MNI China Daily Summary: Wednesday, May 8

MNI BRIEF: BOJ To Allow Markets To Determine Long Rates-Ueda

MNI BRIEF: BOJ Would Adjust Rates Earlier If Necessary - Ueda

MNI BRIEF: China Attended DEPA Negotiations - MOFCOM

MNI: PBOC Net Injects CNY2 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1016 Weds; -4.20% Y/Y

US MBA: REFIS +5% SA; PURCH INDEX +2% SA THRU MAY 3 WK

MNI: US MBA: MARKET COMPOSITE +2.6% SA THRU MAY 03 WK

Strongest Manufacturing IP Since April 2008

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI Asian Morning FX Technical Analysis 

17 October 2017
By Kyle Shortland
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/h8lzqnc
AUSSIE TECHS: Capped On Approach To 55-DMA
*RES 4: $0.7986 - High Sept 22
*RES 3: $0.7914 - 55-DMA
*RES 2: $0.7907 - Low Sept 22 now resistance
*RES 1: $0.7876 - Hourly resistance Oct 15
*PRICE: $0.7844 @ 2030GMT
*SUP 1: $0.7849 - Hourly breakout level 
*SUP 2: $0.7803 - 100-DMA 
*SUP 3: $0.7765 - Low Oct 11 
*SUP 4: $0.7733 - Low Oct 6
*COMMENTARY: With bulls now needing a close above the 55-DMA to end bearish
hopes and initially target $0.7986, bears take comfort in the pair remaining
capped ahead of the 55-DMA to start the new week and looking a little heavy.
Bears continue to look for a close below $0.7849 to ease bullish pressure and
below the 100-DMA to shift focus back to $0.7680-0.7733.
KIWI TECHS: 21-DMA Capping, Topside Follow Through Lacking
*RES 4: $0.7366 - Daily Bear channel top 
*RES 3: $0.7263 - 100-DMA 
*RES 2: $0.7246 - 55-DMA 
*RES 1: $0.7194 - 21-DMA
*PRICE: $0.7166 @ 2000GMT
*SUP 1: $0.7151 - Hourly breakout level Oct 13
*SUP 2: $0.7122 - Low Oct 13
*SUP 3: $0.7102 - Hourly support Oct 12
*SUP 4: $0.7055 - Low Oct 9
*COMMENTARY: Daily studies looking to correct higher provided bulls support with
immediate focus having now pm the 21-DMA. Bulls need a close above the 21-DMA to
confirm focus on 55 & 100-DMAs and above the100-DMA to target the bear channel
top. Bears now need a close below $0.7151 to gain breathing room and confirm a
break of the 200-DMA ($0.7159) and below $0.7102 to return focus back to
$0.6985-0.7031.
AUSSIE-KIWI TECHS: NZ$1.1025 Resistance Key & Capping
*RES 4: NZ$1.1057 - Hourly support Sept 15a now resistance
*RES 3: NZ$1.1025 - Hourly support Sept 15 now resistance
*RES 2: NZ$1.1005 - High Oct 16
*RES 1: NZ$1.0956 - Hourly resistance Oct 16
*PRICE: NZ$1.0947 @ 2000GMT
*SUP 1: NZ$1.0929 - 21-DMA
*SUP 2: NZ$1.0925 - Hourly support Oct
*SUP 3: NZ$1.0918 - 55-DMA
*SUP 4: NZ$1.0900 - Hourly resistance Oct 3 now support
*COMMENTARY: The recovery from Sept lows resulted in a gapping move higher last
week 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. Topside hesitation has taken its toll
with focus on 55 & 21-DMAs. Bears need a close below the 55-DMA (NZ$1.09018) to
shift focus back to NZ$1.0798-1.0824 and below NZ$1.0798 to target 100
(NZ$1.0740) & 200 (NZ$1.0724) DMAs.
AUSSIE-YEN TECHS: Y88.74-90 Resistance Key This Week
*RES 4: Y89.67 - High Sept 25 
*RES 3: Y88.90 - High Sept 27 
*RES 2: Y88.74 - High Oct 5 
*RES 1: Y88.37 - 21-DMA
*PRICE: Y88.03 @ 2000GMT
*SUP 1: Y87.63 - Low Oct 13, 55-DMA
*SUP 2: Y87.23 - Low Oct 10
*SUP 3: Y87.02 - Bollinger band base
*SUP 4: Y86.71 - 100-DMA
*COMMENTARY: The break of the daily bull channel base and closes below the
55-DMA failed to break the Y87.23 support last week resulting in pressure
returning to the 21-DMA. Bulls continue to look for a close above Y88.90 to
confirm a break of the 21-DMA and to shift overall focus back to tests of 2017
highs. Bears need a close below the 55-DMA to ease bullish pressure and below
Y87.23 to shift initial focus to the 100-DMA (Y86.71).
EURO-AUSSIE TECHS: DMAs & Channel Base Supporting 
*RES 4: A$1.5178 - Hourly resistance Oct 12
*RES 3: A$1.5135 - High Oct 13
*RES 2: A$1.5105 - Hourly resistance Oct 13
*RES 1: A$1.5032- Hourly resistance Oct 16
*PRICE: A$1.5024 @ 2000GMT
*SUP 1: A$1.4982 - Hourly resistance Oct 16 now support 
*SUP 2: A$1.4942 - Daily Bull channel base 
*SUP 3: A$1.4902 - 100-DMA 
*SUP 4: A$1.4790 - Low Sept 21
*COMMENTARY: With the pair looking heavy heading into Friday bears were not
disappointed with the sell-off and bearish close below the 21-DMA (A$1.5024)
that sees pressure back on the 100-DMA, 55-DMA and bull channel base. Bears now
need a close below the 100-DMA to shift initial focus to A$1.4790. Layers of
support are now building and adding to bullish confidence with a close above the
21-DMA (A$1.5024) to ease bearish pressure.
US DOLLAR-INDEX TECHS: 92.724 Support Remains Key
*RES 4: 93.844 - High Oct 9 
*RES 3: 93.623 - Hourly support Oct 9 now resistance 
*RES 2: 93.472 - Hourly resistance Oct 10a 
*RES 1: 93.369 - High Oct 11
*PRICE: 93.317 @ 2030GMT
*SUP 1: 93.076 - Low Oct 16
*SUP 2: 92.924 - Hourly support Oct 13
*SUP 3: 92.881 - Hourly resistance Oct 13 now support
*SUP 4: 92.724 - High Sept 25 now support
*COMMENTARY: The sell-off from ahead of the 100-DMA resulted in dips below the
21 (93.030) & 55 (92.908) DMAs only to find support ahead of the key 92.724
level. Below 92.724 remains needed to confirm breaks of DMAs and to shift
overall focus to 2017 lows. Layers of resistance are accumulating with bulls
needing a close above 93.369 to gain breathing room and above 94.476 to shift
focus to 95.167-464.
EURO-DOLLAR TECHS: Looking A Little Heavy
*RES 4: $1.1886 Daily Bear channel top 
*RES 3: $1.1880 High Oct 12 
*RES 2: $1.1849 Hourly resistance Oct 13 
*RES 1: $1.1826 Hourly resistance Oct 13
*PRICE: $1.1789 @ 1930GMT
*SUP 1: $1.1781 Hourly support Oct 16 
*SUP 2: $1.1756 Hourly resistance Oct 9 now support 
*SUP 3: $1.1739 Hourly support Oct 10 
*SUP 4: $1.1716 Hourly resistance Oct 6 now support
*COMMENTARY: The break of the $1.1862 resistance lacked follow through with the
pair capped around the daily bear channel top Thursday. Pressure on $1.1795 has
resulted in a break with bears needing a close below to add weight to the case
for a move back to the $1.1583-1.1669 region. Layers of resistance remain with
bulls needing a close above $$1.1826 to gain breathing room and above $1.1880 to
shift focus higher.
DOLLAR-YEN TECHS: Supported Below 200-DMA
*RES 4: Y113.18 Hourly support Oct 6 now resistance 
*RES 3: Y112.89 Hourly resistance Oct 6 
*RES 2: Y112.58 High Oct 11 
*RES 1: Y112.34 21-DMA
*PRICE: Y112.19 @ 1930GMT
*SUP 1: Y111.65 Low Oct 17 
*SUP 2: Y111.48 Low Sept 25 
*SUP 3: Y111.12 100-DMA 
*SUP 4: Y110.73 55-DMA
*COMMENTARY: Dips below the 200-DMA (Y111.78) are finding support with the
recovery from the day's lows seeing pressure return to the 21-DMA. Bulls look
for a close above the 21-DMA to ease bearish pressure and above Y112.89 to shift
immediate focus back to Y113.44-70. The Y111.48 support remains key. Bears look
for a close below to confirm a break of the 200-DMA and focus on 55 (Y110.73) &
100 (111.12) DMAs. Below the 55-DMA hints at a move back to 2017 lows.
SPOT GOLD TECHS: $1277.6-1289.6 Support Region Key
*RES 4: $1314.8 - Bollinger band top 
*RES 3: $1313.6 - High Sept 26 
*RES 2: $1306.0 - High Oct 16 
*RES 1: $1298.3 - Alternating hourly support/resistance
*PRICE: $1293.8 @ 2030GMT
*SUP 1: $1289.6 - Low Oct 12 
*SUP 2: $1289.1 - 21-DMA 
*SUP 3: $1284.5 - Low Oct 11 
*SUP 4: $1277.6 - Hourly resistance Oct 6 now support
*COMMENTARY: Bulls are struggling to distance themselves from 21 & 55 ($1295.6)
DMAs. Bears now need a close below the 21-DMA to ease bullish pressure and below
$1277.6 to shift focus back to $1244.2-1260.5 where the 200-DMA ($1256.1) and
bull channel base are situated. Bulls now need a close above $1306.0 to
reconfirm focus on $1313.6-1320.0. A close above $1320.0 is needed to shift
focus to $1357.5 Sept highs.
--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();
    

});