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Free AccessMNI ASIA OPEN: December CPI Housing & Core Goods in Focus
MNI ASIA MARKETS ANALYSIS: Post-PPI Highs Rejected
MNI Dollar-Asia Morning FX Technical Analysis
11 January 2018
By Kyle Shortland
Click below for today's MNI FX Technical Analysis Report -
http://tinyurl.com/pzkomnu
DOLLAR-SING TECHS: Sgd1.3293 Support Key
*RES 4: Sgd1.3512 - 100-DMA
*RES 3: Sgd1.3487 - 55-DMA
*RES 2: Sgd1.3415 - Low Dec 1 now resistance
*RES 1: Sgd1.3388 - 21-DMA
*PRICE: Sgd1.3352 @ 2300GMT
*SUP 1: Sgd1.3303 - Low Jan 10
*SUP 2: Sgd1.3293 - Hourly support Jan 8
*SUP 3: Sgd1.3250 - 2018 Low Jan 5
*SUP 4: Sgd1.3145 - 2015 Low Apr 29
*COMMENTARY: Initial focus returned to the Sgd1.3388-1.3415 region where the
21-DMA is located following the recovery from recent 2018 lows. Daily studies
correcting from O/S have added support to the bullish case with a close above
Sgd1.3415 needed to shift focus to Sgd1.3487-1.3538 where 55 & 100-DMAs are
situated. Bears now need a close below Sgd1.3293 to return pressure to 2018
lows.
DOLLAR-WON TECHS: Bulls Need Close Above Krw1082.8
*RES 4: Krw1094.1 - 55-DMA
*RES 3: Krw1082.8 - High Dec 21
*RES 2: Krw1077.0 - 21-DMA
*RES 1: Krw1076.0 - High Dec 28
*PRICE: Krw1071.9@ 2300GMT
*SUP 1: Krw1065.5 - Low Jan 9
*SUP 2: Krw1058.8 - 2018 Low Jan 8
*SUP 3: Krw1045.6 - Monthly Low Oct 29 2014
*SUP 4: Krw1045.3 - Daily Bear channel base
*COMMENTARY: Fresh 2018 & 3+ year lows lacked follow through Monday which is a
concern given daily studies looking to correct from O/S increasing correction
risk. In saying that, bulls still need a close above Krw1082.8 to confirm breaks
of the 21-DMA and bear channel top, shifting focus to Krw1094.1-1101.4 where the
55-DMA is noted. Bears now need a close below Krw1065.5 to retain focus on the
bear channel base and Krw1045.3-1045.6.
DOLLAR-MYR TECHS: Bulls Need Close Above Myr4.0260
*RES 4: Myr4.1014 - High Dec 12
*RES 3: Myr4.0561 - 21-DMA
*RES 2: Myr4.0450 - High Jan 2
*RES 1: Myr4.0260 - High Jan 3
*PRICE: Myr4.0150 @ 2300GMT
*SUP 1: Myr3.9800 - 2018 Low Jan 9
*SUP 2: Myr3.9750 - Monthly Low Aug 8 2016
*SUP 3: Myr3.9380 - 200-WMA
*SUP 4: Myr3.9314 - Monthly Low July 14 2016
*COMMENTARY: A bullish key day reversal was noted Tuesday which is a concern for
bears given daily studies looking to correct from very O/S levels. Bulls
continue to look for a close above Myr4.0260 to gain breathing room and above
Myr4.1014 to shift focus to Myr4.1260-1423 where the 55-DMA (Myr4.1260) is
situated. Bears now look for a close below Myr4.9750 to reconfirm a bearish bias
targeting the 200-WMA.
DOLLAR-CNH TECHS: Bulls Need Close Above 21-DMA
*RES 4: Cnh6.5926 - Low Dec 1 now resistance
*RES 3: Cnh6.5823 - High Dec 21
*RES 2: Cnh6.5695 - High Dec 25
*RES 1: Cnh6.5452 - 21-DMA
*PRICE: Cnh6.5206 @ 2300GMT
*SUP 1: Cnh6.5017 - High Jan 8 now support
*SUP 2: Cnh6.4647 - 2018 Low Jan 8
*SUP 3: Cnh6.4605 - Bollinger band base
*SUP 4: Cnh6.4425 - 2017 Low Sept 8
*COMMENTARY: O/S daily studies appear to be impacting with gains this week
seeing the pair bounce back towards the 21-DMA. Bulls need a close above the
21-DMA to confirm an easing of bearish pressure and above the 100-DMA
(Cnh6.5944) to shift focus to Cnh6.6528-6.7029 where the 200-DMA and monthly
highs are noted. Bears still need a close below Cnh6.5017 to ease pressure on
the 21-DMA and retain focus on 2017 lows.
DOLLAR-PHP TECHS: Bulls Still Need Close Above 200-DMA
*RES 4: Php50.810 - High Dec 7
*RES 3: Php50.743 - 55-DMA
*RES 2: Php50.696 - Bollinger band top
*RES 1: Php50.500 - 200-DMA
*PRICE: Php50.380 @ 2300GMT
*SUP 1: Php50.214 - 21-DMA
*SUP 2: Php50.155 - Low Jan 9
*SUP 3: Php49.930 - High Jan 4 now support
*SUP 4: Php49.770 - Low June 16
*COMMENTARY: The lack of follow through on Friday's 6mth lows combined with
daily studies correcting from O/S has resulted in a bounce back towards the
200-DMA. Correcting O/S studies add support to the bullish case. Bulls continue
to look for a close above the 200-DMA to shift focus to Php50.743-51.030 where
55 & 100-DMAs are noted. Bears now need a close below Php50.155 to ease pressure
on the 200-DMA.
DOLLAR-THB TECHS: O/S Daily Studies Key Concern
*RES 4: Thb32.92 - High Nov 17
*RES 3: Thb32.73 - 55-DMA
*RES 2: Thb32.51 - 21-DMA
*RES 1: Thb33.39 - Low Jan 2 now resistance
*PRICE: Thb32.11 @ 2300GMT
*SUP 1: Thb32.06 - 2018 Low Jan 10
*SUP 2: Thb31.88 - Monthly Low Sept 8 2014
*SUP 3: Thb31.77 - Daily Bear channel base
*SUP 4: Thb31.72 - 2014 Low July 22
*COMMENTARY: Downside follow through has been lacking so far this week which is
less than ideal given daily studies looking to correct from very O/S levels.
Bulls now need a close above Thb32.39 to ease bearish pressure and above the
21-DMA to shift initial focus to Thb32.73-33.07 where the bear channel top, 55 &
100-DMAs are located. While Thb32.39 caps bears remain focused on Thb31.72-88
where 2014 lows are noted.
DOLLAR-IDR TECHS: Supported Ahead of 55-DMA
*RES 4: Idr13532 - 55-DMA
*RES 3: Idr13504 - High Jan 3
*RES 2: Idr13480 - High Jan 4
*RES 1: Idr13470 - 100-DMA
*PRICE: Idr13426 @ 2300GMT
*SUP 1: Idr13396 - 200-DMA
*SUP 2: Idr13384 - 55-WMA
*SUP 3: Idr13380 - High Sept 26 now support
*SUP 4: Idr13352 - Monthly High Sept 2017
*COMMENTARY: The pair remains uncomfortable on dips below the 200-DMA with the
55-WMA currently supporting. Daily studies looking to correct from modestly O/S
levels are less than ideal for bears. In saying that, bulls still need a close
above Idr13480 to ease bearish pressure and above Idr13565 to shift focus back
to 2017 highs. Bears now need a close below the 55-WMA to reconfirm a bearish
bias targeting 2017 lows.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.