(Ranges are calculated using recent highs and lows, information on the placement of option strikes, and technical analysis--Bollinger Bands, Fibonacci levels, trendlines and moving averages.)
USD/CNH intraday: the upside prevails. USD/CNH maintains its upward momentum and is challenging the previous high at 6.205 (made on December 9). The bullish bias is supported by the rising 20-period and 50-period moving averages. Also the RSI remains above the neutrality level at 50, calling for a new upleg. Overnight the US dollar surged against major currencies upon the Federal Reserve signaling it is on track to raise interest rates in 2015. Once breaking above 6.205 USD/CNH is expected to rise to 6.217 in extension. Alternatively, below 6.185 look for further downside with 6.17 & 6.148 as targets.
USD/TWD intraday: the upside prevails. USD/TWD keeps trading within a bullish channel started in early December, while the RSI is pointing upwards calling for a new rise. Both the rising 20-period and 50-period moving averages are supporting USD/TWD. We suggest LONG positions above 31.17 with targets @ 31.4 & 31.44 in extension. Below 31.17 look for further downside with 31.09 & 30.98 as targets.
USD/KRW intraday: caution. While USD/KRW is posting a rebound from the recent low of 1080, it is still capped by the key resistance level at 1097. At the same time the 20-period moving average and the RSI are on the rise, caution is therefore advised. We suggest SHORT positions below 1097 with targets @ 1080 & 1070 in extension. Above 1097 look for further upside with 1106.2 & 1110.9 as targets.
USD/SGD intraday: further upside. From a chartist point of view, The pair posted a strong rebound in the previous trading session, and jumped above 1.31, representing a key horizontal level. The upward momentum has been resumed, as the intraday RSI indicator remains positively oriented (even within its "overbought" area above 70%), without displaying any reversal signals. Last but not least, the 20 & 50 MAs are turning up, confirming a bullish outlook. In these perspectives, suggest LONG positions above 1.305 with targets @ 1.3175 & 1.324 in extension. Alternatively, below 1.305 look for further downside with 1.3 & 1.296 as targets.
USD/MYR intraday: target 3.469. Technically, the pair remains in consolidation on an intraday basis. The failure of break above its nearest resistance around 3.50 should be a negative signal. Besides, the recent downside breakout of an intraday rising trend line has also confirmed an intraday bearish reversal. Regarding technical indicators, the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. At last, the pair is trading under its 20 MA (3.4927) but above its 50 MA (3.4841). In conclusion, as long as 3.496 holds on the upside, look for further consolidations to 3.473 and 3.469.
USD/THB intraday: as long as 32.932 is support look for 33.029. From a technical standpoint, the pair holds above its key intraday support at 32.932, and remains almost unchanged compared to last trading session. The intraday oscillator RSI is above 50. The MACD is positive and below its signal line. The pair could retrace to re-test the key level before a new rise. Moreover, the pair is trading under its 20 MA (32.9761) but above its 50 MA (32.8968). In this case, we expect a limited consolidation before a strong rebound to 33.029. Alternative scenario, only the downside breakout of 32.932 would open the path to 32.905 and 32.889.
USD/PHP intraday: the upside prevails. The pair continues to consolidate above its key support at 44.659. The RSI remains above its neutrality area at 50, and the MACD is also positive and above its signal line. Thus the configuration remains positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 44.6588 and 44.6509). Thus, as long as 44.659 holds as the key support, we maintain our bullish view with 44.843 and 44.888 as next targets. Alternatively, the downside breakout of 44.659 would call for further consolidations to 44.623 and 44.601.
USD/IDR intraday: Cautiously positive. Technically, the pair is pulling back to test its horizontal level at 12625. The intraday RSI is mixed, calling for caution. Meanwhile, the MACD has just crossed below its signal line but is still positive. The configuration is mixed to bullish. Moreover, both its 20 and 50 MAs (respectively at 12589.244 and 12426.3926) now play support roles, which should prevent any downside potential. In conclusion, we remain cautious positive now, as long as 12625 is support. Below 12625, expect 12598 and 12582 in extension.
USD/INR intraday: the upside prevails. The pair is trading above its bullish gap and remains on the upside. The RSI is above its neutrality area at 50 and is reversing up. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as the lower boundary of the gap at 62.96 is not broken, we favor LONG positions with targets @ 64 & 64.5 in extension. A break below 62.96 would look for further downside with 62.5 & 62.2 as targets.
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(END) Dow Jones Newswires
December 17, 2014 22:52 ET (03:52 GMT)
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0 Response to "USD/Asia Rebounds After US FOMC Meeting -- Asia Daily Forex Outlook"
Thanks for give comment.