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GBPUSD TECHS

Back In Its Bull Channel

EURUSD TECHS

Bearish Engulfing Candle

EQUITIES

Stocks Bounce, But Still Off Last Week's Best

FOREX

Havens Offered as Risk Sentiment Repairs

OPTIONS

Larger Option Pipeline

1 February 2018
By Kyle Shortland
     
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/h8lzqnc
AUSSIE TECHS: Topside Hesitation Leaves Pair Looking Heavy
*RES 4: $0.8162 - Monthly high May 14 2015
*RES 3: $0.8144 - Bollinger band top
*RES 2: $0.8135 - 2018 High Jan 26
*RES 1: $0.8118 - High Jan 29
*PRICE: $0.8040 @ 2030GMT
*SUP 1: $0.8002 - Low Jan 26 
*SUP 2: $0.7990 - Low Jan 24 
*SUP 3: $0.7961 - 21-DMA 
*SUP 4: $0.7954 - Low Jan 23
*COMMENTARY: Hesitation ahead of $0.8135-62 remains a concern given daily
studies looking to correct from O/B. Bulls look for a close above $0.8162 to
shift focus to $0.8295-0.8542 where the weekly bull channel top ($0.8456) is
noted. The break of $0.8040 following Wednesday's topside failure leaves the
pair looking heavy and risks a correction to $0.7916-61 where the 21-DMA is
noted. Below $0.7916 remains needed to target $0.7729-0.7802.
KIWI TECHS: Topside Failures Weighing
*RES 4: $0.7458 - Low July 28 now resistance 
*RES 3: $0.7435 - 2018 High Jan 24 
*RES 2: $0.7420 - High Jan 31 
*RES 1: $0.7398 - Hourly support Jan 31 now resistance
*PRICE: $0.7356 @ 2030GMT
*SUP 1: $0.7325 - Low Jan 31
*SUP 2: $0.7277 - Low Jan 30
*SUP 3: $0.7266 - Low Jan 22
*SUP 4: $0.7264 - 21-DMA
*COMMENTARY: Topside hesitation continues with bulls needing a close above
$0.7435 to reconfirm the bullish bias and target tests of $0.7558 2017 highs.
Correcting O/B daily studies remain the key concern for bulls with Tuesday's
topside rejection weighing. Bears continue to look for a close below the 21-DMA
to ease bullish pressure and below $0.7217 to shift focus to $0.7042-0.7134
where key DMAs are clustered.
AUSSIE-KIWI TECHS: Initial Focus Returns To NZ$1.0817-46
*RES 4: NZ$1.1073 - 2018 High Jan 30
*RES 3: NZ$1.1039 - High Jan 31
*RES 2: NZ$1.1002 - 100-DMA
*RES 1: NZ$1.0960 - Hourly resistance Jan 31
*PRICE: NZ$1.0932 @ 2030GMT
*SUP 1: NZ$1.0917 - Low Jan 31
*SUP 2: NZ$1.0846 - 200-DMA
*SUP 3: NZ$1.0817 - 55-WMA
*SUP 4: NZ$1.0733 - 100-WMA
*COMMENTARY: Fresh 2018 & 2mth highs lacked follow through with Wednesday's
sell-off seeing the pair close below 21, 55 & 100-DMAs and return focus to
NZ$1.0817-46 where the 200-DMA and 55-WMA are noted. Overall bears need a close
below the 100-WMA to end bullish hopes and shift focus to NZ$1.0442 where the LT
rising TL is noted. Bulls now need a close above the 100-DMA to ease bearish
pressure and above NZ$1.1139 to target 2017 highs.
AUSSIE-YEN TECHS: Rejected Above 21-DMA, 100-DMA Support Remains Key
*RES 4: Y90.30 - 2017 High Sept 21 
*RES 3: Y89.67 - High Sept 25 
*RES 2: Y89.09 - High Oct 23 
*RES 1: Y88.50 - High Jan 31
*PRICE: Y87.85 @ 2030GMT
*SUP 1: Y87.45 - Low Jan 30
*SUP 2: Y87.34 - 100-DMA
*SUP 3: Y86.85 - 55-DMA
*SUP 4: Y86.47 - 200-DMA
*COMMENTARY: The pair has remained capped ahead of Y89.09 with follow through
above the 21-DMA (Y88.22) lacking. The 100-DMA remains key support. Bears look
for a close below the 100-DMA to initially focus on Y85.92-86.85 where 55 &
200-DMAs are situated. Bulls continue to look for a close above Y89.09 to
reconfirm a bullish bias and target 2017 highs (Y90.30). Daily studies are at
neural levels and giving few clues.
EURO-AUSSIE TECHS: Recovery Pressuring A$1.5437-1.5526 Region
*RES 4: A$1.5526 - High Dec 20
*RES 3: A$1.5495 - High Jan 25
*RES 2: A$1.5454 - Daily bear channel top
*RES 1: A$1.5437 - 55-DMA
*PRICE: A$1.5418 @ 2030GMT
*SUP 1: A$1.5337 - Hourly support Jan 31 
*SUP 2: A$1.5281 - 100-DMA 
*SUP 3: A$1.5256 - Low Jan 29 
*SUP 4: A$1.5189 - Hourly resistance Jan 11 now support
*COMMENTARY: Despite flirting with the 100-DMA bears failed to manage the close
below A$1.5256 needed to shift focus to A$1.5070-1.5141 where the 200-DMA is
found. The recovery sees pressure back on A$1.5437-1.5526 where the bear channel
top and 55-DMA are noted. Overall bulls still need a close above A$1.5526 to
target A$1.5774 2017 highs. Bears now look for a close below A$1.5337 to ease
pressure on resistance layers.
US DOLLAR-INDEX TECHS: Bulls Need Close Above 90.113
*RES 4: 90.704 - High Jan 22 
*RES 3: 90.294 - Hourly resistance Jan 23 
*RES 2: 90.113 - Hourly resistance Jan 24 
*RES 1: 89.637 - High Jan 30
*PRICE: 89.200 @ 2030GMT
*SUP 1: 88.780 - Low Jan 31
*SUP 2: 88.723 - Low Jan 26
*SUP 3: 88.438 - 2018 Low Jan 25
*SUP 4: 88.125 - Monthly Low Dec 16 2014
*COMMENTARY: Correcting O/S daily studies remain the key concern for bears who
are currently focused on 88.125 Dec 2014 monthly lows. Layers of resistance
remain and weigh. Bulls still need a close above 90.113 to gain breathing room
and above 91.011 to confirm a break of the 21-DMA (90.709) and shift focus to
92.342-889 where 55 & 100-DMAs are noted. Bears need a close below 88.438 to add
weight to their case.
EURO-DOLLAR TECHS: Bears Need Close Below $1.2322
*RES 4: $1.2569 Monthly High Dec 16 2014
*RES 3: $1.2536 2018 High Jan 25
*RES 2: $1.2494 High Jan 26
*RES 1: $1.2475 High Jan 31
*PRICE: $1.2390 @ 2000GMT
*SUP 1: $1.2378 Hourly support Jan 30 
*SUP 2: $1.2322 High Jan 17 now support 
*SUP 3: $1.2270 Hourly support Jan 24 
*SUP 4: $1.2213 Low Jan 22
*COMMENTARY: The $1.2322 support confirmed significance with bulls taking
comfort in the bounce Tuesday. Topside follow through remains lacking with bulls
now needing a close above $1.2475 to reconfirm initial focus on retests of 2018
highs and overall focus on tests of the weekly bear channel top ($1.2661). Bears
look for a close below $1.2322 to shift initial focus back to $1.2092-1.2213
where the 21-DMA ($1.2205) is noted.
DOLLAR-YEN TECHS: O/S Daily Studies Remain Key Concern
*RES 4: Y110.82 21-DMA 
*RES 3: Y110.55 Hourly resistance Jan 23 
*RES 2: Y110.18 Low Jan 18 now resistance 
*RES 1: Y109.76 High Jan 26
*PRICE: Y109.25 @ 2000GMT
*SUP 1: Y108.40 Low Jan 30 
*SUP 2: Y108.27 Low Jan 26 
*SUP 3: Y108.12 Low Sept 11 
*SUP 4: Y107.58 Weekly Triangle base
*COMMENTARY: Bulls take comfort in hesitation ahead of recent 2018 lows with
follow through lacking as support emerges on dips. Bears now need a close below
Y108.12 to reconfirm initial focus on Y107.31-58 where 2017 lows and the weekly
triangle base are located. Bulls still need a close above Y110.18 to ease
bearish pressure and target a correction back to Y110.82-111.98 where key DMAs
are noted.
EURO-YEN TECHS: Above Y136.62 Targets Y139.02-141.05
*RES 4: Y139.02 Monthly High Aug 2015
*RES 3: Y136.62 2018 High Jan 5
*RES 2: Y136.32 High Jan 8
*RES 1: Y135.24 21-DMA
*PRICE: Y135.42 @ 2030GMT
*SUP 1: Y135.10 Hourly support Jan 31 
*SUP 2: Y134.64 Hourly support Jan 30 
*SUP 3: Y134.08 55-DMA 
*SUP 4: Y134.02 Daily bull channel base (off Aug 18 low)
*COMMENTARY: The Y133.48-134.08 support region where 55 & 100-DMAs and the bull
channel base are located confirmed significance Tuesday. The bounce provided
bulls breathing room and sees focus reconfirmed on Y136.32-62. A close above
Y136.62 is needed to again target Y139.02-141.05 monthly highs. Bears now need a
close below Y135.10 to ease pressure on resistance and below the 100-DMA to
target Y130.34-132.03 where the 200-DMA (Y130.34) is noted.
SPOT GOLD TECHS: Below $1331.2 Targets $1302.5-1305.6
*RES 4: $1367.3 - Monthly High Aug 2 2016 
*RES 3: $1359.7 - Hourly support Jan 25 now resistance 
*RES 2: $1352.3 - High Jan 29 
*RES 1: $1348.9 - High Jan 30
*PRICE: $1342.8 @ 2030GMT
*SUP 1: $1331.2 - Low Jan 23 
*SUP 2: $1323.7 - Low Jan 18 
*SUP 3: $1315.4 - Low Jan 11 
*SUP 4: $1305.9 - Low Jan 4
*COMMENTARY: The lack of topside follow through on last week's 2018 high remains
a concern for bulls and leaves gold looking a little heavy. Daily studies
correcting are weighing. Bears need a close below $1331.2 to shift initial focus
to $1302.5-1305.6. Initial resistance is noted at $1348.9 but bulls need a close
above $1352.3 to gain breathing room and above $1374.9 to confirm focus on $
$1391.8-1433.3.
NYMEX WTI TECHS: (H18) Below $62.78 To Target $58.82-60.75 
*RES 4: $69.54 - High Dec 1 2014 
*RES 3: $66.66 - 2018 High Jan 25 
*RES 2: $65.68 - Hourly resistance Jan 29 
*RES 1: $65.19 - Hourly resistance Jan 30
*PRICE: $64.71 @ 2030GMT
*SUP 1: $63.62 - 21-DMA 
*SUP 2: $62.78 - Low Jan 19 
*SUP 3: $62.05 - High Jan 4 now support 
*SUP 4: $60.75 - High Jan 2 now support
*COMMENTARY: The 21-DMA is currently supporting as daily studies correcting from
O/B add weight to the bearish case. In saying that, bears continue to look for a
close below $62.78 to confirm traction below the 21-DMA and initially focus on
$58.82-60.75 where the 55-DMA ($59.92) is found. Bulls now look for a close
above $65.68 to reconfirm focus on $69.54 (Dec 1 2014 high).
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]