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EQUITY TECHS

E-MINI S&P (Z1): Watching The 50-Day EMA

9 August 2017
By Kyle Shortland
     
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/h8lzqnc
AUSSIE TECHS: Bears Look for Close Below $0.7838
*RES 4: $0.7998 - Hourly resistance Aug 1 
*RES 3: $0.7979 - High Aug 4 
*RES 2: $0.7949 - High Aug 7 
*RES 1: $0.7919 - Hourly support Aug 8 now resistance
*PRICE: $0.7914 @ 0430GMT
*SUP 1: $0.7890 - Low Aug 8 
*SUP 2: $0.7874 - Low July 21 
*SUP 3: $0.7838 - High July 17 now support 
*SUP 4: $0.7781 - Low July 17
*COMMENTARY: Despite pressure back on $0.7838-0.7874 bulls take comfort in
support emerging around the 21-DMA on dips. Bears continue to look for a close
below $0.7874 to confirm a break of the 21-DMA ($0.7899) and add weight to their
case. Overall below $0.7838 is needed to shift focus to $0.7710-0.7781. Bulls
need a close above $0.7949 to ease immediate bearish pressure and above $0.7998
to shift focus initial focus back to $0.8044-65 where 2017 highs are located.
KIWI TECHS: Focus Shifts To $0.7265-81
*RES 4: $0.7419 - Hourly resistance Aug 4 
*RES 3: $0.7391 - Low July 21 now resistance 
*RES 2: $0.7377 - Hourly resistance Aug 7 
*RES 1: $0.7348 - Low Aug 5 now resistance
*PRICE: $0.7358 @ 2100GMT
*SUP 1: $0.7281 - 55-DMA
*SUP 2: $0.7265 - Low July 18
*SUP 3: $0.7203 - Monthly Low July 11
*SUP 4: $0.7170 - Low June 7
*COMMENTARY: The break and close below the daily bull channel base ($0.7389) and
21-DMA ($0.7398) added weight to the bearish case that is now focused on tests
of the 55-DMA. Overall below $0.7203 is needed to confirm focus on $0.7115-36
where 100 & 200-DMAs are situated. Bulls now need a close above $0.7348 to gain
breathing room and above the 21-DMA to shift immediate focus back to $0.7458.
AUSSIE-KIWI TECHS: Focus Back On NZ$1.0845-1.0935
*RES 4: NZ$1.0935 - Monthly High May 1
*RES 3: NZ$1.0882 - Low May 1 now resistance
*RES 2: NZ$1.0845 - Monthly High July 20
*RES 1: NZ$1.0816 - Bollinger band top
*PRICE: NZ$1.0797 @ 2100GMT
*SUP 1: NZ$1.0755 - Hourly support Aug 8
*SUP 2: NZ$1.0735 - Hourly support Aug 7
*SUP 3: NZ$1.0677 - 21-DMA
*SUP 4: NZ$1.0666 - Daily Bull channel base
*COMMENTARY: Despite pressuring the 100-DMA bears failed to manage the close
below the daily bull channel base needed to shift immediate focus to
NZ$1.0593-1.0614 where the 200-DMA is located. The bounce saw bulls regain
control and return focus to tests of NZ$1.0845-1.0935 where monthly highs are
situated. Key support is noted at NZ$1.0735 with bears needing a close below to
ease immediate bullish pressure. Daily studies are well placed for gains.
AUSSIE-YEN TECHS: Pressuring Key Support
*RES 4: Y88.37 - Hourly resistance Aug 1 
*RES 3: Y88.08 - 21-DMA 
*RES 2: Y87.69 - Hourly resistance Aug 8a 
*RES 1: Y87.47 - Hourly resistance Aug 8
*PRICE: Y87.34 @ 2100GMT
*SUP 1: Y87.24 - High Mar 20 now support
*SUP 2: Y86.59 - Low July 10
*SUP 3: Y85.66 - 55-DMA
*SUP 4: Y84.91 - 200-DMA
*COMMENTARY: The break of the 21-DMA Thursday added weight to the bearish case
with immediate pressure on Y87.24. Bears look for a close below to initially
target Y86.59 and then Y85.66 where the 55-DMA is located. Layers of resistance
are building and weighing. Bulls still need a close above the 21-DMA to ease
bearish pressure and above Y88.81 To shift initial focus back to 2017 highs
(Y89.41).
EURO-AUSSIE TECHS: Bear Channel Top Capping 
*RES 4: A$1.4965 - High Aug 4
*RES 3: A$1.4946 - Daily Bear channel top
*RES 2: A$1.4925 - High Aug 7
*RES 1: A$1.4872 - Hourly resistance Aug 8
*PRICE: A$1.4851 @ 2100GMT
*SUP 1: A$1.4883 - Hourly support Aug 7 
*SUP 2: A$1.4818 - Hourly support Aug 2 
*SUP 3: A$1.4789 - Daily Bull channel base 
*SUP 4: A$1.4754 - 21-DMA
*COMMENTARY: The bear channel top confirmed significance having capped last
week's gains. The 21-DMA remains key support with bears needing a close below to
confirm a break of the bull channel base and shift focus back to
A$1.4565-1.4680. Overall bears need a close below A$1.4570 to confirm focus on
the 200-DMA (A$1.4418). Bulls need a close above A$1.4965 to break the channel
top and confirm focus on A$1.5033-1.5109 where monthly highs are situated.
US DOLLAR-INDEX TECHS: Bulls Need Close Above 94.465
*RES 4: 94.285 - High July 26 
*RES 3: 94.103 - High July 27 
*RES 2: 94.094 - 21-DMA 
*RES 1: 93.876 - High Aug 8
*PRICE: 93.620 @ 2130GMT
*SUP 1: 93.541 - High Aug 7 now support
*SUP 2: 93.302 - Low Aug 7
*SUP 3: 93.061 - Hourly support Aug 4a
*SUP 4: 92.679 - Low Aug 3
*COMMENTARY: O/S daily studies appear to be impacting with hesitation ahead of
the recent 2017 lows & 200-WMA (92.399) less than ideal for bears. Immediate
bearish pressure has been eased with bulls now needing a close above 94.465 to
confirm a break of the 21-DMA and shift immediate focus to 95.167-797 where the
55-DMA is noted. Bears need a close below 93.541 to gain breathing room and
below 93.061 to shift pressure back to 2017 lows.
EURO-DOLLAR TECHS: Bears Focused On $1.1583-1.1656
*RES 4: $1.1824 High Aug 8 
*RES 3: $1.1802 Hourly support Aug 8 now resistance 
*RES 2: $1.1777 Alternating hourly support/resistance 
*RES 1: $1.1768 Hourly support Aug 7 now resistance
*PRICE: $1.1749 @ 2030GMT
*SUP 1: $1.1715 Low Aug 8 
*SUP 2: $1.1671 Low July 28 
*SUP 3: $1.1656 21-DMA 
*SUP 4: $1.1648 Low July 27
*COMMENTARY: Bears take comfort in the sell-off that adds weight to the case for
a move back to $1.1583-1.1656 where the 21-DMA ($1.1656) is located. Bears now
need a close below $1.1715 to add further weight to their case. Layers of
resistance are accumulating with bulls needing a close above $1.1777 to ease
immediate bearish pressure and above $1.1824 to hint at a retest of 2017 highs.
DOLLAR-YEN TECHS: Y110.23 Support Key Today
*RES 4: Y111.49 55-DMA 
*RES 3: Y111.36 100-DMA 
*RES 2: Y111.05 High Aug 4 
*RES 1: Y110.82 High Aug 8
*PRICE: Y110.40 @ 2030GMT
*SUP 1: Y110.23 Hourly resistance Aug 4 now support 
*SUP 2: Y110.00 Hourly support Aug 4 
*SUP 3: Y109.84 Low Aug 3 
*SUP 4: Y109.80 55-WMA
*COMMENTARY: Hesitation ahead of the Y111.05-52 region where key DMAs are
clustered is less than ideal for bulls who need a close above the 21-DMA
(Y111.52) to confirm focus on Y112.17-41 where the 200-DMA (Y112.36) is noted.
The Y110.23 support remains key and unbroken with bears needing a close below to
shift initial focus back to Y109.80-84. Bears need a close below the 55-WMA to
confirm a return in focus to Y108.15-96.
SPOT GOLD TECHS: Bulls Need Close Above $1267.2
*RES 4: $1295.9 - 2017 High June 6 
*RES 4: $1280.8 - High June 14 
*RES 3: $1274.0 - High Aug 1 
*RES 2: $1267.2 - Hourly support Aug 3 & 4 now resistance
*PRICE: $1260.0 @ 2130GMT
*SUP 1: $1258.9 - Alternating hourly support/resistance 
*SUP 2: $1249.4 - 21-DMA 
*SUP 3: $1243.6 - Low July 27 
*SUP 4: $1235.5 - Low July 20
*COMMENTARY: Bears managed a dip below key DMAs Tuesday but follow through has
been lacking with support emerging ahead of the 21-DMA. Correcting O/B studies
remain a concern for bulls. The $1267.2 resistance is key today with bulls
needing a close above to negate Tuesday's dip and return focus to
$1274.0-1280.8. Above $1280.8 is needed to target 2017 highs. Bears need a close
below $1243.6 to shift focus to the 200-DMA ($1229.2).
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]