MNI Asian Morning FX Technical Analysis

26 April 2018

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: Bulls Need Close Above $0.7640

*RES 4: $0.7702 - Hourly resistance Apr 20

*RES 3: $0.7648 - Hourly resistance Apr 23

*RES 2: $0.7620 - High Apr 24

*RES 1: $0.7590 - Hourly resistance Apr 25

*PRICE: $0.7563 @ 2130GMT

*SUP 1: $0.7549 - Low Apr 25 

*SUP 2: $0.7498 - Monthly Low Dec 8 

*SUP 3: $0.7368 - Monthly Low June 1 

*SUP 4: $0.7326 - Monthly Low May 9

*COMMENTARY: Immediate focus remains on $0.7498 Dec lows. O/S daily studies and

the Bolli base ($0.7562) are concerns. Bears look for a close below $0.7498 to

confirm traction below the LT bull channel base  and initially target $0.7326

May 2017 lows. Layers of resistance accumulating add weight to the bearish case

with bulls needing a close above $0.7640 to ease bearish pressure and above

$0.7735 to shift focus back to $0.7808-42 where the 200-DMA is noted.

     KIWI TECHS: Immediate Focus On $0.6952

*RES 4: $0.7178 - 200-DMA 

*RES 3: $0.7157 - High Apr 24 

*RES 2: $0.7132 - Hourly resistance Apr 24 

*RES 1: $0.7102 - Hourly support Apr 25 now resistance

*PRICE: $0.7068 @ 2130GMT

*SUP 1: $0.7042 - High Dec 26 now support

*SUP 2: $0.6952 - Low Dec 20

*SUP 3: $0.6899 - Low Dec 12

*SUP 4: $0.6815 - Monthly Low Dec 1

*COMMENTARY: The pair remains heavy with bears now focused on the $0.6952

support from Dec 20. The Bollinger base ($0.7073) remains the key concern for

bears. Bears now look for a close below $0.6952 to initially target $0.6779 Nov

lows. Layers of resistance continue to build with bulls now needing a close

above $0.7102 to gain breathing room and above $0.7198 to initially target a

correction back to $0.7258-0.7302.

     AUSSIE-KIWI TECHS: Bears Need Close Below 55-DMA

*RES 4: NZ$1.0826 - High Feb 28

*RES 3: NZ$1.0805 - 55-WMA

*RES 2: NZ$1.0795 - 21-WMA, 100-DMA

*RES 1: NZ$1.0762 - High Mar 22

*PRICE: NZ$1.0702 @ 2130GMT

*SUP 1: NZ$1.0671 - 55-DMA

*SUP 2: NZ$1.0601 - High Apr 17 now support

*SUP 3: NZ$1.0549 - Low Apr 16

*SUP 4: NZ$1.0486 - 2018 Low Apr 12

*COMMENTARY: The bounce from recent 2018 & 9mth lows confirmed the significance

of the LT rising daily TL (NZ$1.0477) off 2015 lows with the close above the

55-DMA shifting focus to NZ$1.0795-1.0894 where key DMAs, WMAs and the bear

channel top are situated. Bears look for a close below the 55-DMA to gain

breathing room and below NZ$1.0601 to shift focus back to NZ$1.0462-86 where

bull and bear channel bases & 2018 lows are noted.

     AUSSIE-YEN TECHS: Y81.87-82.55 Support Region Key

*RES 4: Y84.06 - High Apr 13 

*RES 3: Y83.94 - High Apr 19 

*RES 2: Y83.59 - Hourly support Apr 18 now resistance 

*RES 1: Y83.15 - High Apr 20

*PRICE: Y82.75 @ 2130GMT

*SUP 1: Y82.59 - 21-DMA

*SUP 2: Y82.43 - Low Apr 20

*SUP 3: Y81.87 - Low Apr 6

*SUP 4: Y81.26 - Low Apr 4

*COMMENTARY: The Y84.06 resistance confirmed significance with an aggressive

rejection ahead of this level last Thurs leaving the pair looking heavy and

initial focus back on the 21-DMA. Bears need a close below Y82.43 to hint at a

move back to 2018 lows with below Y81.87 to confirm. Correcting O/B studies are

weighing with bulls needing a close above Y83.15 to gain breathing room and

above Y84.06 to shift initial focus to Y84.89-85.59.

     EURO-AUSSIE TECHS: A$1.5961-1.6017 Support Region Key

*RES 4: A$1.6250 - 2016 High Feb 11

*RES 3: A$1.6191 - 2018 High Mar 28

*RES 2: A$1.6140 - High Apr 25

*RES 1: A$1.6110 - Bollinger band top

*PRICE: A$1.6073 @ 2130GMT

*SUP 1: A$1.6017 - Low Apr 24 

*SUP 2: A$1.5961 - Low Apr 20 

*SUP 3: A$1.5929 - Hourly resistance Apr 19 now support 

*SUP 4: A$1.5871 - 55-DMA

*COMMENTARY: Bulls took comfort in support emerging on dips back to the 55-DMA

with bulls focused on A$1.6192 2018 highs. The Bollinger top is the key concern

for bulls and currently limits follow through. Bears look for a close below

A$1.6017 to ease bullish pressure and below A$1.5961 to shift focus back to

A$1.5771-1.5871 where the bull channel base and 55-DMA are situated. Bulls need

a close above A$1.6191 to target A$1.6250 2016 highs.

     US DOLLAR-INDEX TECHS: 90.483 Support Now Key

*RES 4: 92.027 - 200-DMA 

*RES 3: 91.958 - Weekly Bear channel top off 2017 high 

*RES 2: 91.882 - Daily Bull channel top 

*RES 1: 91.751 - Low Jan 2 now resistance

*PRICE: 91.248 @ 2130GMT

*SUP 1: 90.935 - Hourly support Apr 25

*SUP 2: 90.707 - 100-DMA

*SUP 3: 90.618 - Hourly support Apr 23

*SUP 4: 90.483 - Hourly resistance Apr 23 now support

*COMMENTARY: The index remains bid with the close above 91.076 confirming

immediate focus on 91.751-92.029 where channel tops and the 200-DMA are located.

Bulls need a close above the 200-DMA to then target 92.625-997. Layers of

support are adding to bullish confidence. Bears now need a close below 90.483 to

confirm a break of the 100-DMA and shift initial focus back to 89.914-90.070

where 21 & 55-DMAs are located.

     EURO-DOLLAR TECHS: Below 200-DMA Targets Nov Low

*RES 4: $1.2399 Daily Bear channel top off Feb high

*RES 3: $1.2359 Hourly resistance Apr 19

*RES 2: $1.2312 Hourly support Apr 20 now resistance

*RES 1: $1.2248 Low Apr 20 now resistance

*PRICE: $1.2160 @ 2130GMT

*SUP 1: $1.2153 Low Mar 1 

*SUP 2: $1.2092 High Jan 4 now support 

*SUP 3: $1.2031 Daily Bear channel base 

*SUP 4: $1.2007 200-DMA

*COMMENTARY: The pair remains offered pressuring $1.2153 with a close below

needed to confirm initial focus on $1.2007-92 where the bear channel base and

200-DMA are noted. Bears now need a close below the 200-DMA to then target

$1.1914 with overall focus shifting to tests of $1.1552 Nov lows. Bulls need a

close above $1.2248 to gain breathing room and above $1.2413 to confirm a break

of the bear channel top and shift focus back to $1.2476-1.2555.

     DOLLAR-YEN TECHS: Bears Need Close Below Y108.97

*RES 4: Y110.26 200-DMA 

*RES 3: Y110.04 Daily Bull channel top 

*RES 2: Y109.79 High Feb 8 

*RES 1: Y109.46 100-WMA

*PRICE: Y109.41 @ 2130GMT

*SUP 1: Y108.97 Hourly support Apr 25 

*SUP 2: Y108.54 Hourly support Apr 23 

*SUP 3: Y108.27 Hourly resistance Apr 23 now support 

*SUP 4: Y107.85 High Apr 20 now support

*COMMENTARY: Immediate focus remains on WMAs & DMAs Y109.45-110.47. A close

above Y110.47 is needed to confirm breaks and target 2018 highs. Initial support

is noted at Y108.97 with bears needing a close below to gain breathing room and

below Y108.54 to shift focus back to Y107.85. A close below Y107.85 is then

needed to target Y106.57-107.34 where the 21 (Y107.34) & 55 (Y106.84) DMAs are

situated. The Bollinger top (Y109.24) remains the key concern for bulls.

     EURO-YEN TECHS: Above Y134.16 To Target 2018 High

*RES 4: Y134.79 High Feb 8

*RES 3: Y134.16 High Feb 9

*RES 2: Y133.65 Bollinger band top

*RES 1: Y133.48 High Apr 24

*PRICE: Y133.11 @ 2130GMT

*SUP 1: Y132.59 Low Apr 24 

*SUP 2: Y132.02 Low Apr 20 

*SUP 3: Y131.78 Low Apr 12 

*SUP 4: Y131.63 55-DMA

*COMMENTARY: Pressure on the 100-DMA (Y133.04) & 21-WMA (Y132.97) finally took

its toll with a break higher Tuesday. In saying that, follow through has been

lacking courtesy of the Bollinger top with correcting O/B daily studies and

momentum divergence a concern for bulls. Bears need a close below Y132.59 to see

focus return to Y131.63-132.02 where the 21 (Y131.99) & 55-DMA are found. Bulls

now look for a close above Y134.16 to confirm focus on 2018 highs.

     SPOT GOLD TECHS: 100-DMA Support Key This Week

*RES 4: $1354.4 - Bollinger band top 

*RES 3: $1339.3 - Hourly resistance Apr 20 

*RES 2: $1336.7 - 21-DMA 

*RES 1: $1332.6 - High Apr 24

*PRICE: $1322.9 @ 2130GMT

*SUP 1: $1319.0 - 100-DMA 

*SUP 2: $1306.9 - Low Mar 20 

*SUP 3: $1302.5 - Monthly Low Mar 1, 200-DMA 

*SUP 4: $1293.5 - Low Dec 29

*COMMENTARY: Pressure has returned to the 100-DMA with bears needing a close

below the 100-DMA to shift initial focus back to $1291.2-1302.6 where the 55-WMA

($1291.2), 200-DMA ($1302.6) & March low ($1302.5) are located. Initial

resistance is now noted at $1332.6 but bulls look for a close above the 21-DMA

to ease bearish pressure and shift initial focus back to $1354.4-1366.1 where

2018 highs are noted.

     NYMEX WTI TECHS: (M18) Finding Support On Dips

*RES 4: $73.25 - Low Nov 11 2014 now resistance 

*RES 3: $70.94 - Daily Bull channel top 

*RES 2: $69.55 - 2018 High Apr 19 

*RES 1: $68.33 - Hourly support Apr 24 now resistance

*PRICE: $68.01 @ 0430GMT

*SUP 1: $67.11 - Low Apr 25 

*SUP 2: $66.54 - Low Apr 18 

*SUP 3: $65.79 - 21-DMA 

*SUP 4: $65.09 - Low Apr 11

*COMMENTARY: The rejection ahead of 2018 highs Tuesday is a concern for bulls

when combined with daily studies correcting from O/B and the proximity of the

Bollinger top ($69.94). Bears now look for a close below $67.11 to gain

breathing room and hint at a correction back to $65.09-81 where the 21-DMA is

found. Bulls need a close above $69.55 to reconfirm focus on $70.94-73.25 where

the MT bull channel top is noted.

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

[TOPICS: MTABLE]