MNI Asian Morning FX Technical Analysis

7 June 2018

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: Finding Support On Dips

*RES 4: $0.7752 - 200-DMA

*RES 3: $0.7748 - 55-WMA

*RES 2: $0.7730 - 100-DMA

*RES 1: $0.7682 - High Apr 23

*PRICE: $0.7667 @ 2130GMT

*SUP 1: $0.7593 - High May 31 now support 

*SUP 2: $0.7561 - 21-DMA 

*SUP 3: $0.7513 - Low June 1 

*SUP 4: $0.7474 - Low May 30

*COMMENTARY: The break of the bear channel top off 2018 highs Tuesday lacked

follow through with the pullback confirming significance of $0.7593. Bears need

a close below to ease bullish pressure and see focus return to $0.7410-0.7513.

Bulls take comfort in pressure returning to $0.7682 with a close above to

reconfirm initial focus on $0.7730-52 where 100 & 200-DMAs and 21 & 55-WMAs are

noted. Above the 200-DMA shifts immediate focus to $0.7916 Mar highs.

     KIWI TECHS: Topside Follow Through Lacking

*RES 4: $0.7123 - 200-DMA 

*RES 3: $0.7102 - Hourly support Apr 25 now resistance 

*RES 2: $0.7100 - 55-DMA 

*RES 1: $0.7059 - High May 4

*PRICE: $0.7035 @ 2130GMT

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

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

*SUP 3: $0.6949 - 21-DMA

*SUP 4: $0.6880 - Low May 30

*COMMENTARY: Topside follow through was lacking above $0.7052 with bulls now

needing a close above $0.7059 to confirm initial focus on $0.7100-0.7200 where

55, 100 & 200-DMAs and 21, 55, 100 & 200-WMAs are situated. Initial support is

noted at $0.6993 with bears needing a close below to gain breathing room.

Overall below the 21-DMA is needed to return focus to $0.6849-80 where 2018 lows

are situated. The Bollinger top ($0.7052) is the key concern for bulls.

     AUSSIE-KIWI TECHS: NZ$1.0906 Resistance Confirms Significance

*RES 4: NZ$1.1006 - Low Jan 30 now resistance

*RES 3: NZ$1.1006 - Low Jan 30 now resistance

*RES 2: NZ$1.0962 - High May 25

*RES 1: NZ$1.0906 - Low May 25 now resistance

*PRICE: NZ$1.0894 @ 2130GMT

*SUP 1: NZ$1.0881 - 200-DMA

*SUP 2: NZ$1.0827 - Low June 5

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

*SUP 4: NZ$1.0752 - 100-DMA

*COMMENTARY: Bulls take comfort in the close above the 200-DMA that sees the

pair pressuring the NZ$1.0906 resistance. Bulls look for a close above NZ$1.0906

to confirm traction above the 200-DMA and above NZ$1.0962 to reconfirm focus on

2018 highs. Daily studies are well placed for a fresh leg higher. Bears now need

a close below NZ$1.0827 to ease bullish pressure and below NZ$1.0697 needed to

return focus to tests of 2018 lows.

     AUSSIE-YEN TECHS: Above Y84.51 Initially Targets 200-DMA

*RES 4: Y85.59 - High Feb 13 

*RES 3: Y85.42 - 200-DMA 

*RES 2: Y84.89 - High Feb 21 

*RES 1: Y84.51 - High Mar 13

*PRICE: Y84.45 @ 2130GMT

*SUP 1: Y83.93 - Hourly resistance June 6 now support

*SUP 2: Y83.55 - 100-DMA

*SUP 3: Y83.34 - Low June 5

*SUP 4: Y82.94 - High June 1 now support

*COMMENTARY: Closes above the 100-DMA (Y83.55) & 100-WMA (Y84.00) add to bullish

confidence and see pressure on the Y84.51 resistance. Bulls look for a close

above this level to confirm initial focus on Y85.43-59 where the 200-DMA is

located. Support layers are accumulating with bears now needing a close below

Y83.93 to gain breathing room and below the 55-DMA (Y82.59) to end bullish hopes

and shift focus back to Y80.51-81.04.

     EURO-AUSSIE TECHS: A$1.5424 Resistance Remains Key

*RES 4: A$1.5618 - High May 23

*RES 3: A$1.5529 - High June 1

*RES 2: A$1.5495 - 200-DMA

*RES 1: A$1.5424 - High June 1

*PRICE: A$1.5357 @ 2130GMT

*SUP 1: A$1.5274 - Lows June 4 & 5 

*SUP 2: A$1.5256 - Low Jan 29 

*SUP 3: A$1.5152 - 2018 Low Jan 11 

*SUP 4: A$1.5079 - Low Nov 8

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

look to gain traction below the 55-WMA (A$1.5333). 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 need a close above A$1.5424 to ease bearish pressure and initially

target a test of A$1.5529.

     US DOLLAR-INDEX TECHS: Bears Need Close Below 93.291

*RES 4: 95.025 - 2018 High May 29 

*RES 3: 94.695 - Hourly resistance May 30 

*RES 2: 94.450 - High June 1 

*RES 1: 93.933 - Hourly resistance June 5

*PRICE: 93.630 @ 2130GMT

*SUP 1: 93.291 - Low May 22

*SUP 2: 92.841 - Alternating daily support/resistance

*SUP 3: 92.223 - Low May 14

*SUP 4: 92.005 - 200-DMA

*COMMENTARY: Bears take comfort in the dip below the 21-DMA (93.650) but the

93.291 support remains key. Bears need a close below to confirm traction below

the 21-DMA and target a move back to 92.005-223 where the 200-DMA is noted.

Correcting O/B studies add weight to the bearish case and remain a concern for

bulls. The 94.450 resistance is key. Bulls now need a close above 94.450 to end

correction talk and initially focus on 2018 highs.

     EURO-DOLLAR TECHS: Above $1.1889 To Target $1.2011-53

*RES 4: $1.2048 55-DMA

*RES 3: $1.2010 200-DMA

*RES 2: $1.1889 Alternating daily support/resistance

*RES 1: $1.1854 High May 16

*PRICE: $1.1773 @ 2130GMT

*SUP 1: $1.1750 21-DMA 

*SUP 2: $1.1708 Low June 6 

*SUP 3: $1.1616 Low June 1 

*SUP 4: $1.1594 Hourly support May 30

*COMMENTARY: The close above the 21-DMA ($1.1750) adds to bullish confidence but

a close above $1.1889 remains needed to shift immediate focus back to $1.2010-53

where the 55 & 200-DMAs are situated. Initial support is now noted at the 21-DMA

but bears now look for a close below $1.1708 to signal a false break and return

initial focus to $1.1506-1.1616 where 2018 lows are located. Daily studies are

well placed for a fresh leg higher.

     DOLLAR-YEN TECHS: Flirting With 200-DMA

*RES 4: Y111.49 High Jan 18 

*RES 3: Y111.39 High May 21 

*RES 2: Y111.18 High May 22 

*RES 1: Y110.72 Hourly support May 22 now resistance

*PRICE: Y110.17 @ 2130GMT

*SUP 1: Y109.77 Low June 6 

*SUP 2: Y109.36 Low June 4

*SUP 3: Y109.01 Hourly support June 1 

*SUP 4: Y108.70 Low June 1

*COMMENTARY: The recovery from the dip into the Y107.85-108.35 region where 55 &

100-DMAs and the 21-WMA (Y108.09) are situated has seen pressure return to the

200-DMA (Y110.20). Bulls look for a close above Y110.72 to confirm traction

above the 200-DMA and return immediate focus to Y111.39-98. Daily studies

correcting from modestly O/S levels added support to the bullish case. Bears now

need a close below Y109.36 to gain breathing room.

     EURO-YEN TECHS: 21-DMA Key Support Today

*RES 4: Y131.22 Daily Bear channel top off 2018 high

*RES 3: Y131.04 55-WMA

*RES 2: Y130.59 55-DMA

*RES 1: Y130.22 Low May 18 now resistance

*PRICE: Y129.73 @ 2130GMT

*SUP 1: Y129.07 21-DMA 

*SUP 2: Y128.18 Hourly resistance June 5 now support 

*SUP 3: Y127.77 Low June 5 

*SUP 4: Y127.56 Low June 4

*COMMENTARY: The close above the 21-DMA & Y129.51 adds to bullish confidence and

sees focus now on layers of resistance Y130.22-132.59 where key DMAs, WMAs and

the daily bear channel top are situated. A close above Y132.59 is now needed to

confirm breaks and to see bulls targeting Y134.12-137.50 where the falling TL

off 2014 highs is found. Bears now look for a close below the 21-DMA to ease

bullish pressure and below Y127.10 to shift focus back to 2018 lows.

     SPOT GOLD TECHS: $1310.5 Resistance Remains Key

*RES 4: $1318.5 - 55-DMA 

*RES 3: $1310.5 - Low May 10 now resistance 

*RES 2: $1307.4 - 200-DMA 

*RES 1: $1301.9 - High June 6

*PRICE: $1296.0 @ 2130GMT

*SUP 1: $1287.4 - Low May 22 

*SUP 2: $1281.8 - 2018 Low May 21 

*SUP 3: $1280.5 - Bollinger band base 

*SUP 4: $1276.4 - 100-WMA

*COMMENTARY: The pop above the 21-DMA ($1299.0) lacked follow through with the

200-DMA just above. Bulls need a close above $1310.5 to confirm breaks of 21 &

200-DMAs and shift initial focus to $1318.5-1326.6 where 55 & 100-DMAs & the

21-WMA are noted. Bears continue to look for a close below the 100-WMA to target

$1233.4-1234.3 where the 200-WMA and LT TL off late Dec 2015 lows are found.

     NYMEX WTI TECHS: (N18) Bulls Need Close Above $67.34

*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: $66.55 - Hourly resistance June 6

*PRICE: $65.01 @ 2130GMT

*SUP 1: $63.87 - High Apr 5 

*SUP 2: $61.73 - Monthly Low Apr 6 

*SUP 3: $59.52 - 200-DMA 

*SUP 4: $59.23 - Monthly Low Mar 1

*COMMENTARY: The contract continues flirting with the 100-DMA ($64.76). Bears

look for a close below $63.87 to shift initial focus to $61.73 and overall focus

to $56.93-59.53 where the 200-DMA and Feb lows are noted. Layers of resistance

are weighing despite daily studies at O/S levels. Bulls now need a close above

$67.34 to confirm a break of the 55-DMA ($67.33) and 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]