MNI Asian Morning FX Technical Analysis

8 June 2018

By Kyle Shortland

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

http://tinyurl.com/h8lzqnc

AUSSIE TECHS: $0.7582 Resistance Key Today

*RES 4: $0.7750 - 200-DMA

*RES 3: $0.7747 - 55-WMA

*RES 2: $0.7726 - 100-DMA

*RES 1: $0.7682 - High Apr 23, 200-WMA

*PRICE: $0.7622 @ 2130GMT

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

*SUP 2: $0.7564 - 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.

Hesitation ahead of $0.7682 remains a concern for bulls with a close above to

reconfirm initial focus on $0.7726-50 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: $0.7121 - 200-DMA 

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

*RES 2: $0.7096 - 55-DMA 

*RES 1: $0.7059 - High May 4

*PRICE: $0.7026 @ 2130GMT

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

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

*SUP 3: $0.6952 - 21-DMA

*SUP 4: $0.6880 - Low May 30

*COMMENTARY: Topside follow through remains lacking with bulls needing a close

above $0.7059 to confirm initial focus on $0.7096-0.7200 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 ($0.7058) 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$1.0962 - High May 25

*RES 2: NZ$1.0906 - Low May 25 now resistance

*RES 1: NZ$1.0880 - 200-DMA

*PRICE: NZ$1.0844 @ 2130GMT

*SUP 1: NZ$1.0827 - Low June 5

*SUP 2: NZ$1.0762 - Alternating daily support/resistance

*SUP 3: NZ$1.0750 - 100-DMA

*SUP 4: NZ$1.0723 - 55-DMA

*COMMENTARY: Despite closing above the 200-DMA, bulls failed to take out the

NZ$1.0906 resistance once again, reconfirming its significance. 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: Below 55-DMA To Target 2018 Low

*RES 4: Y84.89 - High Feb 21 

*RES 3: Y84.53 - High June 7 

*RES 2: Y84.27 - Hourly resistance June 7a 

*RES 1: Y83.88 - Hourly resistance June 7

*PRICE: Y83.61 @ 2130GMT

*SUP 1: y83.34 - Low June 5

*SUP 2: Y83.07 - 21-DMA

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

*SUP 4: Y82.63 - 55-DMA

*COMMENTARY: The marginal break of the Y84.51 resistance was quickly reversed

Thursday with a sell-off that leaves the pair looking offered and focus back on

Y82.57-83.34 where 21 (Y83.07) & 55 (Y82.63) DMAs are noted. The close below

Y83.93 provides bears breathing room with a close below the 55-DMA needed to end

bullish hopes and shift focus back to Y80.51-81.04. Bulls now need a close above

Y84.89 to target the 200-DMA (Y85.39) & 55-WMA (Y85.45).

     EURO-AUSSIE TECHS: Immediate Focus On A$1.5529 Today

*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$1.5527 - 21-DMA

*PRICE: A$1.5479 @ 2130GMT

*SUP 1: A$1.5424 - High June 1 now support 

*SUP 2: A$1.5391 - High June 6 now support 

*SUP 3: A$1.5348 - Low June 7 

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

*COMMENTARY: Oscillation around the 55-WMA (A$1.5336) has seen bears fail to

gain traction below with the bounce Thursday buying bulls breathing room. The

focus is now on A$1.5529 today. Bulls need a close above A$1.5529 to confirm

initial focus on A$1.5618-51 and then 100 (A$1.5751) & 55 (A$1.5801) DMAs above.

Bears now need a close below A$1.5391 to ease renewed bullish pressure and

return focus to A$1.5256-74.

     US DOLLAR-INDEX TECHS: 93.700 Resistance Key Today

*RES 4: 94.450 - High June 1 

*RES 3: 93.933 - Hourly resistance June 5 

*RES 2: 93.700 - Hourly resistance June 6 

*RES 1: 93.671 - 21-DMA

*PRICE: 93.430 @ 2130GMT

*SUP 1: 93.213 - Low June 7

*SUP 2: 92.841 - Alternating daily support/resistance

*SUP 3: 92.223 - Low May 14

*SUP 4: 92.008 - 200-DMA

*COMMENTARY: The close below the 21-DMA adds weight to the bearish case for a

move back to 91.820-223 where 55 & 200-DMAs are situated. The break of 93.291

has so far lacked follow through which is less than ideal for bears but bulls

now need a close above 93.700 to ease renewed bearish pressure and above 94.450

to regain the upper hand and initially focus on 2018 highs.

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

*RES 4: $1.2029 55-DMA

*RES 3: $1.2010 200-DMA

*RES 2: $1.1889 Alternating daily support/resistance

*RES 1: $1.1854 High May 16

*PRICE: $1.1799 @ 2130GMT

*SUP 1: $1.1746 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 closes above the 21-DMA added 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 return initial focus to

$1.1506-1.1616 where 2018 lows are located. Daily studies now approaching O/B is

a concern for bulls.

     DOLLAR-YEN TECHS: Capped Around The 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: Y109.67 @ 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: Y108.08 100-DMA

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

100-DMAs and the 21-WMA (Y108.08) are situated saw pressure return to the

200-DMA (Y110.19). 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: Hesitating Ahead Of 55-DMA

*RES 4: Y131.03 55-WMA

*RES 3: Y130.58 55-DMA

*RES 2: Y130.27 High June 7

*RES 1: Y129.78 Hourly support June 7 now resistance

*PRICE: Y129.43 @ 2130GMT

*SUP 1: Y129.01 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 added to bullish confidence

and shifted focus to Y130.27-132.59 where key DMAs, WMAs and the daily bear

channel top are situated. A close above Y132.59 is 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: $1317.9 - 55-DMA 

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

*RES 2: $1307.3 - 200-DMA 

*RES 1: $1303.8 - High June 7

*PRICE: $1296.7 @ 2130GMT

*SUP 1: $1287.4 - Low May 22 

*SUP 2: $1281.8 - 2018 Low May 21 

*SUP 3: $1280.8 - Bollinger band base 

*SUP 4: $1276.4 - 100-WMA

*COMMENTARY: Pops above the 21-DMA ($1298.2) lack 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 $1317.9-1326.6 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 55-DMA

*RES 4: $68.67 - High May 30 

*RES 3: $68.17 - Hourly resistance May 31 

*RES 2: $67.38 - 55-DMA 

*RES 1: $66.08 - Hourly support June 1 now resistance

*PRICE: $65.95 @ 2130GMT

*SUP 1: $65.59 - Hourly support June 7 

*SUP 2: $64.79 - 100-DMA 

*SUP 3: $63.87 - High Apr 5 

*SUP 4: $61.73 - Monthly Low Apr 6

*COMMENTARY: The contract continues flirting with the 100-DMA ($64.79). Bears

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

to $56.93-59.61 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

the 55-DMA ($67.36) 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]