MNI Asian Morning FX Technical Analysis

3 August 2017 

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: $0.7934 Support Remains 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: $0.7964 @ 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 relatively bearish

closes is less than ideal for bulls given daily studies correcting from O/B. The

$0.7934 support remains 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

still 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: Bears Target $0.7334-84 While $0.7458 Caps

*RES 4: $0.7558 - 2017 High July 27 

*RES 3: $0.7524 - High July 28 

*RES 2: $0.7496 - Hourly resistance Aug 1 

*RES 1: $0.7458 - High July 21, Hourly resistance Aug 2

*PRICE: $0.7433 @ 2100GMT

*SUP 1: $0.7408 - Low July 26

*SUP 2: $0.7391 - Low July 21

*SUP 3: $0.7384 - Hourly support July 20

*SUP 4: $0.7379 - 21-DMA

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

the pair looking a little heavy with consolidation below $0.7458 increasing the

risk of a test of $0.7334-84 where the 21-DMA is located. Bears now need a close

below $0.7334 to confirm a break of the bull channel base ($0.7353) and confirm

focus on $0.7203-67. Bulls now need a close above $0.7548 to gain breathing room

and ease pressure on $0.7408.

AUSSIE-KIWI TECHS: NZ$1.0650-94 Support Region Key

*RES 4: NZ$1.0882 - Low May 1 now resistance

*RES 3: NZ$1.0845 - Monthly High July 20

*RES 2: NZ$1.0827 - Bollinger band top

*RES 1: NZ$1.0733 - High Aug 2

*PRICE: NZ$1.0722 @ 2100GMT

*SUP 1: NZ$1.0694 - Hourly support Aug 2

*SUP 2: NZ$1.0650 - Low Aug 2

*SUP 3: NZ$1.0620 - 21-DMA, Daily Bull channel base

*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 and immediate focus now on NZ$1.0733. Bulls need a close above

NZ$1.0733 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$1.0694 to gain breathing

room and below NZ$1.0588 to shift immediate pressure back to the 55-DMA

(NZ$1.0550).

AUSSIE-YEN TECHS: Y87.45 & Y88.37 Levels Key Today

*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: Y88.19 @ 2100GMT

*SUP 1: Y87.93 - Hourly support Aug 2

*SUP 2: Y87.85 - 21-DMA

*SUP 3: Y87.78 - Low Aug 1

*SUP 4: Y87.45 - Hourly support July 13

*COMMENTARY: The 21-DMA is now supporting with the Y87.45 support remaining key.

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 remain which is a concern

for bulls who need a close above Y88.37 to gain breathing room and above Y88.81

to return immediate focus to 2017 highs.

EURO-AUSSIE TECHS: Gaining Traction Above 55-DMA 

*RES 4: A$1.5227 - 2017 High June 1

*RES 3: A$1.5075 - High July 6

*RES 2: A$1.4969 - Daily Bear channel top

*RES 1: A$1.4924 - Low July 11 now resistance

*PRICE: A$1.4880 @ 2100GMT

*SUP 1: A$1.4858 - 55-DMA 

*SUP 2: A$1.4818 - Hourly support Aug 2 

*SUP 3: A$1.4749 - Hourly support Aug 1 

*SUP 4: A$1.4680 - Low July 31

*COMMENTARY: Bulls take comfort in the close above the 55-DMA that sees

immediate focus on the A$1.4924-1.5075 region where monthly highs and the daily

bear channel top are situated. Bears now look for a close below A$1.4818 to gain

breathing room and below A$1.4749 to shift focus back to A$1.1.4565-1.4680 where

the 100-DMA (A$1.4622) is located. Daily studies have room to move before O/B

becomes an issue.

US DOLLAR-INDEX TECHS: Bulls Need Close Above 93.650

*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: 92.890 @ 2130GMT

*SUP 1: 92.548 - 2017 Low Aug 2

*SUP 2: 92.400 - Bollinger band base

*SUP 3: 92.330 - 200-WMA

*SUP 4: 91.919 - 2016 Low May 3 2016

*COMMENTARY: Fresh 2017 and 15mth lows lacked follow through with support

emerging ahead of the 200-WMA less than ideal given daily studies looking to

correct from O/S. Initial resistance is noted at 93.161 with bulls needing a

close above to gain breathing room whereas above 93.650 is needed to shift

immediate focus back to 94.465-607 where the 21-DMA is situated. Bears now need

a close below 91.919 to reconfirm a bearish bias targeting 86.80-87.65.

EURO-DOLLAR TECHS: Topside Follow Through Lacking

*RES 4: $1.2254 High Dec 25 2014 

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

*RES 2: $1.1909 2017 High Aug 2 

*RES 1: $1.1889 Bollinger band top

*PRICE: $1.1856 @ 2030GMT

*SUP 1: $1.1818 Hourly support Aug 2 

*SUP 2: $1.1784 Low Aug 1 

*SUP 3: $1.1763 Hourly resistance July 31 now support 

*SUP 4: $1.1723 Low July 31

*COMMENTARY: Despite fresh 2017 highs the lack of topside follow through is a

concern for bulls when combined with daily studies looking to correct from O/B

and the proximity of the Bollinger band top. In saying that, the $1.1763 support

remains key with bears needing a close below to ease bullish pressure and below

$1.1704 to confirm focus on $1.1611-48. Bulls look for a close above 2017 highs

to reconfirm the bullish bias.

DOLLAR-YEN TECHS: Increased Correction Risk

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

*RES 3: Y111.56 55-DMA 

*RES 2: Y111.39 Hourly resistance July 27 

*RES 1: Y110.98 High Aug 2

*PRICE: Y110.72 @ 0430GMT

*SUP 1: Y110.28 Hourly support Aug 2 

*SUP 2: Y109.91 Low Aug 1 

*SUP 3: Y109.70 55-WMA 

*SUP 4: Y109.25 Low June 15

*COMMENTARY: Correction risk has increased when the lack of follow through on

Aug 1 is combined with daily studies looking to correct from O/S, daily momentum

divergence and support emerging on dips. Bears now need a close below Y109.91 to

reconfirm a bearish bias and focus on Y108.15-69. Layers of resistance remain

with bulls needing a close above the 55-DMA to hint at a shift higher in focus

with above Y112.87 needed to target Y114.50-115.50.

SPOT GOLD TECHS: $1251.2-1262.2 Support Region Key

*RES 4: $1295.9 - 2017 High June 6 

*RES 3: $1280.8 - High June 14 

*RES 2: $1280.3 - Bollinger band top 

*RES 1: $1274.0 - High Aug 1

*PRICE: $1266.1 @ 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: $1252.0 - 55-DMA

*COMMENTARY: O/B daily studies remain the key concern for bulls who are

initially focused on $1280.8 with overall focus on tests of 2017 highs. The

$1251.2-1262.2 support region remains key. Bears look for a close below $1262.2

to gain breathing room and below the 55-DMA to shift focus to the $1242.4

support. Bulls now need a close above $1280.8 to reconfirm a bullish bias and

target 2017 highs.

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

[TOPICS: MTABLE]