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MNI Asian Morning FX Technical Analysis 

4 June 2018
By Kyle Shortland
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/h8lzqnc
AUSSIE TECHS: $0.7640 Key This Week
*RES 4: $0.7633 - Falling daily TL off 2018 high
*RES 3: $0.7615 - 55-DMA
*RES 2: $0.7609 - Bollinger band top
*RES 1: $0.7593 - High May 25
*PRICE: $0.7564 @ 2130GMT
*SUP 1: $0.7533 - 21-DMA 
*SUP 2: $0.7513 - Low June 1 
*SUP 3: $0.7474 - Low May 30 
*SUP 4: $0.7457 - Bollinger band base
*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 now look for a close below $0.7513 to
gain breathing room and add weight to the case for a test of 2018 lows.
     KIWI TECHS: Topside Follow Through Lacking
*RES 4: $0.7109 - 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: $0.6980 @ 2130GMT
*SUP 1: $0.6959 - High May 28 now support
*SUP 2: $0.6941 - 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 this 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 ($0.7023) is the
key concern for bulls.
     AUSSIE-KIWI TECHS: *RES 4: NZ$1.0962 - High May 25
*RES 3: NZ$1.0906 - Low May 25 now resistance
*RES 2: NZ$1.0883 - 200-DMA
*RES 1: NZ$1.0856 - High June 1
*PRICE: NZ$1.0832 @ 2130GMT
*SUP 1: NZ$1.0762 - Alternating daily support/resistance
*SUP 2: NZ$1.0753 - 100-DMA
*SUP 3: NZ$1.0710 - 55-DMA
*SUP 4: NZ$1.0697 - High May 9 now support
*COMMENTARY: Bulls take comfort in the bounce from ahead of key support layers
Friday but still need 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. Bears retain an advantage and look for a close below the 100-DMA to
initially pressure the 55-DMA with a close below NZ$1.0697 needed to return
focus to tests of 2018 lows.
     AUSSIE-YEN TECHS: Bears Need Close Below 21-DMA
*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: Y82.32 @ 2130GMT
*SUP 1: Y82.64 - 21-DMA
*SUP 2: Y81.93 - Hourly support May 30
*SUP 3: Y81.04 - Low May 30
*SUP 4: Y80.77 - Low Mar 28
*COMMENTARY: Bulls take comfort in the close above the 21-DMA Friday as daily
studies correct from modestly O/S levels. The Y83.54 resistance is key this
week. Bulls need a close above to return focus to Y84.06-85.59 where the 200-DMA
(Y85.46) is found. Bears now need a close below the 21-DMA to gain breathing
room and below Y81.93 to return focus to Y80.51-81.04.
     EURO-AUSSIE TECHS: A$1.5529-1.5651 Resistance Region Key
*RES 4: A$1.5651 - Low May 19 now resistance
*RES 3: A$1.5618 - High May 23
*RES 2: A$1.5529 - High June 1
*RES 1: A$1.5490 - 200-DMA
*PRICE: A$1.5411 @ 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$1.5334) last week 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$1.4871-1.4916). O/S daily
studies remain the key concern for bears as the lacks follow through above the
200-DMA (A$1.5490). Bulls need a close above A$1.5529 to gain breathing room and
above A$1.5651 to shift initial focus to the 100-DMA A$1.5748.
     US DOLLAR-INDEX TECHS: Correcting O/B Studies
*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: 94.450 - High June 1
*PRICE: 94.155 @ 2130GMT
*SUP 1: 93.611 - Low May 24
*SUP 2: 93.578 - 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 sees the index trading below the bull channel base off Apr
lows Thursday. Focus 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 91.990-92.223 where
the 200-DMA is noted. Correcting O/B studies add weight to the bearish case.
Bulls now need a close above 94.450 to initially focus on 2018 highs.
     EURO-DOLLAR TECHS: Bulls Need Close Above 21-DMA
*RES 4: $1.1889 Alternating daily support/resistance
*RES 3: $1.1854 High May 16
*RES 2: $1.1766 21-DMA
*RES 1: $1.1750 High May 24
*PRICE: $1.1657 @ 2130GMT
*SUP 1: $1.1616 Low June 1 
*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: Failure to trouble the 21-DMA last week on the recovery form 2018
lows leaves the pair looking a little heavy to start the new week. Bulls now
need a close above the 21-DMA to gain breathing room and above $1.1889 to shift
immediate focus back to $1.2012-67 where the 55 & 200-DMAs are situated. While
the 21-DMA caps bears focus on the key $1.1311-1.1489 support region with a
close below $1.1616 to add weight to their case.
     DOLLAR-YEN TECHS: Y110.72 Resistance Key This Week
*RES 4: Y111.18 High May 22 
*RES 3: Y110.72 Hourly support May 22 now resistance 
*RES 2: Y110.19 200-DMA 
*RES 1: Y109.72 21-DMA
*PRICE: Y109.45 @ 2130GMT
*SUP 1: Y109.01 Hourly support June 1 
*SUP 2: Y108.70 Low June 1 
*SUP 3: Y108.12 100-DMA 
*SUP 4: Y107.85 High Apr 20 now support
*COMMENTARY: Tuesday's sell-off saw the pair dip into the Y107.85-108.16 region
where 55 & 100-DMAs and the 21-WMA (Y108.07) 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 correcting from O/S add support to the
case for a test of Y110.72 with a close above needed to return immediate focus
to Y111.39-98. Bears now need a close below Y109.01 to gain breathing room.
     EURO-YEN TECHS: Y127.10 Support Key Today
*RES 4: Y129.51 Low May 16 now resistance
*RES 3: Y129.10 21-DMA
*RES 2: Y129.05 200-WMA
*RES 1: Y128.53 High May 28
*PRICE: Y127.48 @ 2130GMT
*SUP 1: Y127.10 Low June 1 
*SUP 2: Y126.22 Hourly support May 30 
*SUP 3: Y125.71 Hourly support May 30a 
*SUP 4: Y124.61 2018 Low May 29
*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/Friday. 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. Bears now look for a
close below Y127.10 to return initial focus to 2018 lows. Bears need a close
below the 100-WMA (Y125.32) to retain bearish momentum.
     SPOT GOLD TECHS: 200-DMA Caps, Bears Need Close Below 100-WMA
*RES 4: $1325.2 - 100-DMA 
*RES 3: $1319.7 - 55-DMA 
*RES 2: $1310.5 - Low May 10 now resistance 
*RES 1: $1307.4 - 200-DMA
*PRICE: $1292.7 @ 2130GMT
*SUP 1: $1287.4 - Low May 22 
*SUP 2: $1281.8 - 2018 Low May 21 
*SUP 3: $1281.0 - Bollinger band base 
*SUP 4: $1277.1 - 100-WMA
*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 $1319.6-1326.6
where 55 & 100-DMAs & the 21-WMA are noted. Bears continue to look for a close
below the 100-WMA ($1277.1) to target the 200-WMA ($1234.3).
     NYMEX WTI TECHS: (N18) $63.87-65.38 Support Region Key
*RES 4: $68.67 - High May 30 
*RES 3: $68.17 - Hourly resistance May 31 
*RES 2: $67.34 - High June 1 
*RES 1: $66.04 - Hourly resistance June 1
*PRICE: $65.81 @ 2130GMT
*SUP 1: $65.38 - Low Apr 17 
*SUP 2: $64.67 - 100-DMA 
*SUP 3: $63.87 - High Apr 5 
*SUP 4: $61.73 - Monthly Low Apr 6
*COMMENTARY: Volatile trading continues with offers ahead of Wednesdays high
seen capping and pressure remaining on the $64.67-65.38 support region where the
100-DMA is noted. Bears need a close below $65.38 to pressure the 100-DMA and
below $63.87 to shift initial focus to $61.73. Bulls now need a close above
$67.34 to gain breathing room and above $68.67 initially pressure the
$70.00-71.09 region where 21-DMA is noted.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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