MNI Asian Morning FX Technical Analysis

2 August 2017

By Kyle Shortland

Click below for today's MNI FX Technical Analysis Report -

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: $0.7934 Support Now Key

*RES 4: $0.8065 - 2017 High July 27 

*RES 3: $0.8044 - High Aug 1 

*RES 2: $0.8015 - Hourly support Aug 1 now resistance 

*RES 1: $0.7998 - Hourly resistance Aug 1

*PRICE: $0.7969 @ 2100GMT

*SUP 1: $0.7934 - Low July 28 

*SUP 2: $0.7905 - Hourly support July 25 

*SUP 3: $0.7874 - Low July 21 

*SUP 4: $0.7838 - High July 17 now support

*COMMENTARY: The rejection ahead of recent 2017 highs and a relatively bearish

close for the pair is less than ideal for bulls given daily studies correcting

from O/B. The $0.7934 support is now key. Bears look for a close below this

level to confirm an easing of bullish pressure and see initial focus back to

$0.7838-74. Bulls now need a close above $0.8015 to gain breathing room and a

close above $0.8065 to reconfirm the bullish bias and initially target $0.8163.

KIWI TECHS: $0.7458 Support Remains Key

*RES 4: $0.7577 - High May 5 2015 

*RES 3: $0.7558 - 2017 High July 27 

*RES 2: $0.7525 - High July 28 

*RES 1: $0.7496 - Hourly resistance Aug 1

*PRICE: $0.7466 @ 2100GMT

*SUP 1: $0.7458 - High July 21 now support

*SUP 2: $0.7408 - Low July 26

*SUP 3: $0.7391 - Low July 21

*SUP 4: $0.7384 - Hourly support July 20

*COMMENTARY: The lack of topside follow through on 2017 and 26mth highs last

week was less than ideal for bulls given daily studies looking to correct from

O/B. Bears continue to look for a close below $0.7458 to confirm an easing of

bullish pressure and to shift focus back to $0.7384-0.7408. Layers of resistance

remain with bulls needing a close above $0.7525 to retain focus on

$0.7577-0.7631 where 2015 highs and the bull channel top are located.

AUSSIE-KIWI TECHS: Bulls Need Close Above NZ$1.0731

*RES 4: NZ$1.0845 - Monthly High July 20

*RES 3: NZ$1.0827 - Bollinger band top

*RES 2: NZ$1.0731 - Low July 20 now resistance

*RES 1: NZ$1.0713 - High July 26

*PRICE: NZ$1.0669 @ 2100GMT

*SUP 1: NZ$1.0638 - Hourly support July 31

*SUP 2: NZ$1.0606 - 200-DMA

*SUP 3: NZ$1.0603 - 21-DMA

*SUP 4: NZ$1.0588 - Low July 31

*COMMENTARY: The pair found support on a dip below the 21 & 200-DMA Monday with

gains continuing Tuesday and immediate focus now on NZ$1.0713-31. Bulls need a

close above NZ$1.0731 to confirm focus on tests of NZ$1.0845 July highs. Daily

studies are well placed for gains. Bears now need a close below NZ$1.0638 to

gain breathing room and below NZ$1.0588 to shift immediate pressure back to the

55-DMA.

AUSSIE-YEN TECHS: Y87.45 & Y88.81 Levels Key

*RES 4: Y89.47 - Low Dec 7 2015 now resistance 

*RES 3: Y89.41 - 2017 High July 27 

*RES 2: Y88.81 - High July 28 

*RES 1: Y88.37 - Hourly resistance Aug 1

*PRICE: Y87.90 @ 2100GMT

*SUP 1: Y87.73 - 21-DMA

*SUP 2: Y87.45 - Hourly support July 13

*SUP 3: Y87.24 - High Mar 20 now support

*SUP 4: Y86.81 - Low July 13

*COMMENTARY: Pressure has returned to the 21-DMA and the key Y87.45 support

below after the lack of topside follow through on recent fresh 2017 highs. Bears

continue to look for a close below Y87.45 to confirm a break of the 21-DMA and

shift focus back to Y85.67. Layers of resistance building is a concern for bulls

who need a close above Y88.81 to gain breathing room and return immediate focus

to 2017 highs.

US DOLLAR-INDEX TECHS: O/S Daily Studies Key Concern

*RES 4: 94.285 - High July 26 

*RES 3: 94.103 - High July 27 

*RES 2: 93.650 - Alternating hourly support/resistance 

*RES 1: 93.161 - Hourly resistance July 31

*PRICE: 93.073 @ 0430GMT

*SUP 1: 92.777 - 2017 Low Aug 1

*SUP 2: 92.602 - Bollinger band base

*SUP 3: 92.331 - 200-WMA

*SUP 4: 91.919 - 2016 Low May 3 2016

*COMMENTARY: Bulls failed to capitalise on Thursday's lack of downside follow

through with bears reasserting dominance and immediate focus now on

91.919-92.331 where the 200-WMA is located. O/S daily studies remain the key

concern for bears. Bulls still need a close above 93.650 to ease bullish

pressure and shift immediate focus back to 94.357-766 where the 21-DMA is

located.

EURO-AUSSIE TECHS: Bulls Need Close Above 55-DMA 

*RES 4: A$1.4967 - Daily Bear channel top

*RES 3: A$1.4926 - Low July 11 now resistance

*RES 2: A$1.4858 - 55-DMA

*RES 1: A$1.4837 - High Aug 1

*PRICE: A$1.4808 @ 2100GMT

*SUP 1: A$1.4755 - Hourly resistance July 31 now support 

*SUP 2: A$1.4684 - Low July 31 

*SUP 3: A$1.4643 - Low July 28 

*SUP 4: A$1.4610 - 100-DMA

*COMMENTARY: The closes above the 21-DMA provides bulls comfort with a close

above the 55-DMA needed to shift focus to A$1.4926-1.5078 where the daily bear

channel top is located. The recovery from below the 21-DMA adds to the bullish

case with bears now needing a close below A$1.4755 to ease immediate bullish

pressure and below A$1.4684 to shift focus back to A$1.4563-1.4645 where the

100-DMA is located. Daily studies have room to move before O/B becomes an issue.

EURO-DOLLAR TECHS: Topside Hesitation Less Than Ideal

*RES 4: $1.2254 High Dec 25 2014 

*RES 3: $1.2095 Low Dec 31 2014 now resistance 2 

*RES 2: $1.1870 High Jan 12 2015 

*RES 1: $1.1845 2017 High July 31

*PRICE: $1.1800 @ 2030GMT

*SUP 1: $1.1784 Low Aug 1 

*SUP 2: $1.1763 Hourly resistance July 31 now support 

*SUP 3: $1.1723 Low July 31 

*SUP 4: $1.1704 Hourly support July 28

*COMMENTARY: Hesitation ahead of the 2017 high is a concern for bulls given

daily studies still at O/B levels and looking to correct. The 200-WMA comes in

around $1.1788 with bulls looking for a weekly close above to target $1.2254.

Bears need a close below $1.1763 to ease immediate bullish pressure and below

$1.1704 to shift focus back to $1.1611-48. Bulls now need a close above $1.1870

to reconfirm a bullish bias.

DOLLAR-YEN TECHS: Above Y110.77 To Gain Breathing Room

*RES 4: Y111.70 Hourly support July 26 now resistance 

*RES 3: Y111.39 Hourly resistance July 27 

*RES 2: Y110.77 High July 31 

*RES 1: Y110.59 High Aug 1

*PRICE: Y110.37 @ 2030GMT

*SUP 1: Y109.91 Low Aug 1 

*SUP 2: Y109.70 55-WMA 

*SUP 3: Y109.25 Low June 15 

*SUP 4: Y108.69 Monthly Low June 14

*COMMENTARY: Pressure on Y110.34 took its toll with the pair remaining heavy and

bears focused on Y108.69-109.70 where the 55-WMA and monthly lows are situated.

Layers of resistance remain with bulls needing a close above Y110.77 to gain

breathing room and hint at a bounce back to layers of resistance Y111.39-112.87

where DMAs are located. O/S daily studies and the Bollinger base (Y109.87)

remain key concerns for bears with potential to limit follow through.

SPOT GOLD TECHS: $1252.7-1262.2 Support Region Key

*RES 4: $1295.9 - 2017 High June 6 

*RES 3: $1280.8 - High June 14 

*RES 2: $1277.4 - Bollinger band top 

*RES 1: $1274.0 - High Aug 1

*PRICE: $1269.3 @ 2130GMT

*SUP 1: $1262.2 - Hourly support July 28 

*SUP 2: $1257.0 - Low July 28 

*SUP 3: $1252.7 - Hourly resistance July 25 now support 

*SUP 4: $1242.4 - Alternating hourly support/resistance

*COMMENTARY: O/B daily studies and the Bollinger top remain key concerns for

bulls who are initially focused on $1280.8 with overall focus on tests of 2017

highs. The $1252.7-1262.2 support region remains key. Bears look for a close

below $1262.2 to gain breathing room and below $1252.7 to shift focus to the

$1242.4 support. Bulls now need a close above $1280.8 to add support to their

case for a test of 2017 highs.

--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com

[TOPICS: MTABLE]