Free Trial

MNI Asian Morning FX Technical Analysis

11 September 2017
By Kyle Shortland
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/h8lzqnc
AUSSIE TECHS: Bears Need Close Below $0.8009
*RES 4: $0.8295 - 2015 High Jan 15
*RES 3: $0.8163 - Monthly High May 14 2015
*RES 2: $0.8125 - 2017 High Sept 8
*RES 1: $0.8081 - Hourly support Sept 8 now resistance
*PRICE: $0.8056 @ 2100GMT
*SUP 1: $0.8040 - Hourly support Sept 8 
*SUP 2: $0.8009 - Hourly support Sept 7 
*SUP 3: $0.7966 - Daily Bull channel base 
*SUP 4: $0.7961 - Low Sept 6
*COMMENTARY: Fresh 2017 and 2+ year highs continued Friday although the lack of
topside follow through is a concern for bulls. In saying that, the $0.8009
support remains key this week. Bears continue to look for a close below $0.8009
to shift focus back to $0.7920. Below $0.7920 remains needed to hint at a deeper
correction targeting the 55-DMA ($0.7864). Initial resistance is noted at
$0.8081 with bulls needing a close above to ease pressure on $0.8009-40.
KIWI TECHS: Key Resistance Capping
*RES 4: $0.7389 - Low Aug 3 now resistance 
*RES 3: $0.7370 - High Aug 8 
*RES 2: $0.7337 - High Aug 21 
*RES 1: $0.7285 - Hourly support Sept 8 now resistance
*PRICE: $0.7259 @ 2100GMT
*SUP 1: $0.7242 - Hourly resistance Sept 7 now support 
*SUP 2: $0.7210 - Hourly support Sept 5
*SUP 3: $0.7172 - Low Sept 7
*SUP 4: $0.7133 - 200-DMA
*COMMENTARY: Hesitation around the 21-DMA ($0.7242) came to an end Friday with a
spike higher that remained capped at the $0.7337 resistance. The lack of topside
follow through is a concern with the pair capped ahead of the Bollinger top
($0.7335) Friday. Bulls need a close above $0.7337 to confirm a break of the
55-DMA ($0.7313) and to shift overall focus to 2017 highs. Bears look for a
close below $0.7242 to shift focus back to the 200-DMA.
AUSSIE-KIWI TECHS: Bears Need Close Below NZ$1.1007
*RES 4: NZ$1.1300 - Daily Bull channel top
*RES 3: NZ$1.1195 - Low Apr 26 now resistance
*RES 2: NZ$1.1189 - Bollinger band top
*RES 1: NZ$1.1142 - 2017High Sept 1
*PRICE: NZ$1.1088 @ 2100GMT
*SUP 1: NZ$1.1055 - Low Sept 8
*SUP 2: NZ$1.1007 - Hourly support Aug 31a
*SUP 3: NZ$1.0982 - Hourly resistance Aug 31 now support
*SUP 4: NZ$1.0955 - Hourly support Aug 30
*COMMENTARY: The NZ$1.1007 support remains key with bears needing a close below
to confirm an easing of bullish pressure and return initial focus to NZ$1.0913.
Bulls take comfort in support continuing to emerge on dips back to NZ$1.1007
with Wednesday's bounce retaining focus on recent 2017 highs and the
NZ$1.1142-1.1287 region as a whole where the daily bull channel top is situated.
Daily studies looking to correct from O/B are less than ideal for bulls.
AUSSIE-YEN TECHS: Y86.54 Support Remains Key
*RES 4: Y88.81 - High July 28 
*RES 3: Y88.02 - High Aug 7 
*RES 2: Y87.76 - Bollinger band top 
*RES 1: Y87.63 - Hourly support Sept 1 now resistance
*PRICE: Y87.16 @ 2100GMT
*SUP 1: Y86.65 - Low Sept 8
*SUP 2: Y86.54 - Low Sept 6
*SUP 3: Y86.12 - Hourly support Aug 29b
*SUP 4: Y85.68 - Low Aug 28
*COMMENTARY: Bears take comfort in support continuing to emerge on dips below
the 21-DMA (Y86.88). Bears look for a close below Wednesday's low to confirm a
break of the 21-DMA and focus on the Y85.35-70 region where 100 & 200-DMAs are
situated. The Bollinger top remains the key concern for bulls with potential to
limit follow through. Bulls still need a close above Y88.02 to end bearish hopes
and shift focus to Y88.81-89.42 where 2017 highs are noted.
EURO-AUSSIE TECHS: Bears Need Close Below A$1.4792 
*RES 4: A$1.5175 - High Aug 29
*RES 3: A$1.5093 - High Aug 30
*RES 2: A$1.5043 - High Sept 1
*RES 1: A$1.4997 - High Sept 7
*PRICE: A$1.4915 @ 2100GMT
*SUP 1: A$1.4866 - 55-DMA 
*SUP 2: A$1.4852 - 100-DMA 
*SUP 3: A$1.4830 - Low Sept 6 
*SUP 4: A$1.4792 - Low Aug 18
*COMMENTARY: Topside follow through was lacking again last week although bulls
take comfort in support emerging on dips back towards the 55 & 100-DMAs. Bears
continue to look for a close below A$1.4792 to confirm breaks of DMAs and shift
focus back to A$1.4422-89 where the 200-DMA and July lows are noted. Bulls still
need a close above A$1.4997 to gain breathing room and above A$1.5093 to return
focus to A$1.5175-1.5226.
US DOLLAR-INDEX TECHS: DOLLAR-INDEX TECHS: Focus On 89.776-90.325
*RES 4: 92.711 - High Sept 4 
*RES 3: 92.445 - Low Sept 4 now resistance 
*RES 2: 92.100 - Alternating hourly support/resistance 
*RES 1: 91.770 - Hourly resistance Sept 7
*PRICE: 91.447 @ 2130GMT
*SUP 1: 91.011 - 2017 Low Sept 8
*SUP 2: 90.325 - High Dec 30 2014 now support
*SUP 3: 89.776 - Low Dec 26 2014 
*SUP 4: 88.921 - Low Dec 18 2014
*COMMENTARY: The rejection above the 21-DMA (92.768) last week resulted in fresh
2017 & 2+ year lows with overall focus having shifted to 89.776-90.325. The
Bollinger base (91.349) remains the key concern for bears with potential to
limit follow through. Layers of resistance continue to build and weigh with
bulls still needing a close above 92.100 to ease immediate bearish pressure and
hint at a correction back to 92.711-93.347 where the 21-DMA is noted.
EURO-DOLLAR TECHS: $1.1984 Support Key Today
*RES 4: $1.2254 High Dec 25 2014 
*RES 3: $1.2220 Daily Bull channel top 
*RES 2: $1.2187 High Dec 30 2014 
*RES 1: $1.2092 2017 High Sept 8
*PRICE: $1.2012 @ 2030GMT
*SUP 1: $1.2015 Low Sept 8 
*SUP 2: $1.1984 Hourly support Sept 7 
*SUP 3: $1.1903 Hourly support Sept 6 
*SUP 4: $1.1868 Low Sept 5
*COMMENTARY: Dips back towards the 21-DMA continued to find support resulting in
fresh 2017 highs Friday with bullish focus currently on $1.2187-1.2254 where the
daily bull channel top is located. The Bollinger top ($1.2062) is the key
concern and limits follow through. Bears still need a close below $1.1984 to
hint at a correction back to $1.1823-59. Daily studies remain supportive of
gains.
DOLLAR-YEN TECHS: Downside Follow Through Lacking
*RES 4: Y109.93 High Sept 4 
*RES 3: Y109.55 Hourly resistance Sept 6 
*RES 2: Y108.97 Hourly resistance Sept 7a 
*RES 1: Y108.70 Hourly resistance Sept 7
*PRICE: Y108.26 @ 2030GMT
*SUP 1: Y108.05 Alternating hourly support/resistance 
*SUP 2: Y107.32 2017 Low Sept 8 
*SUP 3: Y106.95 High Nov 10 now support 
*SUP 4: Y104.90 Low Nov 10
*COMMENTARY: Bearish confidence received a boost with fresh 2017 and 10tmh lows
shifting immediate focus to Y106.95 and overall focus to Y99.08-101.15. The lack
of follow through courtesy of the Bollinger base (Y108.03) is less than ideal
for bears. Initial support is noted at Y108.05 with bears needing a close below
this level to maintain initial focus on Y106.95. Bulls need a close above
Y108.97 to gain breathing room.
SPOT GOLD TECHS: 2017 Highs Lack Follow Through
*RES 4: $1375.2 - 2016 High July 6 
*RES 3: $1367.3 - Monthly high Aug 2 2016 
*RES 2: $1358.1 - High Aug 16 2016 
*RES 1: $1357.5 - 2017 High Sept 8
*PRICE: $1346.3 @ 2130GMT
*SUP 1: $1342.1 - Hourly support Sept 7 
*SUP 2: $1331.4 - Low Sept 6 
*SUP 3: $1326.0 - Low Sept 5 
*SUP 4: $1313.7 - High Aug 30 now support
*COMMENTARY: Fresh 2017 and 12mth highs continue with immediate bullish focus
now on tests of $1375.1 2016 highs. The Bollinger top ($1352.6) and very O/B
daily studies remain concerns for bulls. Bears continue to look for a close
below $1342.1 to gain breathing room and below $1326.0 to shift focus back to
$1294.6-1313.7 where the 21-DMA ($1305.4) is noted.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]

To read the full story

Close

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.
}); window.REBELMOUSE_TASKS_QUEUE.push(function(){ window.dataLayer.push({ 'event' : 'logedout', 'loggedOut' : 'loggedOut' }); }); window.REBELMOUSE_TASKS_QUEUE.push(function(){ (function appendPosts () { var policyPosts = document.getElementsByClassName('policy-posts-wrapper')[0]; var policyPostsMenu = document.querySelector('.policy-posts-span'); policyPostsMenu.append(policyPosts); policyPosts.style.display = "block"; var empolicyPosts = document.getElementsByClassName('em-policy-posts-wrapper')[0]; var empolicyPostsMenu = document.querySelector('.em-policy-posts-span'); empolicyPostsMenu.append(empolicyPosts); empolicyPosts.style.display = "block"; var dataPosts = document.getElementsByClassName('data-posts-wrapper')[0]; var dataPostsMenu = document.querySelector('.data-posts-span'); dataPostsMenu.append(dataPosts); dataPosts.style.display = "block"; })(); }); window.REBELMOUSE_TASKS_QUEUE.push(function(){ document.querySelectorAll(".my-mni").forEach(function(item){ item.href="/core/users/email_login/"; item.innerHTML="Log In"; }) }); window.REBELMOUSE_TASKS_QUEUE.push(function(){ document.querySelector('.signup-form').addEventListener('submit', () => { window.dataLayer = window.dataLayer || []; dataLayer.push({ 'event' : 'submission_click', 'event_category': "Sign Up Button Clicks", 'event_label': "Posts" }); }) }); window.REBELMOUSE_TASKS_QUEUE.push(function(){ REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){ item.onsubmit=function(e){ ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15}); window.dataLayer = window.dataLayer || []; dataLayer.push({ 'event' : 'signup_click', 'event_category': "Signup", 'event_action': 'CompletedForm', 'event_label': 'pageTitle', 'event_value': 15 }); } }) }); window.REBELMOUSE_TASKS_QUEUE.push(function(){ document.querySelectorAll("img").forEach(function (img) { img.addEventListener("contextmenu", function (e) { return false; }); }); document .querySelector(".site-logo img") .addEventListener("contextmenu", function (e) { return true; }); }); window.REBELMOUSE_TASKS_QUEUE.push(function(){ document.querySelector('.signup-form').addEventListener('submit', () => { window.dataLayer = window.dataLayer || []; dataLayer.push({ 'event' : 'submission_click', 'event_category': "Sign Up Button Clicks", 'event_label': "Posts" }); }) }); window.REBELMOUSE_TASKS_QUEUE.push(function(){ REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){ item.onsubmit=function(e){ ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15}); window.dataLayer = window.dataLayer || []; dataLayer.push({ 'event' : 'signup_click', 'event_category': "Signup", 'event_action': 'CompletedForm', 'event_label': 'pageTitle', 'event_value': 15 }); } }) }); window.REBELMOUSE_TASKS_QUEUE.push(function(){ let posts = document.querySelectorAll(".all-content-wrapper .widget:not(.stream-story-processed)"); window.check_story_posts(posts, "streamOfPosts"); }); window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){ function populateInputsWithAPAPI(c) { document.querySelectorAll('.signup-form input[name="country"]').forEach(el => { el.setAttribute("value", c.country_name); }); document.querySelectorAll('.signup-form .country_name').forEach(el => { el.setAttribute("value", c.country_name); }); let country_code = c && c.country_code ? c.country_code.toLowerCase() : "auto"; document.querySelectorAll('.signup-form .country_code').forEach(el => { el.setAttribute("value", country_code); }); document.querySelectorAll('.signup-form .selected_country').forEach(el => { el.setAttribute("value", country_code); }); } const fetch = function (err, res) { var r = new XMLHttpRequest(); r.open("GET", err, !0), (r.responseType = "json"), (r.onload = function () { var err = r.status; res(200 === err ? null : err, r.response); }), r.send(); }; function setupCountry() { if (window.preventDuplicateExec) { return; } window.preventDuplicateExec = true; window.REBELMOUSE_STDLIB.onElementInViewport({ threshold: 0, firstOnly: true, oneTime: true, selector: ".signup-form", onIntersect: (entry) => { // when you need to get access to that data you call it in that way: let ipapiData = localStorage.getItem("ipapiData"); if (!ipapiData) { fetch("https://ipapi.co/json/", function (err, ipData) { console.log("populating inputs with data from IP API "); localStorage.setItem("ipapiData", JSON.stringify(ipData)); populateInputsWithAPAPI(ipData); }); } else { console.log( "populating inputs with data from IP API data stored in local storage" ); populateInputsWithAPAPI(JSON.parse(ipapiData)); } }, }); } setupCountry(); }); window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){ /* const sidebar = document.querySelector('.left-sidebar-container'); const stickyContent = document.querySelector('.sticky-content'); const siteContent = document.querySelector('.all-posts-stream'); if (sidebar && stickyContent && siteContent) { if (siteContent.clientHeight > sidebar.clientHeight) { console.log('grater -> ', siteContent.clientHeight + ' > ' + sidebar.clientHeight); stickyContent.style.height = (siteContent.clientHeight - sidebar.clientHeight) + 'px'; } } */ }); window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){ function populateInputsWithAPAPI(c) { document.querySelectorAll('.signup-form input[name="country"]').forEach(el => { el.setAttribute("value", c.country_name); }); document.querySelectorAll('.signup-form .country_name').forEach(el => { el.setAttribute("value", c.country_name); }); let country_code = c && c.country_code ? c.country_code.toLowerCase() : "auto"; document.querySelectorAll('.signup-form .country_code').forEach(el => { el.setAttribute("value", country_code); }); document.querySelectorAll('.signup-form .selected_country').forEach(el => { el.setAttribute("value", country_code); }); } const fetch = function (err, res) { var r = new XMLHttpRequest(); r.open("GET", err, !0), (r.responseType = "json"), (r.onload = function () { var err = r.status; res(200 === err ? null : err, r.response); }), r.send(); }; function setupCountry() { if (window.preventDuplicateExec) { return; } window.preventDuplicateExec = true; window.REBELMOUSE_STDLIB.onElementInViewport({ threshold: 0, firstOnly: true, oneTime: true, selector: ".signup-form", onIntersect: (entry) => { // when you need to get access to that data you call it in that way: let ipapiData = localStorage.getItem("ipapiData"); if (!ipapiData) { fetch("https://ipapi.co/json/", function (err, ipData) { console.log("populating inputs with data from IP API "); localStorage.setItem("ipapiData", JSON.stringify(ipData)); populateInputsWithAPAPI(ipData); }); } else { console.log( "populating inputs with data from IP API data stored in local storage" ); populateInputsWithAPAPI(JSON.parse(ipapiData)); } }, }); } setupCountry(); });