MNI Asian Morning FX Technical Analysis

7 December 2017

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: $0.7519 Support Remains Key

*RES 4: $0.7674 - Bollinger band top

*RES 3: $0.7654 - High Dec 5

*RES 2: $0.7636 - Hourly support Dec 5a now resistance

*RES 1: $0.7598 - Hourly support Dec 5 now resistance

*PRICE: $0.7562 @ 2030GMT

*SUP 1: $0.7550 - Low Dec 1 

*SUP 2: $0.7535 - Bollinger band base 

*SUP 3: $0.7519 - Low June 9 

*SUP 4: $0.7410 - Low June 5

*COMMENTARY: The break of the $0.7644 resistance lacked follow through Tuesday

with the correction lower leaving resistance layers in its wake and retaining

focus on the $0.7519-50 support region. Bears look for a close below $0.7519 to

reconfirm focus on $0.7319-68 where the redrawn daily bear channel base

($0.7368) is situated. Bulls now need a close above $0.7653 to shift focus to

$0.7690-0.7768 where 55 ($0.7720) & 200 ($0.7690) DMAs are noted.

KIWI TECHS: $0.6945 Resistance Remains Key

*RES 4: $0.6994 - 55-DMA 

*RES 3: $0.6956 - Bollinger band top 

*RES 2: $0.6945 - High Nov 28 

*RES 1: $0.6916 - High Dec 6

*PRICE: $0.6876 @ 2030GMT

*SUP 1: $0.6869 - Hourly resistance Dec 4 now support

*SUP 2: $0.6840 - Hourly support Dec 1

*SUP 3: $0.6817 - Low Dec 1

*SUP 4: $0.6801 - Bollinger band base

*COMMENTARY: Topside hesitation around $0.6945 left the pair looking heavy and

sees focus on the $0.6781-0.6817 support region. Bears need a close below 2017

lows to shift focus to $0.6530-0.6723 where daily and weekly bear channel bases

are situated. Daily studies are well placed for a fresh leg lower. Bulls still

need a close above $0.6945 to confirm a break of the channel top & shift focus

to $0.6979-0.7048 where the 55-DMA is noted.

AUSSIE-KIWI TECHS: NZ$1.0946 Support Key Today

*RES 4: NZ$1.1185 - High Nov 1

*RES 3: NZ$1.1139 - High Nov 14

*RES 2: NZ$1.1045 - Low Dec 5 now resistance

*RES 1: NZ$1.1027 - Hourly resistance Dec 6

*PRICE: NZ$1.0995 @ 2030GMT

*SUP 1: NZ$1.0973 - Daily Bull channel base

*SUP 2: NZ$1.0960 - 100-DMA

*SUP 3: NZ$1.0946 - Monthly Low Nov 29

*SUP 4: NZ$1.0904 - Low Oct 17

*COMMENTARY: Topside follow through was lacking last week with pressure

resulting in a likely close below the 55-DMA (NZ$1.1035) following a dip to the

100-DMA. Bears look for a close below NZ$1.0946 to confirm breaks of the 100-DMA

and channel base with below NZ$1.0904 needed to shift focus to NZ$1.0798-1.0827

where the 200-DMA (NZ$1.0824) is located. Bulls now need a close above NZ$1.1045

to ease pressure on key supports and initially target NZ$1.1139.

AUSSIE-YEN TECHS: Bears Initially Focused On Nov Lows

*RES 4: Y86.19 - High Dec 5 

*RES 3: Y85.68 - High Dec 6 

*RES 2: Y85.36 - Hourly resistance Dec 6a 

*RES 1: Y85.19 - Hourly resistance Dec 6

*PRICE: Y84.91 @ 2030GMT

*SUP 1: Y84.65 - Low Nov 30

*SUP 2: Y84.33 - Monthly Low Nov 27

*SUP 3: Y83.77 - Daily Bear channel base

*SUP 4: Y83.72 - Low June 22

*COMMENTARY: The recovery from recent 5mth lows continues to struggle around the

200-DMA with follow through lacking on pops above. The likely close below Y85.34

leaves the pair looking heavy. Bears now look for a close below Y84.33 to

initially pressure Y83.72-77 where the daily bears channel base is noted. Below

Y83.72 to confirm focus on tests of Y81.46-76 where 2017 lows are noted. Bulls

now need a close above Y85.36 to ease bearish pressure.

EURO-AUSSIE TECHS: *RES 4: A$1.5771 - 2017 High Dec 1

*RES 3: A$1.5730 - Hourly resistance Dec 1

*RES 2: A$1.5681 - Hourly support Dec 1 now resistance

*RES 1: A$1.5639 - High Dec 4

*PRICE: A$1.5590 @ 2030GMT

*SUP 1: A$1.5505 - 21-DMA 

*SUP 2: A$1.5447 - Low Nov 15 

*SUP 3: A$1.5392 - Monthly High Oct 26 now support 

*SUP 4: A$1.5244 - Daily Bull channel base (off July Lows)

*COMMENTARY: A bearish key day reversal Friday provided bears confidence and

resulted in dip back to the 21-DMA. Bears continue to look for a close below

A$1.5392 to end bullish hopes and shift focus back to A$1.5195-1.5253 where the

bull channel base is located. The A$1.5639 resistance remains key today with

bulls needing a close above to return focus to 2017 highs. Bulls then look for a

close above A$1.5771 to target A$1.6250 2016 highs.

US DOLLAR-INDEX TECHS: Above 55-DMA Initially Targets 94.165

*RES 4: 94.165 - High Nov 21 

*RES 3: 93.962 - High Nov 22 

*RES 2: 93.653 - 55-DMA 

*RES 1: 93.623 - 21-DMA

*PRICE: 93.603 @ 2030GMT

*SUP 1: 93.488 - High Dec 5 now support

*SUP 2: 93.171 - Low Dec 6

*SUP 3: 93.035 - Low Dec 5

*SUP 4: 92.952 - Hourly resistance Dec 1 now support

*COMMENTARY: Pressure continues to return to key DMAs with bulls needing a close

above the 55-DMA to ease bearish pressure and shift initial focus to 94.165 and

overall focus to 95.167-464 where monthly highs are located. While the 55-DMA

caps bears retain the advantage but now need a close below 93.035 to shift

pressure back to the 92.496-604 region where Nov lows are located.

EURO-DOLLAR TECHS: Pressuring Key 55-DMA Support

*RES 4: $1.1961 High Nov 27

*RES 3: $1.1940 High Dec 1

*RES 2: $1.1884 Alternating hourly support/resistance

*RES 1: $1.1848 High Dec 6

*PRICE: $1.1792 @ 2000GMT

*SUP 1: $1.1766 55-DMA 

*SUP 2: $1.1713 Low Nov 21 

*SUP 3: $1.1690 High Nov 3 now support 

*SUP 4: $1.1621 Low Nov 10

*COMMENTARY: The daily bull channel top ($1.2066) capped last week and now sees

the pair gaining traction below the channel base ($1.1875) and pressuring key

DMAs. Bears continue to look for a close below the 55-DMA to confirm an easing

of bullish pressure and below $1.1690 to confirm initial focus on $1.1552 Nov

lows. Bulls now look for a close above $1.1848 to gain breathing room and above

$1.1884 to shift focus back to $1.1940-61.

DOLLAR-YEN TECHS: Bulls Need Close Above Y112.87

*RES 4: Y113.33 High Nov 16 

*RES 3: Y113.10 High Dec 4 

*RES 2: Y112.87 High Dec 5 

*RES 1: Y112.37 Hourly resistance Dec 6

*PRICE: Y112.25 @ 2000GMT

*SUP 1: Y112.09 Daily Bull channel base (Off Nov 28 low) 

*SUP 2: Y111.82 Hourly support Dec 1 

*SUP 3: Y111.67 200-DMA 

*SUP 4: Y111.35 Low Nov 29

*COMMENTARY: The break of Y112.30 rings alarm bells for bulls although the

bounce from the bull channel base is less than ideal. A lack of follow through

above the 55-DMA (Y112.75) sees bulls needing a close above Y112.87 to reconfirm

focus on Y113.33. Bulls need a close above Y113.33 to add support to the case

for a move initially targeting Y114.72 Nov highs. While Y112.87 caps bears

retain the advantage with a close below Y110.83 to end bullish hopes.

EURO-YEN TECHS: Focus Back On Y130.59-131.86

*RES 4: Y134.05 Hourly support Dec 1a now resistance

*RES 3: Y133.74 Hourly support Dec 1 now resistance

*RES 2: Y133.21 High Dec 6

*RES 1: Y132.68 Hourly resistance Dec 6

*PRICE: Y132.38 @ 2030GMT

*SUP 1: Y131.86 Daily Bull channel base 

*SUP 2: Y131.62 100-DMA 

*SUP 3: Y131.21 Low Nov 23 

*SUP 4: Y130.59 Low Sept 15

*COMMENTARY: The rejection ahead of 2017 highs Friday was less than ideal for

bulls with the likely close below the 21-DMA (Y132.61) shifting focus back to

Y130.59-131.86 where the bull channel base, 100-DMA and Nov lows are situated.

Layers of resistance are building and weighing with bulls now needing a close

above Y133.21 to return focus to 2017 highs. Bulls then need a close above 2017

highs to shift overall focus to the Y139.02-141.04 region last seen in 2015.

SPOT GOLD TECHS: Oct Lows Remain Key Support

*RES 4: $1293.6 - Hourly support Nov 29 now resistance 

*RES 3: $1289.3 - High Dec 1 

*RES 2: $1277.9 - Hourly resistance Dec 1 

*RES 1: $1269.9 - Low Nov 14 now resistance

*PRICE: $1263.6 @ 2030GMT

*SUP 1: $1260.1 - Monthly Low Oct 6 

*SUP 2: $1256.1 - 100-WMA 

*SUP 3: $1251.0 - Monthly Low Aug 8 

*SUP 4: $1243.4 - Low July 26

*COMMENTARY: Gold continues to oscillate around the 200-DMA ($1267.0) and the

bull channel base ($1264.8) with bears needing a close below $1260.1 to confirm

breaks with overall focus shifting to 2017 lows. Bears will then look for a

close below $1243.4 to add weight to their case. Bulls now look for a close

above $1269.9 to ease bearish pressure and above $1277.9 to return focus to

$1299.1 Nov monthly highs.

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

[TOPICS: MTABLE]