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Bear Flag

22 September 2017
By Kyle Shortland
Click below for today's MNI FX Technical Analysis Report -
DOLLAR-SING TECHS: Topside Follow Through Lacking
*RES 4: Sgd1.3589 - 55-DMA 
*RES 3: Sgd1.3584 - High Sept 4 
*RES 2: Sgd1.3538 - High Sept 14
*RES 1: Sgd1.3501 - 21-DMA
*PRICE: Sgd1.3488 @ 2300GMT
*SUP 1: Sgd1.3479 - Hourly support Sept 20 
*SUP 2: Sgd1.3399 - Low Sept 20 
*SUP 3: Sgd1.3342 - 2017 Low Sept 8 
*SUP 4: Sgd1.3303 - Daily Bear channel base
*COMMENTARY: Follow through above the 21-DMA (Sgd1.3501) was lacking Thursday
with bulls needing a close above Sgd1.3538 to confirm a break of the 21-DMA and
ease bearish pressure, shifting immediate focus to Sgd1.3584-89 where the 55-DMA
(Sgd1.3589) is situated. Above the 55-DMA hints at a move back to
Sgd1.3688-1.3720. Initial support is noted at Sgd1.3479 with bears needing a
close below to shift initial focus to Sgd1.3399.
DOLLAR-WON TECHS: Krw1125.1 & Krw1136.5 Levels Remain Key
*RES 4: Krw1144.1 - High Aug 18
*RES 3: Krw1140.1 - Low Aug 18 now resistance
*RES 2: Krw1136.5 - High Sept 15
*RES 1: Krw1136.0 - Bollinger band top
*PRICE: Krw1132.7 @ 2300GMT
*SUP 1: Krw1125.1 - Low Sept 8
*SUP 2: Krw1121.7 - Bollinger band base
*SUP 3: Krw1119.0 - Low Aug 28
*SUP 4: Krw1114.3 - High July 27 now support
*COMMENTARY: The break to the topside lacked follow through last Friday with the
pair correcting lower Monday. The pair is currently trading sideways in a
Krw1125.1-1136.5 range as narrowing Bollinger bands suggest a breakout in the
near future. Bears look for a close below Krw1125.1 to hint at a move back to
2017 lows with a close below Krw1119.0 needed to confirm. Bulls still need a
close above Krw1136.5 to shift focus to the 200-DMA (Krw1142.9).
DOLLAR-CNH TECHS: Capped Ahead Of Cnh6.6131
*RES 4: Cnh6.6411 - Low Aug 25 
*RES 3: Cnh6.6276 - High Aug 29 
*RES 2: Cnh6.6131 - High Aug 30 
*RES 1: Cnh6.5930 - Daily Bear channel top
*PRICE: Cnh6.5828 @ 2300GMT
*SUP 1: Cnh6.5573 - Low Sept 21
*SUP 2: Cnh6.5409 - Low Sept 18 
*SUP 3: Cnh6.5219 - Low Sept 13 
*SUP 4: Cnh6.5053 - Low Sept 11
*COMMENTARY: The recovery from 2017 lows looks to be in a little trouble with
follow through lacking on the pop above the daily bear channel top and the pair
convincingly rejected ahead of Cnh6.6131. Bulls need a close above Cnh6.6131 to
confirm a break of the channel top and to target the 55-DMA (Cnh6.6617). Bears
continue to look for a close below Cnh6.5409 to shift focus back to 2017 lows.
DOLLAR-PHP TECHS: Supported Ahead Of Bull Channel Base
*RES 4: Php51.630 - 2017 High Aug 18 
*RES 3: Php51.390 - Low Aug 18 now resistance 
*RES 2: Php51.367 - Bollinger band top 
*RES 1: Php51.295 - High Sept 15
*PRICE: Php51.080 @ 2300GMT
*SUP 1: Php50.832 - 55-DMA 
*SUP 2: Php50.830 - Low Sept 11 
*SUP 3: Php50.786 - Daily Bull channel base 
*SUP 4: Php50.675 - Low Sept 8
*COMMENTARY: Bulls take comfort in support emerging on the dip below the 55-DMA
and ahead of the daily bull channel base. The Php51.295-390 resistance remains
key. Bulls need a close above this region to reconfirm immediate focus on tests
of 2017 highs. The Bollinger top is likely to become an issue on a break higher.
Bears continue to look for a close below Php50.675 to shift focus to the 100-DMA
DOLLAR-THB TECHS: Bulls Still Need Close Above 21-DMA
*RES 4: Thb33.53 - High July 26 
*RES 3: Thb33.46 - Daily Bear channel top 
*RES 2: Thb33.41 - High July 27 
*RES 1: Thb33.13 - 21-DMA
*PRICE: Thb33.09 @ 2300GMT
*SUP 1: Thb33.01 - 2017 Low Sept 7 & 8 
*SUP 2: Thb32.98 - Monthly Low May 1 2015 
*SUP 3: Thb32.52 - Low Apr 27 2015 
*SUP 4: Thb32.47 - Daily Bear channel base
*COMMENTARY: Hesitation ahead of May 2015 monthly lows continues with the 21-DMA
capping. Bulls need a close above the 21-DMA to confirm an easing of bearish
pressure. Bulls then need a close above Thb33.53 to confirm breaks of the 55-DMA
(Thb33.31) and bear channel top with immediate focus shifting to Thb33.69-88.
Bears still need a close below Thb32.98 to retain focus on Thb32.48-52 where a
channel base it noted.
DOLLAR-IDR TECHS: Bulls Now Need Close Above Idr13295
*RES 4: Idr13332 - 200-DMA 
*RES 3: Idr13319 - 100-DMA 
*RES 2: Idr13295 - Low July 19 now resistance 
*RES 1: Idr13288 - 21-DMA
*PRICE: Idr13279 @ 2300GMT
*SUP 1: Idr13250 - Low Sept 19 
*SUP 2: Idr13220 - Low Sept 14 
*SUP 3: Idr13175 - Low Sept 12 
*SUP 4: Idr13135 - 2017 Low Sept 11
*COMMENTARY: The recovery from 2017 lows sees daily studies correcting from O/S
and adding support to the correction case. The Idr13288-295 resistance region
remains key. Bulls need a close above Idr13295 to hint a at a shift higher in
focus with above the 200-DMA (Idr13332) to see bulls targeting Idr13380-13415.
Initial support is noted at Idr13250 with bears needing a close below to ease
renewed bullish pressure.
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