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]