MNI Asian Morning FX Technical Analysis

8 January 2018

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: Bears Need Close Below $0.7802

*RES 4: $0.8102 - High Sept 20

*RES 3: $0.8036 - High Sept 21

*RES 2: $0.7986 - High Sept 22

*RES 1: $0.7906 - Low Sept 22 now resistance

*PRICE: $0.7860 @ 2030GMT

*SUP 1: $0.7802 - Low Jan 3 

*SUP 2: $0.7760 - Hourly support Dec 27 

*SUP 3: $0.7729 - Highs Dec 25 & 26 now support 

*SUP 4: $0.7701 - 200-DMA

*COMMENTARY: Bulls took comfort in the recovery from Dec lows closing above the

100-DMA ($0.7774) and shifting overall focus to 2017 highs. Bulls look for a

close above $0.7906 to add support to their case. Key supports remain with bears

needing a close below $0.7802 to gain breathing room. Bears still need a close

below the 200-DMA to shift initial focus to $0.7623 and hint at a move back to

$0.7499-00 with below $0.7580 to confirm.

KIWI TECHS: Above $0.7243 Targets 2017 High

*RES 4: $0.7276 - High Sept 26 

*RES 3: $0.7243 - High Sept 29 

*RES 2: $0.7200 - High Oct 17 

*RES 1: $0.7167 - Daily Bear channel top

*PRICE: $0.7155 @ 2030GMT

*SUP 1: $0.7130 - High Jan 2 now support

*SUP 2: $0.7112 - Alternating hourly support/resistance

*SUP 3: $0.7073 - Hourly support Dec 28

*SUP 4: $0.7054 - Low Dec 28

*COMMENTARY: Bullish confidence grows as the pair gains traction above the

200-DMA and flirts with the daily bear channel top off 2017 highs. Bulls

continue to look for a close above $0.7243 to end bearish hopes and shift

initial focus to $0.7374-0.7433. O/B daily studies remain the key concern for

bulls. Bears now need a close below $0.7112 to ease pressure on layers of

resistance.

AUSSIE-KIWI TECHS: 

AUSSIE-YEN TECHS: Bears Still Need Close Below Y88.22

*RES 4: Y90.30 - 2017 High Sept 21 

*RES 3: Y89.67 - High Sept 25 

*RES 2: Y89.42 - Daily Bull channel top 

*RES 1: Y89.09 - High Oct 23

*PRICE: Y88.88 @ 2030GMT

*SUP 1: Y88.42 - Hourly resistance Jan 4 now support

*SUP 2: Y88.22 - Hourly support Jan 4

*SUP 3: Y87.52 - High Dec 22 now support

*SUP 4: Y87.16 - 100-DMA

*COMMENTARY: Gains continue with pressure on the 100-DMA in recent weeks taking

its toll and the close above shifting overall focus to tests of 2017 highs

(Y90.30). O/B daily studies looking to correct are the key concern for bulls

with potential to limit follow through. Bears still need a close below Y88.22 to

gain breathing room and below Y87.52 to shift focus back to key DMAs

Y86.56-87.16.

EURO-AUSSIE TECHS: Bulls Need Close Above A$1.5430 

*RES 4: A$1.5526 - High Dec 20

*RES 3: A$1.5467 - Hourly support Dec 21 now resistance

*RES 2: A$1.5430 - High Jan 3

*RES 1: A$1.5392 - 21-DMA

*PRICE: A$1.5285 @ 2030GMT

*SUP 1: A$1.5275 - Low Dec 27 

*SUP 2: A$1.5215 - 100-DMA 

*SUP 3: A$1.5195 - Low Nov 13 

*SUP 4: A$1.5079 - Monthly Low Nov 9

*COMMENTARY: The 21-DMA confirmed significance last week having capped and left

the pair looking heavy to start the new week. While the 21-DMA caps bears retain

the upper hand with a close below A$1.5195 to confirm a break of the 100-DMA and

to shift focus to A$1.4944-73 where the 200-DMA is noted. The 21-DMA is initial

resistance with bulls now needing a close above A$1.5425 to confirm an easing of

bearish pressure and above A$1.5586 to target 2017 highs.

US DOLLAR-INDEX TECHS: 92.261-518 Resistance Key

*RES 4: 92.956 - Low Dec 27 now resistance 

*RES 3: 92.788 - Hourly resistance Dec 28 

*RES 2: 92.518 - Hourly support Dec 29 now resistance 

*RES 1: 92.261 - High Jan 3

*PRICE: 91.949 @ 2030GMT

*SUP 1: 91.751 - Low Jan 2

*SUP 2: 91.526 - Low Oct 19 

*SUP 3: 91.011 - 2017 Low Sept 8 

*SUP 4: 90.325 - High Dec 30 2014 now support

*COMMENTARY: The 21-DMA capping recently resulted in a break of the bull channel

base (93.173) with the close below 92.496 confirming a return in focus to tests

of 2017 lows. O/S daily studies looking to correct are less than ideal for

bears. Bulls look for a close above 92.518 to ease immediate bearish pressure

and above the 55-DMA (93.632) to shift initial focus to 94.219 and overall focus

to 95.167-464.

EURO-DOLLAR TECHS: Remains Capped Ahead of 2017 High

*RES 4: $1.2569 Monthly High Dec 16 2014

*RES 3: $1.2360 Low Dec 10 2014 now resistance

*RES 2: $1.2254 High Dec 25 2014

*RES 1: $1.2092 2017 High Sept 8

*PRICE: $1.2018 @ 1930GMT

*SUP 1: $1.1981 Hourly support Dec 29 

*SUP 2: $1.1961 High Nov 27 now support 

*SUP 3: $1.1910 High Dec 27 now support 

*SUP 4: $1.1879 Hourly support Dec

*COMMENTARY: Continued hesitation ahead of 2017 highs is less than ideal given

daily studies correcting from O/B and the Bollinger top ($1.2105). Bulls

continue to look for a close above the current 2017 high to initially target

$1.2254. Layers of support have accumulated but $1.1961 remains key. Bears need

a close below $1.1961 to confirm a correction and shift initial focus to key

DMAs $1.1803-1.1896.

DOLLAR-YEN TECHS: Hesitating Around Bear Channel Top

*RES 4: Y114.07 High Nov 9 

*RES 3: Y113.74 High Dec 12 

*RES 2: Y113.44 High Dec 22 

*RES 1: Y113.24 Daily Bear channel top

*PRICE: Y113.11 @ 1930GMT

*SUP 1: Y112.86 High Jan 4 now support 

*SUP 2: Y112.45 Low Jan 4 

*SUP 3: Y111.98 Low Dec 6 

*SUP 4: Y111.69 200-DMA

*COMMENTARY: Despite pressuring Y111.98-112.12 where the 100-DMA is located

bears failed to produce a close below with the recovery resulting in a test of

the bear channel top. Bulls look for a close above Y113.44 to confirm a break of

the channel top and shift overall focus back to Y114.72. Daily studies are well

placed for gains. Bears now look for a close below Y112.45 to return pressure to

the key Y110.83-111.98 support region where 100 & 200-DMAs are noted.

EURO-YEN TECHS: Topside Follow Through Lacking

*RES 4: Y141.05 Monthly High June 4 2015

*RES 3: Y140.65 High June 18 2015

*RES 2: Y139.02 Monthly High Aug 2015

*RES 1: Y136.62 2018 High Jan 5

*PRICE: Y136.03 @ 2000GMT

*SUP 1: Y135.97 Hourly support Jan 4 

*SUP 2: Y135.61 High Jan 2 now support 

*SUP 3: Y134.78 Low Jan 3 

*SUP 4: Y134.28 Hourly support Dec 27

*COMMENTARY: Fresh 2+ year highs continue to add support to the bullish case for

a move targeting monthly highs Y139.02-141.05 although the lack of follow

through Friday was less than idea. The Bolli top (Y136.63) & O/B studies are key

concerns for bulls. Layers of support continue to build with bears needing a

close below Y135.61 to ease bullish pressure and below Y134.78 to shift focus

back to Y133.88.

SPOT GOLD TECHS: Bulls Targeting 2017 High

*RES 4: $1374.9 - 2016 High July 6 

*RES 3: $1367.3 - Monthly High Aug 2 2016 

*RES 2: $1357.5 - 2017 High Sept 8 

*RES 1: $1334.8 - High Sept 13

*PRICE: $1319.8 @ 2030GMT

*SUP 1: $1314.4 - Low Dec 5 

*SUP 2: $1302.5 - Low Jan 2 

*SUP 3: $1293.5 - Low Dec 29 

*SUP 4: $1288.4 - 100-DMA

*COMMENTARY: Bulls took comfort in the close above $1321.3 that reconfirmed

dominance and focus on $1357.5-1374.9 where 2016 & 2017 highs are situated. O/B

daily studies remain the key concern for bulls. In saying that, bears continue

to look for a close below $1302.5 to ease bullish pressure and below the 100-DMA

to hint at a deeper sell-off back to Dec lows with below the 55-DMA ($1277.8)

confirming.

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

[TOPICS: MTABLE]