MNI Asian Morning FX Technical Analysis

3 November 2017

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: Above Channel Top Targets 55 & 100-DMAs

*RES 4: $0.7835 - 100-DMA

*RES 3: $0.7777 - Daily Bear channel top

*RES 2: $0.7770 - 21-DMA

*RES 1: $0.7739 - Hourly resistance Oct 25

*PRICE: $0.7711 @ 2000GMT

*SUP 1: $0.7689 - Hourly support Nov 2 

*SUP 2: $0.7639 - Low Oct 31 

*SUP 3: $0.7622 - Low Oct 27 

*SUP 4: $0.7564 - Low June 26

*COMMENTARY: Bears failed to manage the close below $0.7622 needed to add weight

to the case for a test of $0.7513-64 where the bear channel base ($0.7536) is

situated. Bulls take comfort in the pair trading above the 200-DMA ($0.7695)

with bears now needing a close below $0.7689 to ease renewed bullish pressure.

Bulls still need a close above the channel top to initially shift focus to

$0.7835-0.7909 where 100 & 55-DMAs are situated.

KIWI TECHS: Correcting O/S Daily Studies

*RES 4: $0.7119 - Low Oct 18 now resistance 

*RES 3: $0.7050 - Low Oct 9 now resistance 

*RES 2: $0.7007 - Hourly resistance Oct 20 

*RES 1: $0.6941 - High Nov 2

*PRICE: $0.6913 @ 2000GMT

*SUP 1: $0.6882 - Low Nov 2

*SUP 2: $0.6831 - Low Oct 31

*SUP 3: $0.6816 - 2017 Low May 11 & Oct 27

*SUP 4: $0.6667 - Low Mar 28 2016

*COMMENTARY: Failure to trouble last week's fresh 2017 lows is a concern for

bears given daily studies looking to correct from O/S and recent higher daily

lows. The $0.7007-50 resistance region is now key. Bulls need a close above this

region to confirm a break of the channel top ($0.7041) and 21-DMA ($0.7009)

shifting focus to $0.7117-0.52 where 200 & 55-DMAs are situated. Bears now need

a close below $0.6882 to retain focus on the daily bear channel base ($0.6753).

AUSSIE-KIWI TECHS: 21-DMA Supporting This Week

*RES 4: NZ$1.1328 - 2016 High Mar 23

*RES 3: NZ$1.1291 - 2017 High Oct 25

*RES 2: NZ$1.1240 - High Oct 26

*RES 1: NZ$1.1170 - High Nov 2

*PRICE: NZ$1.1165 @ 2000GMT

*SUP 1: NZ$1.1117 - Low Nov 2

*SUP 2: NZ$1.1083 - 21-DMA

*SUP 3: NZ$1.1025 - Previous key resistance now support

*SUP 4: NZ$1.1005 - 55-DMA

*COMMENTARY: The break of the NZ$1.1092 support lacked follow through with the

pair bouncing from a test of the 21-DMA Wednesday. Bears now need a close below

the 21-DMA to confirm focus on NZ$1.0996-1.1025 where the daily bull channel

base and 55-DMA are situated. Overall below the channel base is needed to target

NZ$1.0767-1.0830 where 100 & 200-DMAs are found. Bulls now need a close above

NZ$1.1170 to shift focus back to NZ$1.1240-91.

AUSSIE-YEN TECHS: Bulls Focused On Bear Channel Top

*RES 4: Y89.67 - High Sept 25 

*RES 3: Y89.09 - High Oct 23 

*RES 2: Y88.54 - Daily Bear channel top 

*RES 1: Y88.37 - Low Oct 19 now resistance

*PRICE: Y88.02 @ 2030GMT

*SUP 1: Y87.72 - High Nov 1 now support

*SUP 2: Y87.31 - Hourly resistance Nov 1 now support

*SUP 3: Y87.16 - Hourly support Nov 1

*SUP 4: Y86.93 - Low Nov 1

*COMMENTARY: Downside follow through was lacing on fresh 7week lows for the pair

Tuesday with the Bollinger base (Y86.78) remaining a concern. The recovery sees

the pair closing above the 21 (Y87.85) & 55 (Y87.84) DMAs with focus having

returned to the bear channel top. Bulls now look for a close above Y89.09 to

confirm a break of the channel top and to shift focus back to tests of 2017

highs. Bars need a close below Y87.31 to shift focus lower once more.

EURO-AUSSIE TECHS: Bears Need Close Below 55-DMA 

*RES 4: A$1.5298 - Alternating hourly support/resistance

*RES 3: A$1.5255 - High Oct 27

*RES 2: A$1.5235 - High Oct 31

*RES 1: A$1.5159 - Hourly resistance Nov 1

*PRICE: A$1.5105 @ 2000GMT

*SUP 1: A$1.5048 - Daily Bull channel base 

*SUP 2: A$1.5012 - 55-DMA 

*SUP 3: A$1.4924 - 100-DMA 

*SUP 4: A$1.4790 - Low Sept 21

*COMMENTARY: The dramatic sell-off after trading at fresh 2017 and 16mth highs

is now flirting with the 21-DMA (A$1.5112). Bears continue to look for a close

below the 55-DMA to end bullish hopes and hint at a move back to A$1.4790 with

below the 100-DMA to confirm. Layers of resistance are building and weighing

with bulls now needing a close above A$1.5255 to shift focus back to 2017 highs

and a close above to target the channel top (A$1.5562).

US DOLLAR-INDEX TECHS: 94.267 Support Remains Key

*RES 4: 95.499 - Daily Bull channel top 

*RES 3: 95.464 - Low July 13 now resistance 

*RES 2: 95.167 - High July 20 

*RES 1: 94.927 - Hourly resistance Oct 27

*PRICE: 94.719 @ 2030GMT

*SUP 1: 94.411 - Low Nov 2

*SUP 2: 94.267 - High Oct 6 now support

*SUP 3: 93.925 - 100-DMA

*SUP 4: 93.835 - 21-DMA

*COMMENTARY: Bulls have failed to capitalise on last week's test of the bull

channel top but take comfort in support emerging ahead of the 100-DMA on dips.

Bears need a close below the 94.267 to initially pressure 100 & 21-DMAs and

below the 21-DMA to shift focus to 92.724-93.457. Overall below 92.724 is needed

to target 2017 lows. Bulls now look for a close above 94.927 to reconfirm focus

on 95.167-499 where the bull channel top is situated.

EURO-DOLLAR TECHS: Remains Capped Ahead of 100-DMA

*RES 4: $1.1826 55-DMA 

*RES 3: $1.1785 Hourly resistance Oct 26 

*RES 2: $1.1725 Low Oct 23 now resistance 

*RES 1: $1.1695 100-DMA

*PRICE: $1.1661 @ 1930GMT

*SUP 1: $1.1606 Low Nov 1 

*SUP 2: $1.1575 Low Oct 27 

*SUP 3: $1.1498 Daily bear channel base 

*SUP 4: $1.1478 Low July 20

*COMMENTARY: Following the topside failure around the 55-DMA ($1.1826) last week

the pair headed lower with bears focused on $1.1478-1.1575 where the bear

channel base is noted. The Bollinger base ($1.1591) remains the key concern and

currently limits follow through. Bulls need a close above the 100-DMA to ease

bearish pressure and above $1.1725 to target the 55-DMA. Bears need a close

below $1.1575 to add weight to their case.

DOLLAR-YEN TECHS: Below Y112.96 To End Bullish Hopes

*RES 4: Y115.62 High Jan 19 

*RES 3: Y115.24 Falling LT weekly TL 

*RES 2: Y114.49 Monthly High July 11 

*RES 1: Y114.26 Hourly resistance Nov 1

*PRICE: Y113.90 @ 1930GMT

*SUP 1: Y113.52 Alternating hourly support/resistance 

*SUP 2: Y113.22 Hourly support Oct 31 

*SUP 3: Y113.05 21-DMA 

*SUP 4: Y112.74 Hourly resistance Oct 19 now s

*COMMENTARY: Hesitation ahead of Y114.49 is less than ideal given daily studies

lingering around modestly O/B and looking to correct. In saying that, bears now

need a close below Y113.52 to gain breathing room and below Y112.96 to confirm a

break of the 21-DMA and confirm focus on Y111.32-112.30. The Bollinger band top

is noted at (Y114.41) and is the key concern. Bulls need a close above Y114.49

to reconfirm a bullish bias and shift initial focus to Y115.24-62.

SPOT GOLD TECHS: Topside Follow Through Lacking

*RES 4: $1299.9 - Bollinger band top 

*RES 3: $1296.6 - 55-DMA 

*RES 2: $1291.1 - Hourly resistance Oct 19 

*RES 1: $1284.1 - High Nov 2

*PRICE: $1276.1 @ 2030GMT

*SUP 1: $1272.5 - Hourly support Nov 1 

*SUP 2: $1267.7 - Low Oct 31 & Nov 1 

*SUP 3: $1262.4 - Bollinger band base 

*SUP 4: $1261.0 - 200-DMA

*COMMENTARY: Hesitation ahead of the 200-DMA continues as do higher daily lows

although the break of the 21-DMA and $1283.7 resistance has so far lacked follow

through. Bulls now need a close above $1284.1 to shift initial focus to

$1291.1-1296.5 where the 55-DMA is found. Bears now need a close below $1272.5

to gain breathing room and below the 200-DMA to add weight to their case for a

test of $1243.8-1251.4 where the channel base is noted.

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

[TOPICS: MTABLE]