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Free AccessMNI Asian Morning FX Technical Analysis
12 October 2017
By Kyle Shortland
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/h8lzqnc
AUSSIE TECHS: O/S Daily Studies Correcting
*RES 4: $0.7887 - 21-DMA
*RES 3: $0.7840 - Hourly resistance Oct 5
*RES 2: $0.7798 - Hourly resistance Oct 6a
*RES 1: $0.7809 - Hourly resistance Oct 11
*PRICE: $0.7798 @ 2030GMT
*SUP 1: $0.7765 - Low Oct 11
*SUP 2: $0.7733 - Low Oct 6
*SUP 3: $0.7712 - High June 30 now support
*SUP 4: $0.7672 - 200-DMA
*COMMENTARY: The pair is currently flirting with the 100-DMA ($0.7791) with
bulls needing a close above $0.7809 to add support to the case for a bounce back
to 21 & 55-DMAs ($0.7888-0.7921). Correcting O/S studies add support to the case
for a correction. The bounce from the day's low leaves the pair looking bid
although $0.7809 remains key. Bears now need a close below $0.7765 to ease
renewed bullish pressure and below $0.7712 to focus on the 200-DMA ($0.7672).
KIWI TECHS: Bulls Need Close Above 200-DMA
*RES 4: $0.7156 - 200-DMA
*RES 3: $0.7146 - Low Oct 4 now resistance
*RES 2: $0.7123 - Hourly resistance Oct 5
*RES 1: $0.7099 - High Oct 11
*PRICE: $0.7091 @ 2000GMT
*SUP 1: $0.7055 - Low Oct 9
*SUP 2: $0.7031 - Low May 30
*SUP 3: $0.6985 - Low May 23
*SUP 4: $0.6950 - High May 18 now support
*COMMENTARY: Daily studies looking to correct higher are providing bulls support
with the $0.7099-0.7156 resistance region remaining key. Bulls need a close
above $0.7099 to gain breathing room and above the 200-DMA to hint at a
correction back to $0.7208-65 where 21, 55 & 100-DMAs are noted. O/S studies and
the Bollinger base ($0.7036) are key concerns for bears who need a close below
$0.7031 to target $0.6950.
AUSSIE-KIWI TECHS: Bulls Need Close Above NZ$1.1025
*RES 4: NZ$1.1142 - 2017High Sept 1
*RES 3: NZ$1.1107 - High Sept 12
*RES 2: NZ$1.1057 - Hourly support Sept 15a now resistance
*RES 1: NZ$1.1025 - Hourly support Sept 15 now resistance
*PRICE: NZ$1.0994 @ 2000GMT
*SUP 1: NZ$1.0977 - Hourly support Oct 11
*SUP 2: NZ$1.0944 - Low Oct 9
*SUP 3: NZ$1.0938 - 21-DMA
*SUP 4: NZ$1.0925 - Hourly support Oct 3
*COMMENTARY: The recovery from Sept lows resulted in a gapping move higher
Monday only to remain capped ahead of NZ$1.1025. Bulls need a close above
NZ$1.1025 to shift focus to NZ$1.1107-42 where 2017 highs are located. Support
layers have been left in the wake with bears now needing a close below the
21-DMA to gain breathing room and below the 55-DMA (NZ$1.0901) to shift focus
back to NZ$1.0798-1.0824.
AUSSIE-YEN TECHS: Y87.23 Support Key
*RES 4: Y88.74 - High Oct 5
*RES 3: Y88.38 - Hourly resistance Oct 5a
*RES 2: Y88.03 - Hourly resistance Oct 5
*RES 1: Y87.78 - High Oct 10
*PRICE: Y87.61 @ 2000GMT
*SUP 1: Y87.23 - Low Oct 10
*SUP 2: Y87.18 - Bollinger band base
*SUP 3: Y86.56 - 100-DMA
*SUP 4: Y86.54 - Low Sept 6
*COMMENTARY: The break of the daily bull channel base and closes below the
55-DMA have failed to break the Y87.23 support with bears needing a close below
this level to shift immediate focus to the 100-DMA and overall focus to
Y85.45-80 where the 200-DMA is noted. Initial resistance is noted at Y87.78 with
bulls needing a close above to confirm a break of the 55-DMA and ease bearish
pressure. Above Y88.03 shifts focus back to Y88.74-89.
EURO-AUSSIE TECHS: Bulls Now Targeting Bull Channel Top
*RES 4: A$1.5541 - Monthly High June 2 2016
*RES 3: A$1.5432 - Daily Bull channel top
*RES 2: A$1.5364 - High June 16 2016
*RES 1: A$1.5298 - High June 20 2016
*PRICE: A$1.5226 @ 2000GMT
*SUP 1: A$1.5138 - Low Oct 11
*SUP 2: A$1.5104 - Low Oct 10
*SUP 3: A$1.5079 - Hourly support Oct 9a
*SUP 4: A$1.4995 - Hourly support Oct 5
*COMMENTARY: Bulls have not looked back since breaking A$1.5109 Friday with
fresh 2017 and 4mth highs seeing bulls shift focus to tests of the daily bull
channel top. The Bollinger top (A$1.5198) is the key concern for bulls with
potential to limit follow through. Bears now look for a close below A$1.5138 to
ease immediate bullish pressure and below A$1.5079 to shift focus back to key
DMAs A$1.4902-1.5003 and the bull channel base (A$1.4918).
US DOLLAR-INDEX TECHS: Below 92.724 To Shift Focus Lower
*RES 4: 93.623 - Hourly support Oct 9 now resistance
*RES 3: 93.472 - Hourly resistance Oct 10a
*RES 2: 93.369 - High Oct 11
*RES 1: 93.121 - Hourly resistance Oct 11
*PRICE: 92.910 @ 2030GMT
*SUP 1: 92.885 - 21-DMA
*SUP 2: 92.724 - High Sept 25 now support
*SUP 3: 92.524 - Daily Bull channel base
*SUP 4: 91.781 - Low Sept 22
*COMMENTARY: The lack of topside follow through and rejection ahead of the
100-DMA has left the index looking heavy and pressuring 92.724-917 where 21 &
55-DMAs are located. Below 92.724 remains needed to confirm breaks of DMAs and
to shift overall focus back to 2017 lows. Layers of resistance are accumulating
with bulls needing a close above 93.623 to gain breathing room and above 94.476
to shift focus to 95.167-464.
EURO-DOLLAR TECHS: Above Channel Top Targets $1.2019-92
*RES 4: $1.2092 2017 High Sept 8
*RES 3: $1.2019 High Sept 20
*RES 2: $1.1891 Hourly support Sept 21 now resistance
*RES 1: $1.1902 Daily Bear channel top
*PRICE: $1.1861 @ 1930GMT
*SUP 1: $1.1831 Hourly resistance Oct 11 now support
*SUP 2: $1.1795 Hourly support Oct 10
*SUP 3: $1.1756 Hourly resistance Oct 9 now support
*SUP 4: $1.1739 Hourly support Oct 10
*COMMENTARY: The pair remains bid with the break of the $1.1862 resistance
hinting at a move back to $1.2019-92 and above the daily bull channel top now
needed to confirm. Layers of support are building and adding to bullish
confidence with bears now needing a close below $1.1831 to ease immediate
bullish pressure and below $1.1795 to shift focus back to the $1.1583-1.1661.
Daily studies are well placed for a fresh leg higher.
DOLLAR-YEN TECHS: Bulls Need Close Above Y112.89
*RES 4: Y113.44 High Oct 6
*RES 3: Y113.18 Hourly support Oct 6 now resistance
*RES 2: Y112.89 Hourly resistance Oct 6
*RES 1: Y112.58 High Oct 11
*PRICE: Y112.39 @ 1930GMT
*SUP 1: Y112.10 21-DMA
*SUP 2: Y111.84 200-DMA
*SUP 3: Y111.48 Low Sept 25
*SUP 4: Y111.10 100-DMA
*COMMENTARY: Bulls failed to capitalise on the bounce from 21 & 200-DMAs Tuesday
with pressure having returned to these supports. Bears now focus on the 200-DMA
with a close below needed to pressure Y111.48 and below this level to shift
focus to 55 (Y110.65) & 100 (111.10) DMAs. Below the 55-DMA hints at a move back
to 2017 lows with below Y109.52 to confirm. Bulls look for a close above Y112.89
to ease pressure on key supports and target Y113.44-70.
SPOT GOLD TECHS: Bulls Need Close Above $1296.4
*RES 4: $1320.0 - High Sept 18
*RES 3: $1313.6 - High Sept 26
*RES 2: $1296.4 - High Sept 27
*RES 1: $1293.9 - 55-DMA
*PRICE: $1293.0 @ 2030GMT
*SUP 1: $1284.5 - Low Oct 11
*SUP 2: $1277.6 - Hourly resistance Oct 6 now support
*SUP 3: $1270.7 - Hourly support Oct 6
*SUP 4: $1266.3 - Hourly resistance Oct 6 now support
*COMMENTARY: Having previously been capped on approach to the 21 & 55-DMAs and
the $1296.4 resistance bulls take comfort in pressure returning to this region.
Bulls need a close above $1296.4 to shift initial focus back to $1313.6-1320.0.
Initial support is noted at $1284.5 with bears needing a close below to gain
breathing room and below $1277.6 needed to return focus to $1242.5-1254.5 where
the bull channel base and 200-DMA are situated.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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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.