MNI Asian Morning FX Technical Analysis

15 December 2017

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: Bears Need Close Below $0.7623

*RES 4: $0.7768 - Low Oct 24 now resistance

*RES 3: $0.7730 - High Nov 2

*RES 2: $0.7690 - 200-DMA

*RES 1: $0.7684 - 55-DMA

*PRICE: $0.7677 @ 2030GMT

*SUP 1: $0.7641 - Hourly breakout level Dec 14 

*SUP 2: $0.7623 - Hourly support Dec 14 

*SUP 3: $0.7596 - Hourly support Dec 13 

*SUP 4: $0.7580 - Hourly breakout level Dec 12

*COMMENTARY: The recovery from last week's low saw a close above the channel top

Thursday with the pair pressuring 55 & 200-DMAs. Layers of resistance remain

$0.7684-0.7800 with bulls needing a close above the 100-DMA ($0.7800) to shift

overall focus to tests of 2017 highs. Support layers emerged at a rapid pace

with bears still needing a close below $0.7623 to ease immediate bullish

pressure and below $0.7580 to return initial focus to $0.7500.

KIWI TECHS: 55-DMA & $0.7050 Levels Remain Key

*RES 4: $0.7200 - High Oct 17 

*RES 3: $0.7117 - Low Oct 18 now resistance 

*RES 2: $0.7102 - 200-DMA 

*RES 1: $0.7050 - Low Oct 9 now resistance

*PRICE: $0.6997 @ 2030GMT

*SUP 1: $0.6979 - Monthly High Nov 9 now support

*SUP 2: $0.6957 - 55-DMA

*SUP 3: $0.6923 - Hourly support Dec 12

*SUP 4: $0.6901 - Low Dec 12

*COMMENTARY: The bounce from ahead of last week's low has resulted in closes

above the 55-DMA with immediate focus shifting to the $0.7050 resistance. Bulls

need a close above $0.7050 to target $0.7200-25 although 100 ($0.7106) & 200

($0.7102) DMAs may slow the move. Bears look for a close below the 55-DMA to

ease renewed bullish pressure and below $0.6901 to reconfirm focus on 2017 lows

and the weekly bear channel base ($0.6709).

AUSSIE-KIWI TECHS: Bulls Need Close Above NZ$1.1045

*RES 4: NZ$1.1139 - High Nov 14

*RES 3: NZ$1.1045 - Low Dec 5 now resistance

*RES 2: NZ$1.1027 - Hourly resistance Dec 6

*RES 1: NZ$1.0990 - High Dec 11

*PRICE: NZ$1.0969 @ 2030GMT

*SUP 1: NZ$1.0927 - Hourly resistance Dec 11 now support

*SUP 2: NZ$1.0858 - Low Dec 12

*SUP 3: NZ$1.0826 - 200-DMA

*SUP 4: NZ$1.0798 - Low Aug 16

*COMMENTARY: Hesitation ahead of the 200-DMA and key WMAs NZ$1.0721-63 has taken

its toll with an aggressive bounce that eases immediate bearish pressure. Bulls

now need a close above NZ$1.1045 to confirm breaks of 21 (NZ$1.1016) & 55

(NZ$1.1040) DMAs and initially target NZ$1.1139. Bears now need a close below

NZ$1.0927 to retain focus on the NZ$1.0721-1.0858 support region. Below the

100-WMA (NZ$1.0721) shifts focus back to NZ$1.0364 June lows.

AUSSIE-YEN TECHS: Capped Ahead Of Key Resistance Levels

*RES 4: Y87.10 - 100-DMA 

*RES 3: Y86.86 - Daily Bear channel top 

*RES 2: Y86.71 - 55-DMA 

*RES 1: Y86.58 - High Nov 15

*PRICE: Y86.05 @ 2030GMT

*SUP 1: Y85.64 - Low Dec 13

*SUP 2: Y85.52 - Hourly resistance Dec 12 now support

*SUP 3: Y85.05 - Hourly resistance Dec 8 now support

*SUP 4: Y84.65 - Low Nov 30

*COMMENTARY: Despite gaining confidence on the recovery from Y84.65 hesitation

ahead of the Y86.58-87.10 region where the 55 & 100-DMAs and bear channel top

are located is a concern with the Bollinger top noted at (Y86.09). Bulls

continue to look for a close above the 100-DMA to shift focus to Y87.67-89.06.

The Y85.05-64 support region is key with bears needing a close below Y85.05 to

reconfirm focus on Y83.43-84.33 where the bear channel base (Y83.43) is noted.

EURO-AUSSIE TECHS: Pressure On 55-DMA & Bull Channel Base 

*RES 4: A$1.5581 - 21-DMA

*RES 3: A$1.5559 - High Dec 13

*RES 2: A$1.5484 - Hourly resistance Dec 14

*RES 1: A$1.5400 - Hourly breakout level Dec 14

*PRICE: A$1.5371 @ 2030GMT

*SUP 1: A$1.5297 - 55-DMA 

*SUP 2: A$1.5285 - Daily Bull channel base 

*SUP 3: A$1.5195 - Low Nov 13 

*SUP 4: A$1.5133 - 100-DMA

*COMMENTARY: Since closing below the 21-DMA Tuesday the pair has remained heavy

with immediate focus shifting to the 55-DMA and bull channel base on the likely

close below A$1.5392. Below the channel base is needed to hint at deeper

sell-off with below A$1.5079 to target the 200-DMA (A$1.4861). Bulls now need a

close above A$1.5484 to ease immediate bearish pressure and above the 21-DMA to

return focus to A$1.5695-1.5774.

US DOLLAR-INDEX TECHS: Remains Heavy

*RES 4: 94.650 - High Nov 10 

*RES 3: 94.219 - High Dec 12 

*RES 2: 94.107 - High Dec 13 

*RES 1: 93.759 - High Dec 14

*PRICE: 93.448 @ 2030GMT

*SUP 1: 93.282 - Low Dec 14

*SUP 2: 93.171 - Low Dec 6

*SUP 3: 93.035 - Low Dec 5

*SUP 4: 92.905 - Daily Bull channel base

*COMMENTARY: The correction lower leaves the index looking a little heavy and

flirting with the 100-DMA (93.327). Bears look for a close below 93.035 to shift

pressure back to the 92.496-905 region where Nov lows and the bull channel base

are situated. Correcting O/B studies are now weighing. Bulls now need a close

above 93.728 to gain breathing room and above 94.219 to reconfirm a bullish bias

targeting 95.167-464.

EURO-DOLLAR TECHS: Capped Ahead Of $1.1884 For Now

*RES 4: $1.1940 High Dec 1

*RES 3: $1.1884 Alternating hourly support/resistance

*RES 2: $1.1862 High Dec 14

*RES 1: $1.1811 Hourly support Dec 14 now resistance

*PRICE: $1.1797 @ 2000GMT

*SUP 1: $1.1771 Hourly support Dec 14 

*SUP 2: $1.1729 Low Dec 13 

*SUP 3: $1.1713 Low Nov 21 

*SUP 4: $1.1690 High Nov 3 now support

*COMMENTARY: The lack of follow through after Wednesday's rally and the spike

towards $1.1884 Thursday is less than ideal for bulls. Bears now look for a

close below $1.1770 to confirm a return in focus to the key $1.1690 support.

Below $1.1690 remains needed to target $1.1552 Nov lows. Bulls now need a close

above $1.1811 to retain focus on the 1.1940-61 region with a close above $1.1884

also needed to add support to the bullish case.

DOLLAR-YEN TECHS: Below Y110.83 To Target 2017 Lows

*RES 4: Y113.74 High Dec 12 

*RES 3: Y113.30 Hourly resistance Dec 13a 

*RES 2: Y112.88 High Dec 14 

*RES 1: Y112.47 Hourly breakout level Dec 14

*PRICE: Y112.13 @ 2000GMT

*SUP 1: Y111.98 Low Dec 6 

*SUP 2: Y111.63 200-DMA 

*SUP 3: Y111.35 Low Nov 29 

*SUP 4: Y110.83 Monthly Low Nov 27

*COMMENTARY: Recent topside hesitation has seen the pair head lower taking out

key supports and looking a little heavy. Thursday's losses see bears now focused

on Y110.83-111.67 where monthly lows, 100 & 200-DMAs are noted. The pair was

rejected above the 55-DMA with bulls now needing a close above Y112.88 to ease

bearish pressure and above Y114.06 to reconfirm focus on Y114.72 Nov highs.

Bears now look for a close below Y110.83 to target 2017 lows (Y107.31).

EURO-YEN TECHS: Topside Failure Ahead Of Key Resistance

*RES 4: Y134.50 2017 High Oct 25

*RES 3: Y133.88 High Dec 11

*RES 2: Y133.11 Hourly support Dec 14 now resistance

*RES 1: Y132.84 Low Dec 13 now resistance

*PRICE: Y132.26 @ 2000GMT

*SUP 1: Y132.13 Daily Bull channel base off Aug Low 

*SUP 2: Y131.82 100-DMA 

*SUP 3: Y131.71 Low Nov 28 

*SUP 4: Y131.21 Low Nov 23

*COMMENTARY: The previously noted Y133.88 res confirmed significance with the

pair capped and looking heavy once more as pressure returns to layers of support

Y130.59-132.25 where the bull channel base, 100-DMA and 21-WMA are noted. Bears

still need a close below Y131.71 to hint at a move back to the 200-DMA (Y127.63)

with below Y130.59 confirming. Layers of resistance are building with bulls now

needing a close above Y133.11 to ease pressure on key supports.

SPOT GOLD TECHS: Initial Focus On $1269.9-1289.5

*RES 4: $1284.9 - Daily Bear channel top 

*RES 3: $1277.9 - Hourly resistance Dec 1 

*RES 2: $1269.9 - Low Nov 14 now resistance 

*RES 1: $1260.1 - Monthly Low Oct 6 now resistance

*PRICE: $1258.2 @ 2030GMT

*SUP 1: $1249.2 - Hourly breakout level Dec 13 

*SUP 2: $1240.2 - Low Dec 13 

*SUP 3: $1235.9 - Low Dec 12 

*SUP 4: $1227.8 - Low July 17

*COMMENTARY: Bears failed to capitalise further on recent fresh 6mth lows with

the bounce easing immediate bearish pressure. Correcting O/S daily studies add

support to the case for a move back to layers of resistance $1269.9-1286.3 where

DMAs and bear channel top are noted with bulls now needing a close above

$1260.1. The $1235.9 support is now key with bears needing a close below to

reconfirm a bearish bias and focus on the channel base ($1207.3).

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

[TOPICS: MTABLE]