 4: Sgd1.2517 – High June 26
RES 3: Sgd1.2497 – High July 3
RES 2: Sgd1.2453 – Falling daily trend line
RES 1: Sgd1.2446 – High July 16
LPRICE: Sgd1.2397
SUP 1: Sgd1.2391 – 2014 low July 14
SUP 2: Sgd1.2342 – Monthly low Oct 2013
SUP 3: Sgd1.2268 – Monthly low May 8 2013
SUP 4: Sgd1.2195 – 2013 low Jan 2 2013
The close below the previous initial support Tuesday following the pullback from ahead of the Krw1034.7-1042.0 region has confirmed an easing of bullish pressure. Immediate focus has now shifted to the 55-WMA with bears now looking for a close below the 55-DMA to shift overall focus back to the 2014 low. Daily tech studies are correcting from O/B levels and add weight to the bearish case but the 55-DMA remains key to overall direction.
RES 4: Krw1037.3 – 100-DMA
RES 3: Krw1036.9 – 38.2% Fibonacci 1083.1-1008.4
RES 2: Krw1034.7 – 21-WMA
RES 1: Krw1026.4 – High July 22
LPRICE: Krw1024.2
SUP 1: Krw1020.7 – 55-DMA
SUP 2: Krw1017.8 – 21-DMA
SUP 3: Krw1015.1 – Low July 11
SUP 4: Krw1008.4 – 2014 Low July 4
Last Wednesday’s failure at the 21-DMA has seen immediate focus shift back to the 2014 low and 100-WMA with bulls needing a close above Myr3.2020 to confirm a break of the 21-DMA and an easing of bearish pressure. Overall, bulls continue to look for a close above the 55-DMA to end bearish hopes. Fresh 2014 lows and a close below the 100-WMA are needed to see the immediate focus shift to the 200-WMA.
RES 4: Myr3.2100 – High July 3
RES 3: Myr3.2020 – High July 17
RES 2: Myr3.1936 – 21-DMA
RES 1: Myr3.1820 – High July 16
LPRICE: Myr3.1748
SUP 1: Myr3.1660 – 2014 Low July 9, 100-WMA
SUP 2: Myr3.1586 – Bollinger band base
SUP 3: Myr3.1295 – Monthly low Oct 28 2013
SUP 4: Myr3.1229 – 200-WMA
USD/CNH consolidates below the 21 & 100-DMAs but remains supported ahead of layers of support in the Cnh6.1922-95 region. The Bollinger band base remains at Cnh6.1922 and with closes below a rarity follow through below this level may be limited. Layers of resistance also remain in the Cnh6.2172-6.2247 region with bulls needing a close above the 55-DMA to shift immediate focus to Cnh6.2361 and overall focus to Cnh6.2632-6.2714.
RES 4: Cnh6.2361 – High June 25
RES 3: Cnh6.2241 – 55-DMA
RES 2: Cnh6.2213 – Low June 24 now resistance
RES 1: Cnh6.2172 – High July 16
LPRICE: Cnh6.2011
SUP 1: Cnh6.1995 – Low July 17
SUP 2: Cnh6.1930 – Low July 10
SUP 3: Cnh6.1922 – Bollinger band base
SUP 4: Cnh6.1850 – Low Apr 9
Immediate focus remains on the Php43.180-230 support region as the correction lower from the failed attempt at the 21-DMA last week continues. Layers of resistance remain in the Php43.582-730 region with bulls needing a close above Php43.730 to end bearish hopes and see overall focus shift higher to the Php43.130-165 region where 100 & 200-DMAs are located. Fresh 2014 lows would see bears targeting the Php42.966-000 region.
RES 4: Php43.960 – Low June 18 now resistance
RES 3: Php43.730 – Low June 20 now resistance, 55-DMA
RES 2: Php43.611 – Falling daily trend line
RES 1: Php43.582 – 21-DMA
LPRICE: Php43.430
SUP 1: Php43.230 – 2014 Low July 10
SUP 2: Php43.180 – Low Nov 8 2013
SUP 3: Php43.000 – Monthly Low Oct 25 2013
SUP 4: Php42.966 – 200-WMA
The sharp fall continued for dollar-thb following Monday’s break below the 55-WMA with a weekly close below the 55-WMA not seen since June 2013. Daily studies remain very O/S but bulls now need to see a close above Thb31.86 to ease bearish pressure a little whereas a close above the 55-WMA is needed to shift focus back to layers of resistance in the Thb32.20-54 region where key moving averages are located. For now, focus remains on the 100-WMA.
RES 4: Thb32.20 – 21-DMA
RES 3: Thb32.07 – 55-WMA
RES 2: Thb32.05 – Low Mar 19 now resistance
RES 1: Thb31.86 – Low July 21 now resistance
LPRICE: Thb31.73
SUP 1: Thb31.72 – 2014 Low July 22
SUP 2: Thb31.40 – Low Nov 14 2013
SUP 3: Thb31.16 – Low Nov 11 2013
SUP 4: Thb31.24 – 100-WMA
