MNI Asian Morning FX Technical Analysis

18 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: $0.7691 - 200-DMA

*RES 1: $0.7677 - 55-DMA

*PRICE: $0.7657 @ 2030GMT

*SUP 1: $0.7623 - Hourly support Dec 14 

*SUP 2: $0.7596 - Hourly support Dec 13 

*SUP 3: $0.7580 - Hourly breakout level Dec 12 

*SUP 4: $0.7543 - Hourly support Dec 12

*COMMENTARY: The recovery from $0.7500 saw closes above the channel top & the

pair pressuring 55 & 200-DMAs. Layers of resistance remain $0.7677-0.7794 with

bulls needing a close above the 100-DMA ($0.7794) to shift overall focus to 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 $0.7482-00 where the weekly bull channel base is noted.

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: $0.7103 - 200-DMA 

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

*PRICE: $0.6996 @ 2030GMT

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

*SUP 2: $0.6949 - 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 ($0.7095) & 200

($0.7103) 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 ($0.6693).

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$1.0935 @ 2030GMT

*SUP 1: NZ$1.0907 - Low Dec 15

*SUP 2: NZ$1.0858 - Low Dec 12

*SUP 3: NZ$1.0827 - 200-DMA

*SUP 4: NZ$1.0798 - Low Aug 16

*COMMENTARY: Hesitation ahead of the 200-DMA and key WMAs NZ$1.0720-63 has taken

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

still need a close above NZ$1.1045 to confirm breaks of 21 (NZ$1.1010) & 55

(NZ$1.1042) DMAs and initially target NZ$1.1139. Bears now need a close below

NZ$1.0907 to retain focus on the NZ$1.0721-1.0858 support region. Below the

100-WMA (NZ$1.0720) shifts focus back to NZ$1.0364 June lows.

AUSSIE-YEN TECHS: Capped Ahead Of Key Resistance Levels

*RES 4: Y87.08 - 100-DMA 

*RES 3: Y86.81 - Daily Bear channel top 

*RES 2: Y86.68 - 55-DMA 

*RES 1: Y86.58 - High Nov 15

*PRICE: Y86.07 @ 2030GMT

*SUP 1: Y85.94 - Low Dec 15

*SUP 2: Y85.64 - Low Dec 13

*SUP 3: Y85.52 - Hourly resistance Dec 12 now support

*SUP 4: Y85.05 - Hourly resistance Dec 8 now support

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

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

is a concern with the Bollinger top noted at (Y86.16). 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 (Y83.37) is noted.

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

*RES 4: A$1.5562 - 21-DMA

*RES 3: A$1.5559 - High Dec 13

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

*RES 1: A$1.5410 - High Dec 15

*PRICE: A$1.5341 @ 2030GMT

*SUP 1: A$1.5316 - 55-DMA 

*SUP 2: A$1.5301 - Daily Bull channel base 

*SUP 3: A$1.5195 - Low Nov 13 

*SUP 4: A$1.5145 - 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 close

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

sell-off with below A$1.5079 to target the 200-DMA (A$1.4874). Bulls still 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: 92.496 & 94.219 Levels Key

*RES 4: 95.167 - High July 20 

*RES 3: 94.650 - High Nov 10 

*RES 2: 94.219 - High Dec 12 

*RES 1: 94.107 - High Dec 13

*PRICE: 93.932 @ 2030GMT

*SUP 1: 93.610 - Hourly resistance Dec 14 now support

*SUP 2: 93.282 - Low Dec 14

*SUP 3: 93.171 - Low Dec 6

*SUP 4: 93.035 - Low Dec 5

*COMMENTARY: Bulls take comfort in pressure on the 100-DMA (93.334) last week

failing to produce a close below needed to pressure the 92.496-604 support

region. Bears continue to look for a close below 92.496 to confirm focus on

tests of 2017 lows. The bounce Friday provided bulls breathing room with a close

above 94.219 still needed to reconfirm a bullish bias targeting 95.167-654 where

the 200-DMA (94.654) is noted.

EURO-DOLLAR TECHS: $1.1690 Support Remains Key

*RES 4: $1.1884 Alternating hourly support/resistance

*RES 3: $1.1862 High Dec 14

*RES 2: $1.1813 High Dec 15

*RES 1: $1.1766 Hourly resistance Dec 15

*PRICE: $1.1751 @ 2030GMT

*SUP 1: $1.1729 Low Dec 13 

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

towards $1.1884 Thursday was less than ideal for bulls with focus remaining on

the key $1.1690 support. Below $1.1690 remains needed to target $1.1552 Nov

lows. Bulls now need a close above $1.1813 to retain focus on the 1.1940-61

region with a close above $1.1884 also still needed to add support to the

bullish case.

EURO-YEN TECHS: Pressure Firmly On Key Supports

*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: Y132.39 @ 2030GMT

*SUP 1: Y132.03 Low Dec 15 

*SUP 2: Y131.86 100-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

Y130.59-131.86 where 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 (Y127.73) 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.

DOLLAR-YEN TECHS: Bulls Need Close Above Y112.88

*RES 4: Y114.07 High Nov 9 

*RES 3: Y113.74 High Dec 12 

*RES 2: Y113.30 Hourly resistance Dec 13a 

*RES 1: Y112.88 High Dec 14

*PRICE: Y112.64 @ 2030GMT

*SUP 1: Y112.43 Hourly resistance Dec 14 now support 

*SUP 2: Y111.98 Low Dec 6 

*SUP 3: Y111.62 200-DMA 

*SUP 4: Y111.35 Low Nov 29

*COMMENTARY: Recent topside hesitation saw the pair head lower taking out key

supports but the Y111.98 support remains in play. Thursday's losses see bears

now focused on Y110.83-111.98 where monthly lows, 100 & 200-DMAs are noted. The

pair was rejected above the 55-DMA with bulls needing a close above Y112.88 to

ease bearish pressure and above Y114.07 to reconfirm focus on Y114.72 Nov highs.

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

SPOT GOLD TECHS: Bears Need Close Below $1249.2

*RES 4: $1284.1 - Daily Bear channel top 

*RES 3: $1277.9 - Hourly resistance Dec 1 

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

*RES 1: $1261.8 - High Dec 15

*PRICE: $1255.2 @ 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 $1269.9-1289.5 where

DMAs and bear channel top are noted. The $1235.9-1249.2 support is key. Bears

need a close below $1249.2 to gain breathing room and below 1235.9 to target

$1204.6-1214.0.

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

[TOPICS: MTABLE]