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Free AccessMNI 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]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.