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USDCAD TECHS

Solid Bounce

AUDUSD TECHS

Reverses In Style

EURJPY TECHS

Accelerates Off Bull Trigger

USDJPY TECHS

Still Pointing Higher

EURGBP TECHS

Bouncing Well

GBPUSD TECHS

Bulls Press Pause

1 June 2018
By Kyle Shortland
     
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/h8lzqnc
AUSSIE TECHS: $0.7640 Resistance Now Key
*RES 4: $0.7639 - Falling daily TL off 2018 high
*RES 3: $0.7618 - 55-DMA
*RES 2: $0.7606 - Bollinger band top
*RES 1: $0.7593 - High May 25
*PRICE: $0.7565 @ 2130GMT
*SUP 1: $0.7532 - 21-DMA 
*SUP 2: $0.7474 - Low May 30 
*SUP 3: $0.7457 - Bollinger band base 
*SUP 4: $0.7445 - Low May 15
*COMMENTARY: Bears failed to capitalise on the close below the 21-DMA with
Wednesday's rally and close above the 21-DMA returning focus to $0.7593-0.7640
where the 55-DMA and falling daily TL are noted. Bulls now need a close above
$0.7540 to confirm a break of the bear channel top, ending bearish hopes and
shifting focus to $0.7735-0.7842. Bears again look for a close below the 21-DMA
to gain breathing room and add weight to the case for a test of 2018 lows.
     KIWI TECHS: Topside Follow Through Lacking
*RES 4: $0.7114 - 55-DMA
*RES 3: $0.7102 - Hourly support Apr 25 now resistance 
*RES 2: $0.7052 - High May 4 
*RES 1: $0.7023 - High May 31
*PRICE: $0.6997 @ 2130GMT
*SUP 1: $0.6959 - High May 28 now support
*SUP 2: $0.6944 - 21-DMA
*SUP 3: $0.6880 - Low May 30
*SUP 4: $0.6849 - 2018 Low May 16
*COMMENTARY: The break of $0.6998 has so far lacked follow through with bulls
now looking for a close above $0.7052 to shift initial focus to $0.7103-0.7200
where 55, 100 & 200-DMAs are situated. The 21-DMA remains key support to end the
week. Bears now need a close below the 21-DMA to gain breathing room and return
focus to $0.6849-80 where 2018 lows are situated. The Bollinger top ($0.7032) is
the key concern for bulls.
     AUSSIE-KIWI TECHS: Below NZ$1.0697 to Target 2018 Low
*RES 4: NZ$1.1006 - Low Jan 30 now resistance
*RES 3: NZ$1.0962 - High May 25
*RES 2: NZ$1.0906 - Low May 25 now resistance
*RES 1: NZ$1.0884 - 200-DMA
*PRICE: NZ$1.0804 @ 2130GMT
*SUP 1: NZ$1.0762 - Alternating daily support/resistance
*SUP 2: NZ$1.0754 - 100-DMA
*SUP 3: NZ$1.0706 - 55-DMA
*SUP 4: NZ$1.0697 - High May 9 now support
*COMMENTARY: Losses have defined the week so far with immediate focus on the
100-DMA. Bears look for a close below to initially pressure the 55-DMA with a
close below NZ$1.0697 needed to return focus to tests of 2018 lows. Bulls
continue to look for a close above NZ$1.0906 to confirm a break above the
200-DMA & regain the upper hand and above NZ$1.0962 to reconfirm focus on 2018
highs.
     AUSSIE-YEN TECHS: Y81.93 Support Key Today
*RES 4: Y84.04 - High May 23 
*RES 3: Y83.88 - Hourly support May 23 now resistance 
*RES 2: Y83.54 - Hourly resistance May 23 
*RES 1: Y82.66 - High May 31
*PRICE: Y82.32 @ 2130GMT
*SUP 1: Y81.93 - Hourly support May 30
*SUP 2: Y81.04 - Low May 30
*SUP 3: Y80.77 - Low Mar 28
*SUP 4: Y80.51 - 2018 Low Mar 23
*COMMENTARY: Bears have failed to capitalise on Tuesday's sharp sell-off with an
aggressive rally Wednesday seeing the pair flirting with the 21 (Y82.59) & 55
(Y82.40) DMAs. Bulls now need a close above Y82.66 to confirm traction above 21
& 55-DMAs and above Y83.42 to return focus to Y84.06-85.59 where the 200-DMA
(Y85.48) is found. Bears now look for a close below Y81.93 to return focus to
Y80.51-81.04.
     EURO-AUSSIE TECHS: A$1.5526-1.5651 Resistance Region Key
*RES 4: A$1.5618 - High May 23
*RES 3: A$1.5526 - High May 24
*RES 2: A$1.5495 - High May 28
*RES 1: A$1.5488 - 200-DMA
*PRICE: A$1.5449 @ 2130GMT
*SUP 1: A$1.5358 - Low May 30 
*SUP 2: A$1.5314 - Low May 29 
*SUP 3: A$1.5256 - Low Jan 29 
*SUP 4: A$1.5152 - 2018 Low Jan 11
*COMMENTARY: The pair flirted with the 55-WMA (A$1.5328) this week so far with
bears needing a close below to add weight to the case for an initial test of
2018 lows. Below 2018 lows targets 100 & 200-WMAs (A$1.4866-1.4908). O/S daily
studies remain the key concern for bears as the pair hesitates ahead of the
200-DMA (A$1.5488). Bulls still need a close above A$1.5526 to gain breathing
room and above A$1.5651 to shift initial focus to the 100-DMA A$1.5747.
     US DOLLAR-INDEX TECHS: Correcting To 93.291-611
*RES 4: 95.167 - Monthly High Oct 27 
*RES 3: 95.025 - 2018 High May 29 
*RES 2: 94.695 - Hourly resistance May 30 
*RES 1: 94.247 - High May 31
*PRICE: 93.988 @ 2130GMT
*SUP 1: 93.611 - Low May 24
*SUP 2: 93.418 - 21-DMA
*SUP 3: 93.291 - Low May 22
*SUP 4: 92.841 - Alternating daily support/resistance
*COMMENTARY: Wednesday's sell-off resulted in a close below 94.277, easing
bullish pressure and the index trading below the bull channel base off Apr lows
Thursday. Pressure has returned to 93.291-611 with bears needing a close below
to confirm a break of the 21-DMA and target a move back to 91.978-92.223 where
the 200-DMA is noted. Correcting O/B studies add weight to the bearish case.
Bull snow need a close above 94.247 to gain breathing room.
     EURO-DOLLAR TECHS: Above $1.1889 To Target $1.2015-53
*RES 4: $1.1889 Alternating daily support/resistance
*RES 3: $1.1854 High May 16
*RES 2: $1.1782 21-DMA
*RES 1: $1.1750 High May 24
*PRICE: $1.1688 @ 2130GMT
*SUP 1: $1.1640 Low May 31 
*SUP 2: $1.1594 Hourly support May 30 
*SUP 3: $1.1549 Hourly resistance May 30 now support 
*SUP 4: $1.1506 2018 Low May 29
*COMMENTARY: O/S daily studies appear to be impacting with a rally from ahead of
2018 lows Wednesday. Bulls take comfort in support emerging around $1.1640 with
a close below now needed to ease pressure on layers of resistance $1.1750-1.1889
and below $1.1594 to pressure 2018 lows. Overall the $1.1311-1.1489 support
region remains key. Bulls now need a close above $1.1889 to shift immediate
focus back to $1.2015-53 where the 200-DMA is situated.
     DOLLAR-YEN TECHS: Bulls Need Close Above Y109.13
*RES 4: Y110.72 Hourly support May 22 now resistance 
*RES 3: Y110.19 200-DMA 
*RES 2: Y109.66 21-DMA 
*RES 1: Y109.13 Hourly resistance May 29
*PRICE: Y108.81 @ 2130GMT
*SUP 1: Y108.12 100-DMA 
*SUP 2: Y107.85 High Apr 20 now support 
*SUP 3: Y106.85 Low Apr 17 
*SUP 4: Y106.60 Low Apr 10
*COMMENTARY: Tuesday's sell-off saw the pair dip into the Y107.85-108.16 region
where 55 & 100-DMAs and the 21-WMA (Y108.11) are situated. Bears continue to
look for a close below Y107.85 to confirm breaks of 55 & 100-DMAs and shift
initial focus to Y106.60. Daily studies have room to move before O/S is an
issue. Bulls still need a close above Y109.13 to gain breathing room and above
Y110.72 to shift initial focus back to Y111.39-98.
     EURO-YEN TECHS: Below Y126.22 To Shift Focus Lower
*RES 4: Y129.21 21-DMA
*RES 3: Y129.09 200-WMA
*RES 2: Y128.53 High May 28
*RES 1: Y127.70 High May 31
*PRICE: Y127.22 @ 2130GMT
*SUP 1: Y126.22 Hourly support May 30 
*SUP 2: Y125.71 Hourly support May 30a 
*SUP 3: Y124.61 2018 Low May 29 
*SUP 4: Y123.63 Low June 21 2017
*COMMENTARY: The failure to gain traction below the 100-WMA (Y125.15) and
confirm the break of Y125.80 resulted in a bounce Wednesday and a continuation
Thursday. Correcting O/S studies add support to the case for a correction back
to Y128.53-129.59 where the 21-DMA & 200-WMA are. Initial support is now noted
at Y126.22 with bears needing a close below to return initial focus to 2018
lows. Bears need a close below the 100-WMA (Y125.15) to retain bearish momentum.
     SPOT GOLD TECHS: Bears Need Close Below 100-WMA
*RES 4: $1325.5 - 100-DMA 
*RES 3: $1320.1 - 55-DMA 
*RES 2: $1310.5 - Low May 10 now resistance 
*RES 1: $1307.4 - 200-DMA
*PRICE: $1297.9 @ 2130GMT
*SUP 1: $1293.4 - Low May 29 
*SUP 2: $1287.4 - Low May 22 
*SUP 3: $1282.3 - Bollinger band base 
*SUP 4: $1281.8 - 2018 Low May 21
*COMMENTARY: Attempts to rally remain capped by the 200-DMA despite daily
studies correcting their O/S condition. Bulls still need a close above $1310.5
to confirm breaks of 21 & 200-DMAs and shift initial focus to $1320.1-1325.5
where 55 & 100-DMAs & the 21-WMA are noted. Bears continue to look for a close
below the 100-WMA to target the 200-WMA ($1234.3).
     NYMEX WTI TECHS: (N18) $65.80 & $68.67 Levels Key Today
*RES 4: $70.10 - 21-DMA 
*RES 3: $69.57 - Hourly resistance May 25 
*RES 2: $68.67 - High May 30 
*RES 1: $68.17 - Hourly resistance May 31
*PRICE: $67.10 @ 2130GMT
*SUP 1: $66.35 - Low May 30 
*SUP 2: $65.80 - Low May 28 
*SUP 3: $65.38 - Low Apr 17 
*SUP 4: $64.63 - 100-DMA
*COMMENTARY: Volatile trading continues with offers ahead of Wednesdays high
seen capping and pressure remaining on the $64.63-65.80 support region where the
100-DMA is noted. Bears need a close below $65.80 to pressure the 100-DMA and
below $68.37 to shift initial focus to $61.73. Bulls now need a close above
$68.67 to gain breathing room and initially pressure the $70.10-71.09 region
where 21-DMA is noted.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]