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Free AccessBRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor
MNI China Daily Summary: Wednesday, Aug 21
MNI Asian Morning FX Technical Analysis
12 December 2017
By Kyle Shortland
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/h8lzqnc
AUSSIE TECHS: $0.7569-0.7615 Resistance Key Today
*RES 4: $0.7615 - Daily Bear channel top
*RES 3: $0.7598 - Hourly support Dec 5 now resistance
*RES 2: $0.7569 - Hourly resistance Dec 7
*RES 1: $0.7555 - Hourly resistance Dec 7a
*PRICE: $0.7530 @ 2030GMT
*SUP 1: $0.7500 - Low Dec 8
*SUP 2: $0.7474 - LT Bull channel base (Jan 20 2016 low)
*SUP 3: $0.7410 - Low June 5
*SUP 4: $0.7365 - Low May 12
*COMMENTARY: Having closed below $0.7519 last week confirmed immediate bearish
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. In saying that,
the $0.7569 resistance remains key. Bulls need a close above to ease bearish
pressure with a close above the bear channel top to shift initial focus back to
$0.7653-0.7768 where 55 ($0.7697) & 200 ($0.7689) -DMAs are noted.
KIWI TECHS: $0.6979-0.7048 Resistance Region Remains Key
*RES 4: $0.6979 - Monthly High Nov 9
*RES 3: $0.6970 - 55-DMA
*RES 2: $0.6945 - High Nov 28
*RES 1: $0.6927 - Bollinger band top
*PRICE: $0.6916 @ 2030GMT
*SUP 1: $0.6903 - Hourly support Dec 11
*SUP 2: $0.6886 - Hourly support Dec 11a
*SUP 3: $0.6870 - High Dec 8 now support
*SUP 4: $0.6852 - Alternating hourly support/resistance
*COMMENTARY: The bounce from ahead of last week's low is less than ideal for
bears with the pair correcting back towards layers of resistance $0.6945-0.7048
where the 55-DMA is situated. Overall bulls need a close above $0.7048 to target
$0.7200-25 although 100 ($0.7121) & 200 ($0.7101) DMAs may slow the move. While
$0.6979 caps bears remain focused on the weekly bear channel base ($0.6709) with
below $0.6815 to add weight to their case.
AUSSIE-KIWI TECHS: Below 100-WMA Targets 2017 Low
*RES 4: NZ$1.1045 - Low Dec 5 now resistance
*RES 3: NZ$1.1027 - Hourly resistance Dec 6
*RES 2: NZ$1.0990 - High Dec 11
*RES 1: NZ$1.0927 - Hourly resistance Dec 11
*PRICE: NZ$1.0889 @ 2030GMT
*SUP 1: NZ$1.0826 - 200-DMA
*SUP 2: NZ$1.0798 - Low Aug 16
*SUP 3: NZ$1.0760 - 200-WMA
*SUP 4: NZ$1.0710 - 100-WMA
*COMMENTARY: The lack of topside follow through in past week's has finally taken
its toll with a likely close below key supports that sees focus shift to
NZ$1.0710-1.0826 where key WMAs and the 200-DMA are noted. Overall bears need a
close below the 100-WMA to end bullish hopes and shift focus back to tests of
2017 lows (NZ$1.0320). Bulls now need a close above NZ$1.0927 to ease bearish
pressure and above NZ$1.1045 to initially target NZ$1.1139.
AUSSIE-YEN TECHS: Layers Of Resistance Y85.68-87.19
*RES 4: Y86.58 - High Nov 15
*RES 3: Y86.19 - High Dec 5
*RES 2: Y85.86 - 200-DMA
*RES 1: Y85.68 - High Dec 6
*PRICE: Y85.49 @ 2030GMT
*SUP 1: Y85.05 - Hourly resistance Dec 8 now support
*SUP 2: Y84.65 - Low Nov 30
*SUP 3: Y84.33 - Monthly Low Nov 27
*SUP 4: Y83.72 - Low June 22
*COMMENTARY: The bounce Monday is less than ideal for bears given the lack of
follow through and bounce from last week's low. Layers of resistance remain
Y85.68-87.19. Bulls need a close above Y86.19 to confirm a break of the 200-DMA,
easing bearish pressure and above the 100-DMA (Y87.19) to shift focus to
Y87.67-89.06. The Y85.05 support is now key with bears needing a close below to
reconfirm focus on Y83.60-84.65 where the bear channel base (Y83.60) is noted.
EURO-AUSSIE TECHS: Bears Need Close Below 21-DMA
*RES 4: A$1.5826 - 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$1.5646 @ 2030GMT
*SUP 1: A$1.5586 - Low Dec 7
*SUP 2: A$1.5577 - 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 last week 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$1.5771-1.5826 where the
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: 94.417 - Bollinger band top
*RES 1: 94.165 - High Nov 21
*PRICE: 93.864 @ 2030GMT
*SUP 1: 93.666 - Low Dec 11
*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 (93.743) 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 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: $1.1940 High Dec 1
*RES 3: $1.1884 Alternating hourly support/resistance
*RES 2: $1.1848 High Dec 6
*RES 1: $1.1814 High Dec 7
*PRICE: $1.1787 @ 2000GMT
*SUP 1: $1.1775 Hourly resistance Dec 8 now support
*SUP 2: $1.1759 55-DMA
*SUP 3: $1.1713 Low Nov 21
*SUP 4: $1.1690 High Nov 3 now support
*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 ($1.1813) 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: Y113.68 High Dec 11
*PRICE: Y113.48 @ 2000GMT
*SUP 1: Y113.24 Low Dec 11
*SUP 2: Y113.04 Hourly support Dec 7
*SUP 3: Y112.60 Daily Bull channel base (Off Nov 28 low)
*SUP 4: Y112.57 Hourly support Dec 7a
*COMMENTARY: The bounce from the channel base confirmed significance last week
with the pair having broken Y113.33. Bulls initially target Y114.07-72 where Nov
monthly highs are noted. Bears continue to look for a close below Y113.04 to
gain breathing room and below Y112.57 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: Y136.40 High Oct 21 2015
*RES 3: Y135.84 Low Oct 21 2015 now resistance
*RES 2: Y134.50 2017 High Oct 25
*RES 1: Y134.05 Hourly support Dec 1a now resistance
*PRICE: Y133.77 @ 2000GMT
*SUP 1: Y133.52 Hourly support Dec 11
*SUP 2: Y133.34 Hourly support Dec 8
*SUP 3: Y132.98 Hourly resistance Dec 7 now support
*SUP 4: Y132.58 Hourly support Dec 7
*COMMENTARY: Bears failed to capitalise on a close below 21 & 55 (Y132.68-80)
DMAs with the pair bouncing from ahead of the bull channel base (Y132.02) &
100-DMA (Y131.74). Bears now need a close below Y133.34 to ease bullish pressure
and below Y132.98 to shift initial focus back to Y131.71-132.24 where the
100-DMA and bull channel base are situated. While Y133.34 supports immediate
focus remains on 2017 highs.
SPOT GOLD TECHS: Bears Focused On 2017 Low
*RES 4: $1269.9 - Low Nov 14 now resistance
*RES 3: $1260.1 - Monthly Low Oct 6 now resistance
*RES 2: $1252.4 - High Dec 8
*RES 1: $1243.4 - Low July 26
*PRICE: $1241.3 @ 2030GMT
*SUP 1: $1227.8 - Low July 17
*SUP 2: $1214.0 - Low July 12
*SUP 3: $1210.5 - Daily Bear channel base (Oct 6 Low)
*SUP 4: $1204.7 - Monthly Low July 10
*COMMENTARY: Pressure on $1243.4 has taken its toll with a likely close below
shifting initial focus to $1180.6-1210.5 where the bear channel base and monthly
lows are situated. O/S studies and Bollinger base ($1246.0) are key concerns for
bears. Bulls now look for a close above $1252.4 to ease immediate bearish
pressure and above $1269.9 to shift focus back to $1276.4-1287.2 where DMAs and
bear channel top are noted.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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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.