MNI Asian Morning FX Technical Analysis

21 December 2017

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: 200-DMA Capping For Now, $0.7623 Support Key

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

*RES 3: $0.7730 - High Nov 2

*RES 2: $0.7692 - 200-DMA

*RES 1: $0.7670 - 55-DMA

*PRICE: $0.7665 @ 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 sees the pair pressuring 55 & 200-DMAs.

Layers of resistance remain $0.7670-0.7788 with bulls needing a close above the

100-DMA ($0.7788) to shift overall focus to 2017 highs. Key supports remain 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: Bears Need Close Below 55-DMA

*RES 4: $0.7103 - 200-DMA 

*RES 3: $0.7050 - Low Oct 9 now resistance 

*RES 2: $0.7033 - High Dec 15 

*RES 1: $0.6994 - Hourly resistance Dec 19

*PRICE: $0.6976 @ 2030GMT

*SUP 1: $0.6942 - 55-DMA

*SUP 2: $0.6923 - Hourly support Dec 12

*SUP 3: $0.6901 - Low Dec 12

*SUP 4: $0.6886 - Hourly support Dec 11a

*COMMENTARY: Topside hesitation ahead of $0.7050 is less than ideal for bulls

and sees pressure back on the 55-DMA as daily studies correct from modestly O/B

and resistance layers build. Bears look for a close below the 55-DMA to ease

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

weekly bear channel base ($0.6693). Bulls need a close above $0.7050 to target

$0.7200-25 although 100 ($0.7086) & 200 ($0.7103) DMAs may slow the move.

AUSSIE-KIWI TECHS: NZ$1.1045 Resistance Key To Further Topside

*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$1.1012 - High Dec 20

*PRICE: NZ$1.0986 @ 2030GMT

*SUP 1: NZ$1.0966 - Hourly resistance Dec 19 now support

*SUP 2: NZ$1.0904 - Low Dec 18

*SUP 3: NZ$1.0858 - Low Dec 12

*SUP 4: NZ$1.0827 - 200-DMA

*COMMENTARY: Hesitation ahead of the 200-DMA and key WMAs NZ$1.0722-63 took its

toll with an aggressive bounce last Thursday that eased bearish pressure. Bulls

need a close above NZ$1.1045 to confirm breaks of 21 (NZ$1.0993) & 55

(NZ$1.1044) DMAs and initially target NZ$1.1139. Bears need a close below

NZ$1.0904 to retain focus on the NZ$1.0722-1.0858 support region. Below the

100-WMA (NZ$1.0722) shifts focus back to NZ$1.0364 June lows.

AUSSIE-YEN TECHS: Above 100-DMA Targets 2017 High

*RES 4: Y88.37 - Low Oct 19 now resistance 

*RES 3: Y88.09 - High Nov 2 

*RES 2: Y87.72 - Alternating hourly support/resistance 

*RES 1: Y87.03 - 100-DMA

*PRICE: Y86.95 @ 2030GMT

*SUP 1: Y86.64 - High Dec 19 now support

*SUP 2: Y86.28 - Hourly support Dec 19

*SUP 3: Y85.84 - 200-DMA

*SUP 4: Y85.64 - Low Dec 13

*COMMENTARY: Immediate pressure is now on the 100-DMA with bulls needing a close

above to shift focus to Y87.72-89.06. The Bollinger top (Y86.75) remains the key

concern for bulls. Support layers continue to build with bears now needing a

close below Y86.64 to ease immediate bullish pressure and hint at a correction

back to the 200-DMA. A close below the 200-DMA is needed to return focus to

Y84.33-65.

EURO-AUSSIE TECHS: Above 21-DMA Targets 2017 High 

*RES 4: A$1.5614 - Hourly resistance Dec 12a

*RES 3: A$1.5560 - 21-DMA

*RES 2: A$1.5559 - High Dec 13

*RES 1: A$1.5526 - High Dec 20

*PRICE: A$1.5495 @ 2030GMT

*SUP 1: A$1.5469 - Hourly support Dec 20 

*SUP 2: A$1.5411 - Hourly resistance Dec 19 now support 

*SUP 3: A$1.5335 - 55-DMA 

*SUP 4: A$1.5326 - Daily Bull channel base

*COMMENTARY: The 55-DMA and bull channel base reconfirmed significance with

bulls taking comfort in Tuesday's bounce. In saying that, bulls still need a

close above the 21-DMA to return focus to A$1.5695-1.5774 where 2017 highs are

located. Fresh 2017 highs initially target the bull channel top (A$1.5883).

Bears continue to look for a close below the channel base to hint at deeper

sell-off with below A$1.5079 to target the 200-DMA (A$1.4889).

US DOLLAR-INDEX TECHS: 92.496 & 94.219 Levels Key

*RES 4: 94.219 - High Dec 12 

*RES 3: 94.107 - High Dec 13 

*RES 2: 93.785 - 55-DMA 

*RES 1: 93.535 - High Dec 20

*PRICE: 93.318 @ 2030GMT

*SUP 1: 93.163 - Low Dec 20

*SUP 2: 93.035 - Low Dec 5

*SUP 3: 93.012 - Daily Bull channel base

*SUP 4: 92.604 - Low Dec 1

*COMMENTARY: Bulls have so far failed to capitalise on bounces from the 100-DMA

this week with the failure to take out 94.219 seeing pressure back on the

100-DMA. Bears look for a close below 93.163 to add weight to their case with a

close below 92.496 to confirm focus on tests of 2017 lows. Bulls now look for a

close above the 55-DMA to ease bearish pressure and above 94.219 to reconfirm a

bullish bias targeting 95.167-654 where the 200-DMA (94.537) is noted.

EURO-DOLLAR TECHS: Immediate Focus On $1.1924-61

*RES 4: $1.2033 High Sept 20

*RES 3: $1.1961 High Nov 27

*RES 2: $1.1940 High Dec 1

*RES 1: $1.1924 Daily Bear channel top

*PRICE: $1.1877 @ 2000GMT

*SUP 1: $1.1862 Hourly resistance Dec 20 now support 

*SUP 2: $1.1827 Low Dec 20 

*SUP 3: $1.1805 Hourly support Dec 19 

*SUP 4: $1.1775 Low Dec 19

*COMMENTARY: Support emerging on dips back towards the key $1.1690 level have

provided the base for a move that sees the pair flirting with the $1.1884

resistance. Bulls now focus on the $1.1924-61 region with a close above shifting

focus to $1.2033-1.2092 2017 highs. Daily studies are well placed for gains.

Bears now need a close below $1.1827 to ease bullish pressure and see focus

return to the key $1.1690 support.

DOLLAR-YEN TECHS: Initial Focus Returns to Y113.74-114.07

*RES 4: Y114.72 High Nov 6 

*RES 3: Y114.61 LT TL off 2015 High 

*RES 2: Y114.07 High Nov 9 

*RES 1: Y113.74 High Dec 12

*PRICE: Y113.40 @ 2000GMT

*SUP 1: Y113.08 High Dec 19 now support 

*SUP 2: Y112.85 55-DMA 

*SUP 3: Y112.39 21-DMA 

*SUP 4: Y111.98 Low Dec 6

*COMMENTARY: Follow through has been lacking on dips with the marginal close

above the 55-DMA Tuesday seeing bulls initially focus on Y113.74-114.07. Bulls

look for a close above Y114.72 to target Y115.62 and then Y118.60 2017 highs.

Bears need a close below the 55-DMA to ease bullish pressure and return focus to

Y110.83-111.98 where monthly lows, 100 & 200-DMAs are noted. Bears look for a

close below Y110.83 to target 2017 lows (Y107.31).

EURO-YEN TECHS: Overall Focus On Y139.02-141.05

*RES 4: Y139.02 Monthly High Aug 2015

*RES 3: Y136.40 High Oct 21 2015

*RES 2: Y135.84 Low Oct 21 2015 now resistance

*RES 1: Y134.73 2017 High Dec 20

*PRICE: Y134.65 @ 2030GMT

*SUP 1: Y134.25 Hourly Breakout level Dec 20 

*SUP 2: Y133.88 Hourly support Dec 20 

*SUP 3: Y133.60 Hourly support Dec 19 

*SUP 4: Y133.11 Alternating hourly support/resistance

*COMMENTARY: Fresh 2017 & 2+ year highs open up for a potential move targeting

monthly highs Y139.02-141.05 seen in 2015. The Bolli top (Y134.47) is the key

concern for bulls. Layers of support are following the pair higher with bears

now needing a close below Y133.60 to ease bullish pressure and shift focus back

to the key Y130.59-132.40 support region where the 100-DMA and bull channel base

are noted. Immediate bullish focus shifts to Y135.84-136.40.

SPOT GOLD TECHS: $1249.2-1256.5 Support Key Today

*RES 4: $1281.0 - Daily Bear channel top 

*RES 3: $1277.9 - Hourly resistance Dec 1 

*RES 2: $1275.8 - 55-DMA 

*RES 1: $1269.9 - Low Nov 14 now resistance

*PRICE: $1265.2 @ 2030GMT

*SUP 1: $1256.5 - Hourly support Dec 18 

*SUP 2: $1249.2 - Hourly breakout level Dec 13 

*SUP 3: $1240.2 - Low Dec 13 

*SUP 4: $1235.9 - Low Dec 12

*COMMENTARY: Correcting O/S studies provided the impetus for a correction back

towards layers of resistance $1269.9-1289.5 where DMAs and bear channel top are

noted. Layers of support have accumulated with bears needing a close below

$1256.5 to gain breathing room, below $1249.2 to shift immediate focus to

$1235.9 and overall focus to $1204.6-1214.0. Bulls need a close above $1269.9 to

add to confidence.

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

[TOPICS: MTABLE]