MNI Asian Morning FX Technical Analysis

17 August 2017

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: Focus Returns To $0.7949 Resistance

*RES 4: $0.8044 - High Aug 1

*RES 3: $0.7998 - Hourly resistance Aug 1

*RES 2: $0.7949 - High Aug 7

*RES 1: $0.7931 - 21-DMA

*PRICE: $0.7925 @ 2100GMT

*SUP 1: $0.7893 - Hourly resistance Aug 16 now support 

*SUP 2: $0.7867 - Hourly resistance Aug 16a now support 

*SUP 3: $0.7849 - Hourly support Aug 16 

*SUP 4: $0.7807 - Low Aug 15

*COMMENTARY: Immediate focus has returned to the $0.7949 resistance following

the aggressive rally from ahead of the $0.7778 support and bullish close. Bulls

now need a close above $0.7949 to shift focus back to $0.8044-65 where 2017

highs are located. Layers of support are building with bears now needing a close

below $0.7867 to ease pressure on the 21-DMA and shift focus back to

$0.7729-0.7809 where the 55-DMA ($0.7729) is noted.

KIWI TECHS: Bullish Key Day Reversal

*RES 4: $0.7391 - Low July 21 now resistance 

*RES 3: $0.7377 - Hourly resistance Aug 7 

*RES 2: $0.7277 - Hourly support Aug 15 now resistance 

*RES 1: $0.7330 - High Aug 14

*PRICE: $0.7313 @ 2100GMT

*SUP 1: $0.7277 - Alternating hourly support/resistance

*SUP 2: $0.7254 - Hourly resistance Aug 16 now support 

*SUP 3: $0.7223 - Low Aug 16

*SUP 4: $0.7203 - Monthly Low July 11

*COMMENTARY: A bullish key day reversal combined with daily studies correcting

from O/S, the Bollinger base ($0.7232) limiting follow through and a close above

the 55-DMA ($0.7307) hints at a move that initially targets the $0.7377-96

region where the 21-DMA is located. Bulls need a close above the 21-DMA

($0.7396) to shift overall focus back to tests of 2017 highs. The $0.7277

support is now key. Bears need a close below to shift focus back to $0.7203-23.

AUSSIE-KIWI TECHS: Bulls Need Close Above NZ$1.0882

*RES 4: NZ$1.0935 - Monthly High May 1

*RES 3: NZ$1.0882 - Low May 1 now resistance

*RES 2: NZ$1.0867 - High Aug 16

*RES 1: NZ$1.0864 - Bollinger band top

*PRICE: NZ$1.0843 @ 2100GMT

*SUP 1: NZ$1.0812 - Hourly support Aug 16

*SUP 2: NZ$1.0794 - Hourly support Aug 15

*SUP 3: NZ$1.0772 - Hourly support Aug 15

*SUP 4: NZ$1.0739 - Daily Bull channel base

*COMMENTARY: Bulls took comfort in the bounce from ahead of the 21-DMA and daily

bull channel base (NZ$1.0739) although hesitation ahead of NZ$1.0882 is less

than ideal with daily studies correcting from O/B. Bulls now need a close above

NZ$1.0882 to reconfirm a bullish bias targeting NZ$1.0935-1.1074. Support layers

are building with bears needing a close below NZ$1.0772 to shift focus back to

NZ$1.0724-39 where the 21-DMA and bull channel base are situated.

AUSSIE-YEN TECHS: Bulls Need Close Above Y88.03

*RES 4: Y88.81 - High July 28 

*RES 3: Y88.02 - High Aug 7 

*RES 2: Y87.74 - 21-DMA 

*RES 1: Y87.46 - High Aug 16

*PRICE: Y87.39 @ 2100GMT

*SUP 1: Y86.96 - Hourly support Aug 16

*SUP 2: Y86.78 - Hourly resistance Aug 10 now support

*SUP 3: Y86.30 - Hourly support Aug 15

*SUP 4: Y86.05 - 55-DMA

*COMMENTARY: The recovery from a dip below the 55-DMA (Y86.05) continues with

focus having returned to Y87.74-88.02 where the 21-DMA is located. Bulls need a

close above Y88.02 to end bearish hopes and shift focus to Y88.81-89.42 where

2017 highs are located. Support layers are following the pair higher with bears

now needing a close below Y86.78 to ease pressure on the 21-DMA and retain focus

on Y85.43-86.05 where the 55-DMA is noted.

EURO-AUSSIE TECHS: Immediate Focus On 21-DMA 

*RES 4: A$1.4953 - Low Aug 15 now resistance

*RES 3: A$1.4928 - Low Aug 14 now resistance

*RES 2: A$1.4907 - Hourly resistance Aug 16a

*RES 1: A$1.4875 - Hourly resistance Aug 16

*PRICE: A$1.4844 @ 2100GMT

*SUP 1: A$1.4818 - Hourly support Aug 2 

*SUP 2: A$1.4807 - 21-DMA 

*SUP 3: A$1.4707 - 100-DMA 

*SUP 4: A$1.4674 - High July 27 now support

*COMMENTARY: Hesitation ahead of A$1.5033 has taken its toll with correcting O/B

daily studies adding to the case for a deeper correction. The 21-DMA is now key

support with bears needing a close below to confirm a shift lower in focus that

initially targets A$1.4674-1.4707 where the 100-DMA is situated. Layers of

resistance are accumulating and weighing with bulls now needing a close above

A$1.4928 to return focus to A$1.5033-1.5109.

US DOLLAR-INDEX TECHS: Overall Focus Back On 2017 Low

*RES 4: 94.476 - Low July 18 now resistance 

*RES 3: 94.285 - High July 26 

*RES 2: 94.145 - High Aug 16 

*RES 1: 93.811 - Hourly resistance Aug 16

*PRICE: 93.508 @ 2130GMT

*SUP 1: 93.248 - Hourly support Aug 14

*SUP 2: 92.934 - Low Aug 8

*SUP 3: 92.679 - Low Aug 3

*SUP 4: 92.548 - 2017 Low Aug 2

*COMMENTARY: Bulls failed to capitalise on the recovery from Friday's low with

the sell-off Wednesday resulting in a close below the 21-DMA (93.560). Bears

have regained the upper hand with overall focus having returned to 2017 lows.

Daily studies correcting from modestly O/B levels adds weight to the bearish

case. Bulls now need a close above 93.811 to gain breathing room and above

94.476 to confirm focus on 95.167-464 where the 55-DMA (95.384) is situated.

EURO-DOLLAR TECHS: Supported Below $1.1700

*RES 4: $1.2012 Daily Bull channel top 

*RES 3: $1.1909 2017 High Aug 2 

*RES 2: $1.1861 Hourly support Aug 3 now resistance 

*RES 1: $1.1810 Hourly support Aug 14 now resistance

*PRICE: $1.1768 @ 2030GMT

*SUP 1: $1.1730 Hourly support Aug 16 

*SUP 2: $1.1683 Low Aug 16 

*SUP 3: $1.1648 Low July 27 

*SUP 4: $1.1611 Low July 26

*COMMENTARY: Bulls take comfort in support emerging on attempts to gain traction

below $1.1700 with a close above $1.1861 needed to return focus to

$1.1909-1.2012 where 2017 highs and the bull channel top are located. Support

layers are again building. Initial support is noted at $1.1730 but bears now

need a close below $1.1683 to confirm initial focus on $1.1571-1.1648 where the

bull channel base is found.

DOLLAR-YEN TECHS: Rejected Ahead Of Key DMAs

*RES 4: Y111.71 High July 27 

*RES 3: Y111.31 55-DMA 

*RES 2: Y111.05 High Aug 4 

*RES 1: Y110.62 Hourly support Aug 16 now resistance

*PRICE: Y110.17 @ 2030GMT

*SUP 1: Y109.80 High Aug 14 now support 

*SUP 2: Y109.27 Hourly resistance Aug 14 now support 

*SUP 3: Y108.69 Monthly Low June 14 

*SUP 4: Y108.10 2017 Low Apr 17

*COMMENTARY: The recovery from Friday's lows appears to have ended with the pair

capped ahead of key DMAs. Bulls now need a close above Y110.62 to return focus

to Y111.05-33 and above the 55-DMA to hint at a shift higher in focus and above

the 200-DMA to target Y114.50-115.50. Bears look for a close below Y109.80 to

again target Y108.10-69 where 2017 lows are situated. Daily studies have

corrected back to more neutral levels which adds weight to the bearish case.

SPOT GOLD TECHS: Bounces From Ahead of 21-DMA/Channel Base

*RES 4: $1299.9 - Daily Bull channel top 

*RES 3: $1295.9 - 2017 High June 6 

*RES 2: $1290.7 - Bollinger band top 

*RES 1: $1285.9 - Hourly resistance Aug 14

*PRICE: $1282.5 @ 2130GMT

*SUP 1: $1277.7 - Alternating hourly support/resistance 

*SUP 2: $1267.5 - Low Aug 15 

*SUP 3: $1265.5 - Daily Bull channel base 

*SUP 4: $1265.0 - 21-DMA

*COMMENTARY: Bears failed to capitalise further on the correction lower from

ahead of 2017 highs with gold finding support ahead of the daily bull channel

base and 21-DMA. The close above $1277.7 sees bulls gain breathing room but a

close above 2017 highs is now needed to reconfirm the bullish bias. Initial

support is noted at $1277.7 with bears needing a close below to ease bullish

pressure and return focus to $1265.0-1265.5.

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

[TOPICS: MTABLE]