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USDCAD TECHS

Pullback Considered Corrective

AUDUSD TECHS

Holding Above Recent Lows

US EURODLR OPTIONS

BLOCK, Large 3Y Midcurve Put Condor

24 April 2018
By Kyle Shortland
     
Please click on this link to access MNI's daily European FX Technical Analysis
Pdf - http://tinyurl.com/kvgb59s
EURO-DOLLAR TECHS: Flirting With 21-WMA & 100-DMA
*RES 4: $1.2405 Daily Bear channel top off Feb high
*RES 3: $1.2359 Hourly resistance Apr 19
*RES 2: $1.2312 Hourly support Apr 20 now resistance
*RES 1: $1.2248 Low Apr 20 now resistance
*PRICE: $1.2208 @ 0430GMT
*SUP 1: $1.2183 Hourly support Apr 24 
*SUP 2: $1.2153 Low Mar 1 
*SUP 3: $1.2092 High Jan 4 now support 
*SUP 4: $1.2037 Daily Bear channel base
*COMMENTARY: Losses continued to start the new week with the pair flirting with
the 21-WMA ($1.2204) & 100-DMA ($1.2207) as bears focus immediate attention on
$1.2153. Bears need a close below this level to shift initial focus to
$1.2000-92 where the bear channel base ($1.2037) & 200-DMA are found. Bulls need
a close above $1.2248 to gain breathing room and above $1.2413 to shift focus
back to $1.2405-13.
     CABLE TECHS: 21-WMA & 100-DMA Supports Key
*RES 4: $1.4171 Low Apr 18 now resistance 
*RES 3: $1.4108 21-DMA 
*RES 2: $1.4031 High Apr 23 
*RES 1: $1.3984 Hourly support Apr 23 now resistance
*PRICE: $1.3943 @ 0430GMT
*SUP 1: $1.3893 Bollinger band base 
*SUP 2: $1.3873 Low Mar 13 
*SUP 3: $1.3854 100-DMA 
*SUP 4: $1.3850 21-WMA
*COMMENTARY: Losses defined after the lack of topside follow through on 2018 &
nearly 2yr highs last week. Immediate focus is now on $1.3850-73 where the
100-DMA & 21-WMA are located. Below these MAs then targets $1.3656-1.3710. Daily
studies remain well placed for losses. Bulls now need a close above $1.4031 to
gain breathing room and above $1.4171 to hint at a move back to 2018 highs and
above $1.4280 to confirm.
     DOLLAR-YEN TECHS: Above Y110.47 To Target 2018 High
*RES 4: Y109.79 High Feb 8 
*RES 3: Y109.45 100-WMA 
*RES 2: Y109.00 100-DMA 
*RES 1: Y108.94 21-WMA
*PRICE: Y108.80 @ 0430GMT
*SUP 1: Y108.54 Hourly support Apr 23 
*SUP 2: Y108.27 Hourly resistance Apr 23 now support 
*SUP 3: y107.85 High Apr 20 now support 
*SUP 4: Y107.48 Hourly support Apr 20
*COMMENTARY: Bulls flexed their muscles Monday with a break of Y108.03-42
confirming immediate focus on key WMAs and DMAs noted Y109.00-110.47. A close
above Y110.47 is needed to confirm breaks and target 2018 highs. Initial support
is noted at Y108.54 but bears look for a close below Y107.85 to ease bullish
pressure and shift focus back to Y106.57-107.34 where the 21 & 55 DMAs are
situated. The Bollinger top (Y108.55) is the key concern for bulls.
     EURO-YEN TECHS: 100-DMA Capping, Bears Need Close Below 55-DMA
*RES 4: Y134.79 High Feb 8
*RES 3: Y134.16 High Feb 9
*RES 2: Y133.34 Bollinger band top
*RES 1: Y133.03 100-DMA
*PRICE: Y132.84 @ 0430GMT
*SUP 1: Y132.02 Low Apr 20 
*SUP 2: Y131.78 Low Apr 12 
*SUP 3: Y131.64 55-DMA 
*SUP 4: Y131.05 Low Apr 5
*COMMENTARY: Despite repeatedly pressuring the 100-DMA & 21-WMA (Y132.95) last
week bears failed to manage the close above needed to shift initial focus to
Y134.16 and overall focus to 2018 highs. Correcting O/B daily studies remain a
concern for bulls and add weight to the bearish case. Bears now look for a close
below the 55-DMA to hint at a move to Y128.94-130.14 where 2018 lows, 55
(Y130.14) & 200 (Y129.31) WMAs are noted with below Y131.05 to confirm.
     EURO-STERLING TECHS: Bulls Need Close Above 55-WMA
*RES 4: Gbp0.8841 Low Mar 14 now resistance 
*RES 3: Gbp0.8823 55-WMA 
*RES 2: Gbp0.8811 100-DMA 
*RES 1: Gbp0.8797 High Mar 27
*PRICE: Gbp0.8756 @ 0430GMT
*SUP 1: Gbp0.8733 Low Apr 20 
*SUP 2: Gbp0.8726 21-DMA 
*SUP 3: Gbp0.8686 Low Apr 19 
*SUP 4: Gbp0.8664 Hourly breakout level Apr 18
*COMMENTARY: O/S daily studies and Bolli base (Gbp0.8642) limiting follow
through impacted with an aggressive correction that sees focus return to
Gbp0.8797-0.8823 where 55 & 100-DMAs & the 55-WMA are located. A close above the
55-WMA hints at a move back to Gbp0.8874-0.8904 with the 200-DMA at Gbp0.8883.
Bears continue to look for a close below the 21-DMA to ease bullish pressure and
below Gbp0.8664 to return focus to Gbp0.8380-0.8515.
     AUSSIE TECHS: Flirting With Weekly Bull Channel Base
*RES 4: $0.7763 - Hourly support Apr 19 now resistance
*RES 3: $0.7735 - Low Apr 12 now resistance
*RES 2: $0.7702 - Hourly resistance Apr 20
*RES 1: $0.7648 - Hourly resistance Apr 23
*PRICE: $0.7607 @ 0430GMT
*SUP 1: $0.7580 - High Dec 12 now support 
*SUP 2: $0.7498 - Monthly Low Dec 8 
*SUP 3: $0.7368 - Monthly Low June 1 
*SUP 4: $0.7326 - Monthly Low May 9
*COMMENTARY: The sell-off from 200-DMA ($0.7812) failures last week has resulted
in fresh 2018 & 4mth lows with the pair flirting with the LT bull channel base
off 2016 lows ($0.7603). Bears now look for a close below $0.7580 to initially
pressure Dec lows. A close below Dec lows then targets $0.7326 May lows. Bulls
now need a close above $0.7640 to gain breathing room and above $0.7735 to shift
focus back to $0.7814-42 where the 200-DMA is noted.
     US DOLLAR-INDEX TECHS: Topside Follow Through Lacking So Far
*RES 4: 92.046 - 200-DMA 
*RES 3: 92.033 - Weekly Bear channel top off 2017 high 
*RES 2: 91.751 - Low Jan 2 now resistance 
*RES 1: 91.076 - Hourly resistance Apr 24
*PRICE: 90.896 @ 0430GMT
*SUP 1: 90.618 - Hourly support Apr 23
*SUP 2: 90.483 - Hourly resistance Apr 23 now support
*SUP 3: 90.209 - Hourly support Apr 20
*SUP 4: 89.898 - 55-DMA
*COMMENTARY: The lack of follow through on the pop above 91.011 is less than
ideal for bulls who need a close above this level to shift focus to
91.751-92.046 where the 200-DMA and weekly bear channel top off 2017 highs are
noted. Daily studies are well placed for gains with the Bollinger top (90.832)
the key concern. Bears need a close below 90.483 to ease bullish pressure and
below the 55-DMA to shift focus back to 88.942-89.229.
     US 10-YR YIELD TECHS: Lacking Topside Follow Through
*RES 4: 3.168 - Weekly Bull channel top 
*RES 3: 3.073 - Low July 6 2011 now resistance 
*RES 2: 3.041 - 2014 High Jan 2 
*RES 1: 2.990 - Hourly resistance Apr 23
*PRICE: 2.962 @ 0430GMT
*SUP 1: 2.925 - Hourly support Apr 20 
*SUP 2: 2.904 - Low Apr 20 
*SUP 3: 2.876 - High Apr 18 now support 
*SUP 4: 2.862 - Low Apr 19
*COMMENTARY: The lack of topside follow through is a concern for bulls when
combined with daily studies looking to correct from O/B and the proximity of the
Bollinger band top (2.963). Bears need a close below 2.962 today to ease bullish
pressure and below 2.876 to shift initial focus back to 2.814. Below 2.814 is
needed to end bullish hopes and initially target 2.694-748. Until a close below
2.962 is seen bulls focus on 3.041-073 where 2014 highs are situated.
     NYMEX WTI TECHS: (M18) Support Emerging On Dips
*RES 4: $73.71 - Weekly Bull channel top 
*RES 3: $73.25 - Low Nov 11 2014 now resistance 
*RES 2: $72.41 - Daily Bull channel top 
*RES 1: $69.55 - 2018 High Apr 19
*PRICE: $68.93 @ 0430GMT
*SUP 1: $68.66 - High Apr 20 now support 
*SUP 2: $67.14 - Low Apr 23 
*SUP 3: $66.54 - Low Apr 18 
*SUP 4: $65.59 - Low Apr 17
*COMMENTARY: Support emerging on dips provides bulls confidence but a close
above $69.55 is needed to reconfirm focus on $72.41-73.71 following last week's
lack of topside follow through. O/B daily studies and momentum divergence are
seen as concerns for bulls. Bears now look for a close below $67.14 to gain
breathing room and hint at a correction back to $65.09-65.74 where the 21-DMA
($65.74) is found.
     SPOT GOLD TECHS: 100-DMA Support Key This Week
*RES 4: $1356.2 - Bollinger band top 
*RES 3: $1355.7 - High Apr 18 
*RES 2: $1339.3 - Hourly resistance Apr 20 
*RES 1: $1331.0 - 55-DMA
*PRICE: $1326.2 @ 0430GMT
*SUP 1: $1321.2 - Low Apr 6 
*SUP 2: $1318.0 - Low Apr 10 
*SUP 3: $1306.9 - Daily Bull channel base off Dec low 
*SUP 4: $1302.5 - Monthly Low Mar 1
*COMMENTARY: Pressure resulted in a break of the bull channel base off Dec lows
with immediate focus on the 100-DMA. Bears need a close below the 100-DMA to
shift initial focus back to $1291.2-1302.5 where the 55-WMA ($1291.2), 200-DMA
($1302.0) & March low ($1302.5) are located. Bulls now need a close above the
55-DMA to gain breathing room and above $1339.3 to return focus to
$1355.7-1366.1 where 2018 highs are located.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]