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MNI European Morning FX Technical Analysis 

27 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: Pressuring Key Weekly Support
*RES 4: $1.2312 Hourly support Apr 20 now resistance
*RES 3: $1.2248 Low Apr 20 now resistance
*RES 2: $1.2218 100-DMA
*RES 1: $1.2144 Hourly support Apr 26 now resistance
*PRICE: $1.2111 @ 0430GMT
*SUP 1: $1.2092 Weekly High Jan 4 now support 
*SUP 2: $1.2027 Daily Bear channel base 
*SUP 3: $1.2008 200-DMA 
*SUP 4: $1.1914 2018 Low Jan 19
*COMMENTARY: Pressure is on the key $1.2092 weekly support with a close below
needed to hint at a test of 2018 lows and below the 200-DMA to confirm. Layers
of resistance continue to accumulate and weigh but O/S studies are now a
concern. Bulls now need a close above $1.2144 to gain breathing room and above
the 55-DMA ($1.2315) to shift focus back to $1.2395-1.2476 where the bear
channel top is noted.
     CABLE TECHS: 21-WMA & 100-DMA Supports Key
*RES 4: $1.4086 21-DMA 
*RES 3: $1.4031 High Apr 23 
*RES 2: $1.4010 55-DMA 
*RES 1: $1.3997 High Apr 26
*PRICE: $1.3929 @ 0430GMT
*SUP 1: $1.3893 Low Apr 26 
*SUP 2: $1.3873 Low Mar 13 
*SUP 3: $1.3869 100-DMA 
*SUP 4: $1.3842 Bollinger band base
*COMMENTARY: Immediate focus remains on $1.3849-73 where the 100-DMA & 21-WMA
($1.3849) are located. Below these MAs then targets $1.3656-1.3710 where the
weekly bull channel base off Mar lows is noted. Bulls still need a close above
$1.4031 to gain breathing room and above $1.4171 to hint at a move back to 2018
highs with above $1.4280 to confirm. O/S daily studies are now a concern for
bears.
     DOLLAR-YEN TECHS: Bears Still Need Close Below Y108.97
*RES 4: Y110.25 200-DMA 
*RES 3: Y110.18 Daily Bull channel top 
*RES 2: Y109.79 High Feb 8 
*RES 1: Y109.46 100-WMA
*PRICE: Y109.19 @ 0430GMT
*SUP 1: Y108.97 Hourly support Apr 25 
*SUP 2: Y108.54 Hourly support Apr 23 
*SUP 3: Y108.27 Hourly resistance Apr 23 now support 
*SUP 4: Y107.85 High Apr 20 now support
*COMMENTARY: Immediate focus remains on WMAs & DMAs Y109.46-110.47. A close
above Y110.47 is needed to confirm breaks and target 2018 highs. Initial support
is noted at Y108.97 with bears needing a close below to gain breathing room and
below Y108.54 to shift focus back to Y107.85. A close below Y107.85 then targets
Y106.57-107.47 where the 21 (Y107.47) & 55 (Y106.85) DMAs are situated. The
Bollinger top (Y109.45) remains the key concern for bulls.
     EURO-YEN TECHS: Bears Now Need Close Below 55-DMA
*RES 4: Y134.79 High Feb 8
*RES 3: Y134.16 High Feb 9
*RES 2: Y133.53 Bollinger band top
*RES 1: Y133.48 High Apr 24
*PRICE: Y132.25 @ 0430GMT
*SUP 1: Y132.02 Low Apr 20 
*SUP 2: Y131.78 Low Apr 12 
*SUP 3: Y131.59 55-DMA 
*SUP 4: Y131.05 Low Apr 5
*COMMENTARY: Follow through above the 100-DMA (Y133.02) & 21-WMA (Y132.92)
remains lacking with focus back on Y131.62-132.02 as daily studies correct from
O/B. Bears need a close below Y131.05 to confirm traction below the 55-DMA and
to shift focus to Y128.94-130.13 where 55 (Y130.13) & 200 (Y129.30) WMAs are
noted. Bulls continue to look for a close above Y134.16 to confirm focus on 2018
highs although the Bollinger top (Y133.53) may limit follow through.
     EURO-STERLING TECHS: Gbp0.8718-54 Resistance Now Key
*RES 4: Gbp0.8790 55-DMA 
*RES 3: Gbp0.8754 High Apr 25 
*RES 2: Gbp0.8718 21-DMA 
*RES 1: Gbp0.8709 Hourly resistance Apr 26
*PRICE: Gbp0.8695 @ 0430GMT
*SUP 1: Gbp0.8664 Hourly breakout level Apr 18 
*SUP 2: Gbp0.8641 Hourly support Apr 18 
*SUP 3: Gbp0.8618 2018 Low Apr 17 
*SUP 4: Gbp0.8599 Low May 24 2017
*COMMENTARY: Hesitation ahead of the Gbp0.8795-0.8823 resistance region where
the 55 & 100-DMAs and 55-WMA are noted has been followed up by an aggressive
break of the 21-DMA with immediate focus back on Gbp0.8664 and overall focus
back on 2018 lows. Daily studies are well placed for losses. Bulls now need a
close above the 21-DMA to gain breathing room and above Gbp0.8754 to see
pressure return to Gbp0.8790-0.8822 where key DMA & WMAs are noted.
     AUSSIE TECHS: Bulls Need Close Above $0.7648
*RES 4: $0.7702 - Hourly resistance Apr 20
*RES 3: $0.7648 - Hourly resistance Apr 23
*RES 2: $0.7620 - High Apr 24
*RES 1: $0.7590 - Hourly resistance Apr 25
*PRICE: $0.7554 @ 0430GMT
*SUP 1: $0.7498 - Monthly Low Dec 8 2017 
*SUP 2: $0.7368 - Monthly Low June 1 2017 
*SUP 3: $0.7326 - Monthly Low May 9 2017 
*SUP 4: $0.7266 - Low Jan 5 2017
*COMMENTARY: Immediate focus remains on $0.7498 Dec lows. O/S daily studies and
the Bolli base ($0.7540) are concerns. Bears look for a close below $0.7498 to
confirm traction below the LT bull channel base and initially target $0.7326 May
2017 lows. Layers of resistance accumulating add weight to the bearish case with
bulls needing a close above $0.7648 to ease bearish pressure and above $0.7735
to shift focus back to $0.7806-42 where the 200-DMA is noted.
     US DOLLAR-INDEX TECHS: Bears Need Close Below 91.320
*RES 4: 91.998 - 200-DMA 
*RES 3: 91.958 - Weekly Bear channel top off 2017 high 
*RES 2: 91.906 - Daily Bull channel top 
*RES 1: 91.751 - Low Jan 2 now resistance
*PRICE: 91.503 @ 0430GMT
*SUP 1: 91.426 - Hourly support Apr 26
*SUP 2: 91.320 - Hourly resistance Apr 26 now support
*SUP 3: 90.935 - Hourly support Apr 25
*SUP 4: 90.663 - 100-DMA
*COMMENTARY: The index is now hesitating ahead of the 91.751--998 resistance
region where channel tops and the 200-DMA are located. Bulls need a close above
the 200-DMA to target 92.625-997. Layers of support are adding to bullish
confidence. In saying that, bears now need a close below 91.320 to gain
breathing room and below 90.935 to shift focus initial focus back to 90.483-663
where the 100-DMA is noted.
     US 10-YR YIELD TECHS: Hesitating Ahead Of 2014 High
*RES 4: 3.073 - Low July 6 2011 now resistance 
*RES 3: 3.041 - 2014 High Jan 2 
*RES 2: 3.035 - 2018 High Apr 25 
*RES 1: 3.018 - Hourly support Apr 26 now resistance
*PRICE: 2.975 @ 0430GMT
*SUP 1: 2.957 - Low Apr 24 
*SUP 2: 2.925 - Hourly support Apr 20 
*SUP 3: 2.904 - Low Apr 20 
*SUP 4: 2.876 - High Apr 18 now support
*COMMENTARY: Hesitation ahead of 2014 highs & 3.041-073 is a concern given daily
studies correcting from O/B and the proximity of the Bollinger top (3.034). The
close below 3.007 buys bears breathing room and initially targets a correction
to 2.925-957. Below 2.925 is needed to shift initial focus back to 2.814-876
where 21 (2.858) & 55 (2.860) DMAs are situated. Bulls look for a close above
3.073 to shift focus 3.168-223 where the weekly bull channel top is noted.
     NYMEX WTI TECHS: (M18) $67.11 Support Key Today
*RES 4: $71.03 - Daily Bull channel top 
*RES 3: $70.19 - Bollinger band top 
*RES 2: $69.55 - 2018 High Apr 19 
*RES 1: $68.78 - High Apr 26
*PRICE: $67.92 @ 0430GMT
*SUP 1: $67.11 - Low Apr 25 
*SUP 2: $66.54 - Low Apr 18 
*SUP 3: $66.13 - 21-DMA 
*SUP 4: $65.09 - Low Apr 11
*COMMENTARY: The rejection ahead of 2018 highs Tuesday is a concern for bulls
when combined with daily studies correcting from O/B and the proximity of the
Bollinger top. Bears look for a close below $67.11 to gain breathing room and
hint at a correction back to $65.09-66.13 where the 21-DMA is found. Bulls need
a close above $69.55 to reconfirm focus on $71.03-73.25 where the MT bull
channel top is noted.
     SPOT GOLD TECHS: Below $1302.5 Shifts Overall Focus To 200-WMA
*RES 4: $1332.6 - High Apr 24 
*RES 3: $1326.6 - High Apr 16 
*RES 2: $1321.3 - Hourly support Apr 27 now resistance 
*RES 1: $1320.0 - 100-DMA
*PRICE: $1317.1 @ 0430GMT
*SUP 1: $1306.9 - Low Mar 20 
*SUP 2: $1303.3 - 200-DMA 
*SUP 3: $1302.5 - Monthly Low Mar 1 
*SUP 4: $1291.1 - 55-WMA
*COMMENTARY: Bears take comfort in a close below the 100-DMA that sees immediate
focus on $1302.5-1306.9 where the 200-DMA & 2018 lows are noted. Bears need a
close below $1302.5 to hint at a move back to the 200-WMA ($1234.6) and Dec low
($1235.9) with below the 55-WMA to confirm. Bulls now need a close above $1326.7
to gain breathing room and above the 21-DMA to shift initial focus back to
$1355.1-1366.1 where 2018 highs are noted.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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