MNI Asian Morning FX Technical Analysis

24 May 2018

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: $0.7520 Support Key Today

*RES 4: $0.7648 - 55-DMA

*RES 3: $0.7648 - Hourly resistance Apr 23

*RES 2: $0.7620 - High Apr 24

*RES 1: $0.7582 - High May 23

*PRICE: $0.7559 @ 2130GMT

*SUP 1: $0.7520 - Low May 23 

*SUP 2: $0.7486 - Low May 18 

*SUP 3: $0.7445 - Low May 15 

*SUP 4: $0.7410 - 2018 Low May 9

*COMMENTARY: Topside follow through was lacking Tuesday with the rejection ahead

of $0.7620 seeing pressure back on support layers. Bears now look for a close

below $0.7520 to signal a false break higher and below $0.7410 to reconfirm the

bearish bias and target $0.7326-68 where May & June 17 lows are noted. Layers of

resistance remain $0.7620-72 with bulls needing a close above the falling TL

($0.7672) to shift focus to $0.7735-0.7842.

     KIWI TECHS: Bears Targeting $0.6779-0.6815

*RES 4: $0.7102 - Hourly support Apr 25 now resistance 

*RES 3: $0.7052 - High May 4 

*RES 2: $0.6996 - High May 9 

*RES 1: $0.6966 - 21-DMA

*PRICE: $0.6915 @ 2130GMT

*SUP 1: $0.6882 - Low May 23

*SUP 2: $0.6849 - 2018 Low May 16

*SUP 3: $0.6815 - Monthly Low Dec 1

*SUP 4: $0.6779 - Monthly Low Nov 17

*COMMENTARY: The recovery from 2018 lows looks to be in trouble with the pair

lacking follow through above $0.6952 and capped ahead of the 21-DMA. Bulls

continue to look for a close above $0.6996 to confirm a break of the 21-DMA

($0.6966) and shift initial focus to $0.7052. Momentum studies are back at

neutral levels and well placed for a fresh leg lower. Bears currently focus on

tests of Nov & Dec lows.

     AUSSIE-KIWI TECHS: NZ$1.0843 Support Remains Key

*RES 4: NZ$1.1139 - High Nov 14

*RES 3: NZ$1.1073 - 2018 High Jan 29

*RES 2: NZ$1.1006 - Low Jan 30 now resistance

*RES 1: NZ$1.0947 - High May 22

*PRICE: NZ$1.0927 @ 2130GMT

*SUP 1: NZ$1.0885 - 200-DMA

*SUP 2: NZ$1.0843 - High May 11 now support

*SUP 3: NZ$1.0808 - 55-WMA

*SUP 4: NZ$1.0758 - 100-DMA

*COMMENTARY: Bears have so far failed to capitalise on Friday's sell-off with

the bounce from ahead of NZ$1.0843 to start the new week confirming significance

of this level. Bulls now look for a close above NZ$1.0947 to reconfirm focus on

2018 highs. Bears need a close below NZ$1.0843 to confirm an easing of bullish

pressure and see focus shift back to tests of the 100-DMA (NZ$1.0758).

Correcting O/B daily studies are the key concern for bulls.

     AUSSIE-YEN TECHS: 55-DMA Supporting For Now

*RES 4: Y84.51 - High Feb 21 

*RES 3: Y84.04 - High May 23 

*RES 2: Y83.88 - Hourly support May 23 now resistance 

*RES 1: Y83.54 - Hourly resistance May 23

*PRICE: Y83.21 @ 2130GMT

*SUP 1: Y82.81 - Hourly support May 23

*SUP 2: Y82.52 - 55-DMA

*SUP 3: Y82.18 - Low May 16

*SUP 4: Y82.00 - High May 9 now support

*COMMENTARY: The lack of follow through above the 100-DMA left the pair looking

heavy Wednesday and bears capitalised with a sell-off that has so far found

support at the 55-DMA. Correcting O/B studies are a concern for bulls. Bulls now

need a close above Y83.54 to gain breathing room and above Y84.51 to add support

to the case for a test of 200-DMA & WMAs. The Y82.00 support is key this week.

Bears need a close below to target 2018 lows.

     EURO-AUSSIE TECHS: Flirting With 200-DMA

*RES 4: A$1.5771 - Monthly Low Apr 13 now resistance

*RES 3: A$1.5740 - 100-DMA

*RES 2: A$1.5651 - Low May 19 now resistance

*RES 1: A$1.5618 - High May 23

*PRICE: A$1.5476 @ 2130GMT

*SUP 1: A$1.5473 - 200-DMA 

*SUP 2: A$1.5390 - Low Feb 1 

*SUP 3: A$1.5317 - 55-WMA 

*SUP 4: A$1.5256 - Low Jan 29

*COMMENTARY: The pair is gaining traction following the break of the weekly bull

channel base off 2017 lows with immediate the pair now flirting with the 200-DMA

(A$1.5470). Bears need a close below to 200-DMA to initially target the 55-WMA

and then 2018 lows (A$1.5152). O/S daily studies are seen as the key concern for

b ears. Bulls now need a close above A$1.5651 to gain breathing room and above

A$1.5771 to shift focus higher.

     US DOLLAR-INDEX TECHS: Bulls Need Close Above 94.219

*RES 4: 94.650 - High Nov 10 

*RES 3: 94.257 - Bollinger band top 

*RES 2: 94.219 - Monthly High Dec 12 

*RES 1: 94.188 - 2018 High May 23

*PRICE: 94.004 @ 2130GMT

*SUP 1: 93.734 - High May 22 now support

*SUP 2: 93.291 - Low May 22

*SUP 3: 93.051 - Hourly support May 15

*SUP 4: 92.841 - Alternating daily support/resistance

*COMMENTARY: Fresh 2018 highs lack follow through which is less than ideal with

daily studies lingering around O/B levels. Bulls now need a close above 94.219

to reconfirm a bullish bias and retain focus on the 200-WMA (94.784). Initial

support is now noted at 93.734 with bears needing a close below to gain

breathing room and below the 21-DMA (92.750) now to shift initial focus back to

91.955-92.223 where the 200-DMA is noted.

     EURO-DOLLAR TECHS: Overall Focus On Nov Low

*RES 4: $1.2019 200-DMA

*RES 3: $1.1889 Alternating daily support/resistance

*RES 2: $1.1838 High May 17

*RES 1: $1.1749 Hourly support May 23 now resistance

*PRICE: $1.1696 @ 2130GMT

*SUP 1: $1.1715 2018 Low May 21 

*SUP 2: $1.1654 Bollinger band base 

*SUP 3: $1.1624 High Nov 6 now support 

*SUP 4: $1.1552 Monthly Low Nov 7

*COMMENTARY: Bears retain overall focus on tests of Nov lows at $1.1552

following fresh 2018 lows Wednesday. The Bollinger base is the key concern for

bears with potential to limit follow through. Layers of resistance are

accumulating and adding weight to the bearish case. Bulls now need a close above

$1.1749 to gain breathing room and above the 21-DMA ($1.1894) to shift initial

focus to $1.2019-1.2053 where the 200-DMA is noted.

     DOLLAR-YEN TECHS: Bears Focused On Y107.85-108.53

*RES 4: Y111.39 High May 21 

*RES 3: Y111.18 High May 22 

*RES 2: Y110.72 Hourly support May 22 now resistance 

*RES 1: Y110.20 200-DMA

*PRICE: Y110.05 @ 2130GMT

*SUP 1: Y109.53 Low May 23 

*SUP 2: Y109.13 Low May 11 

*SUP 3: Y108.53 Low Apr 24 

*SUP 4: Y108.31 21-WMA, 100-DMA

*COMMENTARY: The failure to gain traction above the 55-WMA (Y110.42) has

resulted in a dip below the 21-DMA (Y109.82) and a close below the 200-DMA

adding weight to the case for a correction back to Y107.85-108.53 where the

21-WMA and 55 & 100-DMAs are situated. Daily studies correcting from O/B are a

concern for bulls. Bears now look for a close below Y109.13 to add weight to

their case. Bulls need a close above the 200-DMA to gain breathing room.

     EURO-YEN TECHS: Focus Now On Y125.03-127.54

*RES 4: Y130.22 Low May 18 now resistance

*RES 3: Y129.51 Low May 16 now resistance

*RES 2: Y129.15 200-WMA

*RES 1: Y128.94 Low Mar 23 now resistance

*PRICE: Y128.75 @ 2130GMT

*SUP 1: Y128.22 2018 Low May 23 

*SUP 2: Y127.54 Monthly Low Aug 18 

*SUP 3: Y125.80 Monthly Highs May 16 & 25 now support 

*SUP 4: Y125.24 Daily Bear channel base

*COMMENTARY: Failures around 21 & 55-DMAs left the pair looking heavy earlier

this week with bears taking comfort in Wednesday's sell-off to fresh 2018 lows.

Daily studies are well placed for further losses with bears now focusing their

attention on the Y125.03-127.54 region where the 100-WMA and daily bear channel

base are found. Bulls now need a close above Y129.51 to gain breathing room and

above Y130.22 to shift initial focus back to Y131.37.

     SPOT GOLD TECHS: $1297.8-1310.5 Resistance Region Key

*RES 4: $1310.5 - Low May 10 now resistance 

*RES 3: $1306.9 - 200-DMA 

*RES 2: $1301.5 - Low May 1 now resistance 

*RES 1: $1297.8 - High May 23

*PRICE: $1293.0 @ 2130GMT

*SUP 1: $1287.4 - Low May 22 

*SUP 2: $1281.8 - 2018 Low May 21 

*SUP 3: $1277.5 - 100-WMA 

*SUP 4: $1268.9 - High Dec 21

*COMMENTARY: Fresh 2018 lows lacked follow through Monday which is a concern for

bears give daily studies approaching O/S. In saying that, layers of resistance

remain with bulls needing a close above the $1301.5 to gain breathing room and

above the 200-DMA to hint at a correction to $1324.4-1332.6. While $1301.5 caps

bears maintain focus on $1268.9-1277.5 where the 100-WMA is situated.

     NYMEX WTI TECHS: (N18) Bears Need Close Below 21-DMA

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

*RES 3: $73.11 - Daily Bull channel top 

*RES 2: $72.90 - 2018 High May 22 

*RES 1: $72.26 - High May 23

*PRICE: $71.83 @ 2130GMT

*SUP 1: $71.09 - Low May 17 

*SUP 2: $70.24 - Low May 14 

*SUP 3: $70.05 - 21-DMA 

*SUP 4: $67.57 - Low May 8

*COMMENTARY: Hesitation around the daily bull channel top is less than ideal for

bulls with daily studies correcting from O/B. The 21-DMA remains key support.

Bears continue to look for a close below the 21-DMA to end bullish hopes and

shift focus back to $65.38-67.57 where the bull channel base and 55-DMA are

located. Bulls remain focused on $73.25-74.58 while the 21-DMA supports with a

close above $72.90 to add support.

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

[TOPICS: MTABLE]