Asian Currencies Technicals

USD/SGD continues to struggle to close above the 55-DMA (Sgd1.2480) with Friday’s spike above reversing sharply from the Sgd1.2497 resistance with the 61.8% Fibo noted just above. Friday’s Sgd1.2455 low becomes key support to start the new week with bears needing a close below to confirm an easing of bullish pressure and shift immediate focus back to the 21-DMA. Overall a close below the 21-DMA is needed to end bullish hopes and target 2014 lows

RES 4: Sgd1.2545 – High June 18

RES 3: Sgd1.2519 – 100-DMA

RES 2: Sgd1.2502 – 61.8% Fibonacci 1.2587-1.2365

RES 1: Sgd1.2497 – High July 3

LPRICE: Sgd1.2461

SUP 1: Sgd1.2455 – Low Aug 1

SUP 2: Sgd1.2426 – 21-DMA

SUP 3: Sgd1.2391 – Alternating daily support/resistance

SUP 4: Sgd1.2365 – 2014 low July 23

The 55-DMA confirmed significance as support last Week with USD/KRW having bounced from ahead of this level. The subsequent bounce has seen the pair close above the 100-DMA for the first time since late March. This adds support to the bullish case and sees overall focus shift higher to the Krw1042.0-1050.6 region with the 200-DMA at Krw1049.0. Bears need a close below Friday’s low to ease bullish pressure and below the 55-DMA to target 2014 lows

RES 4: Krw1049.0 – 200-DMA

RES 3: Krw1047.0 – High Apr 9

RES 2: Krw1044.7 – High Apr 16

RES 1: Krw1042.0 – High Apr 22

LPRICE: Krw1037.0

SUP 1: Krw1034.1 – 100-DMA

SUP 2: Krw1030.3 – Low Aug 1

SUP 3: Krw1022.9 – 21-DMA

SUP 4: Krw1020.9 – Bollinger band base

The first close above the 55-DMA since late Mar 2014 adds support to the bullish case and sees overall focus shift to the Myr3.2290-3.2420 region where 100 & 200-DMAs are located. Of some concern to bulls will be the close very much above the Bollinger band top on Friday which may see some consolidation. Initial support is noted at Myr3.2047 with bears needing a close below to ease bullish pressure and below Myr3.1875 to target 2014 lows

RES 4: Myr3.2350 – Monthly High June 18

RES 3: Myr3.2306 – 100-DMA

RES 2: Myr3.2290 – High June 26

RES 1: Myr3.2205 – High June 26

LPRICE: Myr3.2101

SUP 1: Myr3.2047 – Low Aug 1

SUP 2: Myr3.1875 – Low July 31

SUP 3: Myr3.1757 – Low July 30

SUP 4: Myr3.1645 – 2014 Low July 24

With daily studies at O/S levels and the USD/CNH having dipped below the Bollinger band base recently, dollar-cnh took a breather again Friday and bounced back towards initial resistance. A close above Cnh6.1865 is now needed to ease bearish pressure whereas a close above Cnh6.1995 is needed to confirm a break of the 21-DMA (Cnh6.1948) and shift focus back to the Cnh6.2172-6.2361 region where 55 & 100-DMAs are located.

RES 4: Cnh6.2184 – 100-DMA

RES 3: Cnh6.1995 – Low June 17 now resistance

RES 2: Cnh6.1954 – High July 25

RES 1: Cnh6.1865 – Low July 25 now resistance

LPRICE: Cnh6.1791

SUP 1: Cnh6.1698 – Low July 30

SUP 2: Cnh6.1657 – 100-WMA

SUP 3: Cnh6.1497 – High Mar 12 now support

SUP 4: Cnh6.1433 – 200-DMA

Thursday’s marginal close above the 21-DMA has been followed up with a sharp move higher Friday which has resulted in the first close above the 55-DMA since early April. Initial support is now noted at the 55-DMA with focus having shifted to the Php43.950-44.132 region where 100 & 200-DMAs are located. Bears need a close below the 55-DMA to ease bullish pressure and below Php43.520 to shift focus back to 2014 lows.

RES 4: Php44.132 – 200-DMA

RES 3: Php44.120 – Monthly high June 18

RES 2: Php44.076 – 100-DMA

RES 1: Php43.950 – High June 26

LPRICE: Php43.771

SUP 1: Php43.652 – 55-DMA

SUP 2: Php43.520 – High July 31 now support

SUP 3: Php43.390 – Low July 30

SUP 4: Php43.190 – 2014 Low July 24

The lack of follow through/rejection ahead of the key moving averages clustered tightly Thb32.32-34 is of some concern for bulls with daily studies having corrected back to more neutral levels. The Thb32.04-06 support region is key for the pair today with a close below confirming a break back below the 21-DMA and shifting overall focus back to 2014 lows. Bulls need a close above Thb32.34 to shift immediate focus to the Thb32.46-54 region.

RES 4: Thb32.50 – High June 27

RES 3: Thb32.46 – High July 2

RES 2: Thb32.34 – 100-DMA, 200-DMA

RES 1: Thb32.28 – High Aug 1

LPRICE: Thb32.10

SUP 1: Thb32.06 – Alternating daily support/resistance

SUP 2: Thb32.04 – 21-DMA

SUP 3: Thb31.89 – High July 25 now support

SUP 4: Thb31.72 – 2014 Low July 22