MNI Asian Morning FX Technical Analysis

5 June 2018

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: Bears Need Close Below $0.7593

*RES 4: $0.7754 - 200-DMA

*RES 3: $0.7748 - 55-WMA

*RES 2: $0.7735 - Low Apr 12 now resistance

*RES 1: $0.7682 - High Apr 23

*PRICE: $0.7648 @ 2130GMT

*SUP 1: $0.7640 - Alternating support/resistance 

*SUP 2: $0.7516 - 55-DMA 

*SUP 3: $0.7593 - High May 31 now support 

*SUP 4: $0.7543 - 21-DMA

*COMMENTARY: Gains to start the new week have resulted in a close above the

falling TL off 2018 highs ($0.7628), the 55-DMA and the $0.7640 resistance with

focus now shifting to $0.7735-54 where the 55-WMA and 200-DMA are noted. The

$0.7643 Bollinger top is the key concern for bulls. Bears now look for a close

below $0.7593 to signal a false break higher and to see focus return to layers

of support $0.7410-0.7513.

     KIWI TECHS: $0.7052 Resistance Key Today

*RES 4: $0.7124 - 200-DMA 

*RES 3: $0.7107 - 55-DMA 

*RES 2: $0.7102 - Hourly support Apr 25 now resistance 

*RES 1: $0.7052 - High May 4

*PRICE: $0.7028 @ 2130GMT

*SUP 1: $0.6993 - Hourly resistance June 4 now support

*SUP 2: $0.6959 - High May 28 now support

*SUP 3: $0.6944 - 21-DMA

*SUP 4: $0.6880 - Low May 30

*COMMENTARY: Gains to start the new week have remained capped ahead of the

$0.7052 resistance with bulls needing a close above to shift initial focus to

$0.7102-0.7200 where 55, 100 & 200-DMAs and 21, 55, 100 & 200-WMAs are situated.

The 21-DMA remains key support. 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 ($0.7035) 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$1.0883 - 200-DMA

*PRICE: NZ$1.0875 @ 2130GMT

*SUP 1: NZ$1.0860 - Hourly support June 4

*SUP 2: NZ$1.0829 - Low June 4

*SUP 3: NZ$1.0762 - Alternating daily support/resistance

*SUP 4: NZ$1.0754 - 100-DMA

*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. Initial support is now noted at NZ$1.0860 but bears look for a close

below NZ$1.0829 to ease pressure on resistance layers and below NZ$1.0697 needed

to return focus to tests of 2018 lows.

     AUSSIE-YEN TECHS: Focus Firmly On Y84.04-85.59

*RES 4: Y85.45 - 200-DMA 

*RES 3: Y84.89 - High Feb 21 

*RES 2: Y84.51 - High Mar 13 

*RES 1: Y84.04 - High May 23

*PRICE: Y83.95 @ 2130GMT

*SUP 1: Y83.64 - 100-DMA

*SUP 2: Y83.42 - Alternating daily support/resistance

*SUP 3: Y82.94 - High June 1 now support

*SUP 4: Y82.79 - 21-DMA

*COMMENTARY: Bulls take comfort in the close above the 21-DMA Friday which has

been followed up with gains Monday that sees focus on layers of resistance

Y84.04-85.59 where the 200-DMA (Y85.45) is found. Correcting O/S studies add to

bullish confidence. Bears now need a close below Y83.42 to gain breathing room

and below the 21-DMA to return focus to Y80.51-81.04.

     EURO-AUSSIE TECHS: Gaining Traction Below 55-WMA

*RES 4: A$1.5491 - 200-DMA

*RES 3: A$1.5424 - High June 1

*RES 2: A$1.5391 - Low June 1 Now resistance

*RES 1: A$1.5314 - Low May 29 now resistance

*PRICE: A$1.5291 @ 2130GMT

*SUP 1: A$1.5256 - Low Jan 29

*SUP 2: A$1.5152 - 2018 Low Jan 11 

*SUP 3: A$1.5079 - Low Nov 8 

*SUP 4: A$1.5012 - Low Oct 23

*COMMENTARY: Monday saw the pair head lower with bears taking comfort as they

look to gain traction below the 55-WMA (A$1.5332). A weekly close below would

add weight to the case for an initial test of 2018 lows. Below 2018 lows targets

100 & 200-WMAs (A$1.4870-1.4915). O/S daily studies remain the key concern for

bears. Bulls now need a close above A$1.5424 to ease bearish pressure and

initially target a test of A$1.5529.

     US DOLLAR-INDEX TECHS: 93.611 Support Confirms Significance

*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: 94.023 @ 2130GMT

*SUP 1: 93.611 - Low May 24

*SUP 2: 93.573 - 21-DMA

*SUP 3: 93.291 - Low May 22

*SUP 4: 92.841 - Alternating daily support/resistance

*COMMENTARY: The 93.611 support confirmed significance to start the new week

with the index bouncing from just ahead. Bulls now need a close above 94.450 to

end correction talk and initially focus on 2018 highs. The 93.291 support

remains key. Bears need 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 and remain a concern for bulls.

     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: $1.1757 21-DMA

*RES 1: $1.1750 High May 24

*PRICE: $1.1694 @ 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: Hesitation ahead of the 21-DMA is less than ideal for bulls. In

saying that, bulls now need a close above the 21-DMA to gain breathing room and

above $1.1889 to shift immediate focus back to $1.2011-58 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: Y111.39 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: Y109.80 @ 2130GMT

*SUP 1: Y109.36 Low June 4 

*SUP 2: Y109.01 Hourly support June 1 

*SUP 3: Y108.70 Low June 1 

*SUP 4: Y108.12 100-DMA

*COMMENTARY: Tuesday's sell-off saw the pair dip into the Y107.85-108.16 region

where 55 & 100-DMAs and the 21-WMA (Y108.09) are situated. Bears now need a

close below Y109.01 to gain breathing room. 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.

     EURO-YEN TECHS: Bulls Need Close Above Y129.51

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

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

*RES 2: Y129.06 21-DMA

*RES 1: Y129.05 200-WMA

*PRICE: Y128.47 @ 2130GMT

*SUP 1: Y127.89 Hourly support June 4 

*SUP 2: Y127.56 Low June 4 

*SUP 3: Y127.10 Low June 1 

*SUP 4: Y126.22 Hourly support May 30

*COMMENTARY: Bulls take comfort in gains to start the new week as daily studies

look to correct from very O/S levels adding support to the case for a correction

back to Y129.05-129.51 where the 21-DMA & 200-WMA are noted. The Y127.10 support

remains key this week. Bears now look for a close below Y127.10 to return

initial focus to 2018 lows. Overall bears need a close below the 100-WMA

(Y125.33) to retain bearish momentum and target the bull channel base (Y122.51).

     SPOT GOLD TECHS: 200-DMA Caps, Bears Need Close Below 100-WMA

*RES 4: $1324.7 - 100-DMA 

*RES 3: $1319.2 - 55-DMA 

*RES 2: $1310.5 - Low May 10 now resistance 

*RES 1: $1307.4 - 200-DMA

*PRICE: $1291.6 @ 2130GMT

*SUP 1: $1287.4 - Low May 22 

*SUP 2: $1281.8 - 2018 Low May 21 

*SUP 3: $1280.6 - Bollinger band base 

*SUP 4: $1276.3 - 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 ($1276.3) to target the 200-WMA ($1234.3).

     NYMEX WTI TECHS: (N18) Flirting With 100-DMA

*RES 4: $68.17 - Hourly resistance May 31 

*RES 3: $67.34 - High June 1 

*RES 2: $66.04 - Hourly resistance June 1 

*RES 1: $65.27 - Hourly support June 4 now resistance

*PRICE: $64.88 @ 0430GMT

*SUP 1: $63.87 - High Apr 5 

*SUP 2: $61.73 - Monthly Low Apr 6 

*SUP 3: $59.36 - 200-DMA 

*SUP 4: $59.23 - Monthly Low Mar 1

*COMMENTARY: Losses to start the new week ensure the contact remains offered as

it now flirts with the 100-DMA ($64.70). Bears now look for a close below $63.87

to shift initial focus to $61.73 and overall focus to $56.93-59.36 where the

200-DMA and Feb lows are noted. Layers of resistance are weighing despite daily

studies at O/S levels. Bull snow need a close above $67.34 to gain breathing

room and above $68.67 to shift focus higher.

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

[TOPICS: MTABLE]