MNI Asian Morning FX Technical Analysis

11 December 2017

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: Focus Now On LT Bull Channel Base

*RES 4: $0.7598 - Hourly support Dec 5 now resistance

*RES 3: $0.7569 - Hourly resistance Dec 7

*RES 2: $0.7555 - Hourly resistance Dec 7a

*RES 1: $0.7533 - Hourly resistance Dec 7, High Dec 8

*PRICE: $0.7506 @ 2030GMT

*SUP 1: $0.7474 - LT Bull channel base (Jan 20 2016 low) 

*SUP 2: $0.7410 - Low June 5 

*SUP 3: $0.7365 - Low May 12 

*SUP 4: $0.7351 - Daily Bear channel base (Oct 6 low)

*COMMENTARY: The pair remains heavy having broken below $0.7519 with closes

below confirming initial focus on the LT bull channel base. A close below the

channel base sees bears targeting $0.7326-65 where the MT bear channel base is

noted. Layers of resistance are accumulating and weighing. The $0.7569

resistance remains key. Bulls need a close above to ease bearish pressure with a

close above $0.7598 to pressure $0.7623-54 where the bear channel top is noted.

KIWI TECHS: Bears Focused On $0.6781-0.6817

*RES 4: $0.6917 - High Dec 6 

*RES 3: $0.6888 - High Dec 7 

*RES 2: $0.6870 - High Dec 8 

*RES 1: $0.6852 - Alternating hourly support/resistance

*PRICE: $0.6839 @ 2030GMT

*SUP 1: $0.6817 - Low Dec 1

*SUP 2: $0.6805 - Bollinger band base

*SUP 3: $0.6781 - 2017 Low Nov 17

*SUP 4: $0.6714 - Weekly Bear channel 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 $0.6536-0.6714 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 $0.6968-0.7048 where the 55-DMA is noted.

AUSSIE-KIWI TECHS: NZ$1.0946 Support Remains Key

*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$1.0964 @ 2030GMT

*SUP 1: NZ$1.0946 - Monthly Low Nov 29

*SUP 2: NZ$1.0904 - Low Oct 17

*SUP 3: NZ$1.0826 - 200-DMA

*SUP 4: NZ$1.0798 - Low Aug 16

*COMMENTARY: Topside follow through remains elusive with pressure resulting in

closes below the 55-DMA (NZ$1.1041) following dips below the 100-DMA

(NZ$1.0969). 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$1.0798-1.0826 where the 200-DMA is located. Bulls still need a close above

NZ$1.1045 to ease pressure on key supports and initially target NZ$1.1139.

AUSSIE-YEN TECHS: Bulls Need Close Above Y85.36

*RES 4: Y86.58 - High Nov 15 

*RES 3: Y86.19 - High Dec 5 

*RES 2: Y85.68 - High Dec 6 

*RES 1: Y85.36 - Hourly resistance Dec 6a, High Dec 8

*PRICE: Y85.16 @ 2030GMT

*SUP 1: Y84.65 - Low Nov 30

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

*SUP 3: Y83.72 - Low June 22

*SUP 4: Y83.65 - Daily Bear channel base

*COMMENTARY: The recovery from recent 5mth lows struggled around the 200-DMA

with follow through lacking on pops above. The close below Y85.34 Wednesday left

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

Y83.65-72 where the daily bear channel base is noted. Below the channel base is

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

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

EURO-AUSSIE TECHS: Bears Need Close Below 21-DMA 

*RES 4: A$1.5818 - Daily Bull channel top

*RES 3: A$1.5771 - 2017 High Dec 1

*RES 2: A$1.5730 - Hourly resistance Dec 1

*RES 1: A$1.5695 - High Dec 7

*PRICE: A$1.5661 @ 2030GMT

*SUP 1: A$1.5586 - Low Dec 7 

*SUP 2: A$1.5578 - 21-DMA 

*SUP 3: A$1.5549 - Hourly support Dec 6 

*SUP 4: A$1.5487 - Low Dec 5

*COMMENTARY: The 21-DMA confirmed significance with the correction lower from

2017 highs finding support and bouncing. The close above A$1.5639 saw bulls

regain the upper hand and initial focus back on A$1.5771-1.5818 where the daily

bull channel top and 2017 highs are noted. Bears now need a close below the

21-DMA to gain breathing room and hint at a correction back to A$1.5392-1.5487.

Overall below A$1.5392 is needed to target the 55-DMA (A$1.5278).

US DOLLAR-INDEX TECHS: Bulls Need Close Above 94.165

*RES 4: 95.167 - High July 20 

*RES 3: 94.650 - High Nov 10 

*RES 2: 94.508 - Bollinger band top 

*RES 1: 94.165 - High Nov 21

*PRICE: 93.901 @ 2030GMT

*SUP 1: 93.770 - Low Dec 8

*SUP 2: 93.488 - High Dec 5 now support

*SUP 3: 93.171 - Low Dec 6

*SUP 4: 93.035 - Low Dec 5

*COMMENTARY: Pressure returning to key DMAs last week saw a close above the

55-DMA (93.721) confirming an easing of bearish pressure and seeing immediate

focus on 94.165. Bulls look for a close above this level to confirm focus on

95.167-464 where monthly highs are located. Bears now need a close below 93.488

to ease bullish pressure and below 93.035 to shift pressure back to the

92.496-604 region where Nov lows are located.

EURO-DOLLAR TECHS: $1.1690 Support Key This Week

*RES 4: $1.1884 Alternating hourly support/resistance

*RES 3: $1.1848 High Dec 6

*RES 2: $1.1814 High Dec 7

*RES 1: $1.1777 Hourly resistance Dec 8

*PRICE: $1.1766 @ 1930GMT

*SUP 1: $1.1759 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: Losses defined last week although the lack of follow through on the

break of the 55-DMA is less than ideal with the pair bouncing from ahead of

$1.1690-1.1713. Below $1.1690 remains needed to confirm initial focus on $1.1552

Nov lows. Consolidation below the 21-DMA provides bears confidence with bulls

needing a close above $1.1814 to gain breathing room and above $1.1884 to shift

focus back to $1.1940-61.

DOLLAR-YEN TECHS: Bulls Focused On Y114.07-72

*RES 4: Y114.72 High Nov 6 

*RES 3: Y114.07 High Nov 9 

*RES 2: Y113.95 Bollinger band top 

*RES 1: Y113.85 Daily Bull channel top

*PRICE: Y113.48 @ 1930GMT

*SUP 1: Y113.04 Hourly support Dec 7 

*SUP 2: Y112.57 Hourly support Dec 7a 

*SUP 3: Y112.43 Daily Bull channel base (Off Nov 28 low) 

*SUP 4: Y112.33 Hourly resistance Dec 7a now support

*COMMENTARY: The bounce from the channel base confirmed significance with the

pair having broken Y113.33. Immediate focus shifts to Y114.07-72 although the

bull channel top may slow the move. Bears now need a close below Y113.04 to gain

breathing room and below the channel base to add weight to the case for a

correction back to Y110.83-111.65 where monthly lows, 100 & 200-DMAs are noted.

The Bollinger top is the key concern for bulls at present.

EURO-YEN TECHS: Bulls Retain Focus on 2017 High

*RES 4: Y135.84 Low Oct 21 2015 now resistance

*RES 3: Y134.50 2017 High Oct 25

*RES 2: Y134.05 Hourly support Dec 1a now resistance

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

*PRICE: Y133.46 @ 1930GMT

*SUP 1: Y133.34 Hourly support Dec 8 

*SUP 2: Y132.98 Hourly resistance Dec 7 now support 

*SUP 3: Y132.58 Hourly support Dec 7 

*SUP 4: Y132.24 Low Dec 6

*COMMENTARY: Bears failed to capitalise on a close below 21 & 55 (Y132.68-79)

DMAs with the pair bouncing from ahead of the bull channel base and 100-DMA

(Y131.73). Y30.59-131.96 support region remains key. In saying that, bears look

for a close below Y132.98 to ease bullish pressure with below 132.58 to return

pressure to Y131.69-132.24 where the bull channel base and 100-DMA (131.69) are

located. While Y132.98 supports immediate focus remains on 2017 highs.

SPOT GOLD TECHS: Below $1243.4 Confirms Focus on 2017 Low

*RES 4: $1277.9 - Hourly resistance Dec 1 

*RES 3: $1269.9 - Low Nov 14 now resistance 

*RES 2: $1260.1 - Monthly Low Oct 6 now resistance 

*RES 1: $1252.4 - High Dec 8

*PRICE: $1247.8 @ 2030GMT

*SUP 1: $1243.4 - Low July 26 

*SUP 2: $1227.8 - Low July 17 

*SUP 3: $1214.0 - Low July 12 

*SUP 4: $1211.5 - Daily Bear channel base (Oct 6 Low)

*COMMENTARY: Having remained capped ahead of $1269.9 Wednesday the sharp

sell-off sees immediate pressure on $1243.4. Bears need a close below to confirm

focus on tests of 2017 lows. Modestly O/S daily studies remain a concern for

bears. Bulls need a close above $1260.1 to ease bearish pressure and above

$1269.9 to shift focus back to $1278.1-1288.3 where DMAs and bear channel top

are noted.

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

[TOPICS: MTABLE]