(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: bullish bias above 6.185. The pair remains unchanged this morning, and a support base at 6.185 has formed and has allowed for a temporary stabilization. As long as 6.185 is not broken, the pair is more likely to challenge the nearest key resistance at 6.205 at first, if breakout, look for further advance to 6.217. To sum up, suggest LONG positions above 6.185 with targets @ 6.205 & 6.217 in extension. Below 6.185 look for further downside with 6.17 & 6.148 as targets. China's holdings of US Treasuries fell by $13.6B MoM to a 20-month low of $1.25T in October, according to the US Treasury Department.
USD/TWD intraday: the upside prevails. Technically, the pair remains supported by a ST bullish trend line, and continues to post rebounds on an intraday basis. The upward momentum is still strong as the RSI stays firmly above its neutrality area at 50%, without showing any reversal signals. In these perspectives, above 31.17, we suggest LONG positions 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: consolidation, then rebound. The intraday trend is still positive, but the momentum seems to be fading away. even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Suggest waiting for a limited consolidation before any LONG positions. Above 1095.6, the pair is still expected to move up towards 1106.2 & 1108.7 in extension. Alternatively, below 1095.6 look for further downside with 1093.3 & 1091.4 as targets.
USD/SGD intraday: under pressure. The pair remains in consolidation below its key resistance at 1.3155, which should limit any upward attempts. The intraday Bollinger Bands are narrowing so far, which indicates a potential volatility breakout to the downside in the coming sessions. Last but not least, the 30-min RSI stays weak below its neutrality area at 50%, and lacks upward momentum. To sum up, as long as 1.3155 is resistance, look for choppy price action with a bearish bias. Suggest SHORT positions below 1.3155 with targets @ 1.307 & 1.304 in extension. Above 1.3155 look for further upside with 1.3175 & 1.3195 as targets.
USD/MYR intraday: as long as 3.491 is support look for 3.511. From a technical view, the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair stays firmly above its nearest support, and is posing some consolidations. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 3.4903 and 3.4729). Suggest as long as 3.491 is support, even though a continuation of the consolidations cannot be ruled out, its extent should be limited before further advance to 3.511. Alternatively, below 3.491, expect a return to 3.484 and 3.48 in extension.
USD/THB intraday: the upside prevails as long as 32.934 is support. The pair managed to break above its previous intraday declining trend line thanks to yesterday's strong up move. Besides, the RSI is displaying strong upward momentum, and the MACD is positive and above its signal line, confirming a positive configuration. Moreover, the pair is above its 20 and 50 MAs (respectively at 32.8773 and 32.8408), and a bullish cross signal between 20 and 50 MAs has also been identified. Suggest the upside prevails as long as 32.934 is support. Alternatively, only the downside breakout of 32.934 would dampen our bullish view, and call for a new pullback to 32.905 and then to 32.888.
USD/PHP intraday: the upside prevails as long as 44.614 is support. The pair has just penetrated its upper Bollinger Band, which could signal a bullish acceleration. Meanwhile, the RSI is above its neutrality area at 50, and the MACD is above its signal line and positive. Thus, the configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 44.5911 and 44.6765). To sum up, we suggest the upside prevails as long as 44.614 is support. Alternatively, the downside breakout of 44.614 would call for 44.578 and 44.556 in extension.
USD/IDR intraday: the bias remains bullish. The pair remains on the upside, while the RSI is overbought as the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and is positive. So the configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 12428.7625 and 12341.4394). Finally, the USD/IDR has crossed above its upper Bollinger band (12690.1153). We suggest the upside prevails as long as 12635 is support. Alternatively, the downside breakout of 12635 would call for a consolidation to 12608 and 12592.
USD/INR intraday: the upside prevails. The immediate trend remains up and the momentum is strong. The pair has broken above its previous top at 62.5 and is looking for a higher top. The previous resistance at 62.5 should now play a support role. As long as this threshold is not broken, we suggest LONG positions with targets @ 63.2 & 63.5 in extension. Alternatively, a penetration below 62.5 would call for further consolidations to 62.2 & 62 as targets.
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(END) Dow Jones Newswires
December 15, 2014 20:59 ET (01:59 GMT)
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