Free Trial
US TSYS

Yields Rise, CPI In Focus

AUSSIE 10-YEAR TECHS

(Z2) Bullish Extension

AUSSIE BONDS

AUCTION PREVIEW: Nov-27 I/L Supply Due

AUSTRALIA DATA

ANZ Consumer Confidence Rises Slightly Despite Rate Hike

CNH

Some Resistance Ahead Of 7.00

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
24 May 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: Overall Focus On Nov Low
*RES 4: $1.2019 200-DMA
*RES 3: $1.1889 Alternating daily support/resistance
*RES 2: $1.1838 High May 17
*RES 1: $1.1749 Hourly support May 23 now resistance
*PRICE: $1.1705 @ 0430GMT
*SUP 1: $1.1674 2018 Low May 23 
*SUP 2: $1.1654 Bollinger band base 
*SUP 3: $1.1624 High Nov 6 now support 
*SUP 4: $1.1552 Monthly Low Nov 7
*COMMENTARY: Bears retain overall focus on tests of Nov lows at $1.1552
following fresh 2018 lows Wednesday. The Bollinger base is the key concern for
bears with potential to limit follow through. Layers of resistance are
accumulating and adding weight to the bearish case. Bulls now need a close above
$1.1749 to gain breathing room and above the 21-DMA ($1.1894) to shift initial
focus to $1.2019-1.2053 where the 200-DMA is noted.
     CABLE TECHS: Bears Need Close Below $1.3300
*RES 4: $1.3491 Hourly resistance May 18, High May 22 
*RES 3: $1.3445 Hourly resistance May 22 
*RES 2: $1.3399 55-WMA 
*RES 1: $1.3389 Low May 23
*PRICE: $1.3370 @ 0430GMT
*SUP 1: $1.3303 2018 Low May 23 
*SUP 2: $1.3300 Monthly Low Dec 15 
*SUP 3: $1.3297 Bollinger band base 
*SUP 4: $1.3219 Low Nov 28
*COMMENTARY: Bears are currently looking to gain traction below the 55-WMA with
a close below $1.3300 needed to confirm focus on $1.2995-1.3065 where the
100-WMA is noted. The Bollinger base is the key concern for bears with potential
to limit follow through. Bulls now need a close above the 55-WMA to gain
breathing room and above $1.3617 to hint at a move back to $1.3792-1.3898 where,
55 ($1.3871) & 100 ($1.3887) DMAs are noted.
     DOLLAR-YEN TECHS: Bears Focused On Y107.85-108.53
*RES 4: Y111.18 High May 22 
*RES 3: Y110.72 Hourly support May 22 now resistance 
*RES 2: Y110.20 200-DMA 
*RES 1: Y109.79 21-DMA
*PRICE: Y109.45 @ 0430GMT
*SUP 1: Y109.13 Low May 11 
*SUP 2: Y108.53 Low Apr 24 
*SUP 3: Y108.31 21-WMA, 100-DMA 
*SUP 4: Y107.91 55-DMA
*COMMENTARY: The failure to gain traction above the 55-WMA (Y110.41) has
resulted in a close below the 200-DMA adding weight to the case for a correction
back to Y107.85-108.53 where the 21-WMA and 55 & 100-DMAs are situated. Daily
studies correcting from O/B are a concern for bulls. Bears now look for a close
below Y109.13 to add weight to their case. Bulls need a close above the 200-DMA
to gain breathing room.
     EURO-YEN TECHS: Focus Now On Y125.03-127.54
*RES 4: Y130.22 Low May 18 now resistance
*RES 3: Y129.51 Low May 16 now resistance
*RES 2: Y129.15 200-WMA
*RES 1: Y128.94 Low Mar 23 now resistance
*PRICE: Y128.13 @ 0430GMT
*SUP 1: Y127.54 Monthly Low Aug 18 
*SUP 2: Y125.80 Monthly Highs May 16 & 25 now support 
*SUP 3: Y125.24 Daily Bear channel base 
*SUP 4: Y125.03 100-WMA
*COMMENTARY: Failures around 21 & 55-DMAs left the pair looking heavy earlier
this week with bears taking comfort in Wednesday's sell-off and fresh 2018 lows
continuing. Daily studies are well placed for further losses with bears now
focusing their attention on the Y125.03-127.54 region where the 100-WMA and
daily bear channel base are found. Bulls now need a close above the 200-WMA to
gain breathing room and above Y130.22 to shift initial focus back to Y131.37.
     EURO-STERLING TECHS: 100-DMA Now Capping
*RES 4: Gbp0.8904 Low Mar 8 now resistance 
*RES 3: Gbp0.8858 200-DMA 
*RES 2: Gbp0.8849 55-WMA 
*RES 1: Gbp0.8796 100-DMA
*PRICE: Gbp0.8754 @ 0430GMT
*SUP 1: Gbp0.8737 Low May 23 
*SUP 2: Gbp0.8710 Low May 17 
*SUP 3: Gbp0.8678 Low Apr 26 
*SUP 4: Gbp0.8664 Hourly breakout level Apr 18
*COMMENTARY: Bears take comfort in the 100-DMA capping Wednesday. Bulls now look
for a close above the 100-DMA to return initial pressure to Gbp0.8844-0.8904
where the 55-WMA & 200-DMA are located. The Gbp0.8710 support remains key this
week. Bears now need a close below this level to shift overall focus to retests
of 2018 lows with a close below Gbp0.8664 then needed to confirm.
     AUSSIE TECHS: $0.7520 Support Key Today
*RES 4: $0.7648 - 55-DMA
*RES 3: $0.7648 - Hourly resistance Apr 23
*RES 2: $0.7620 - High Apr 24
*RES 1: $0.7582 - High May 23
*PRICE: $0.7569 @ 0430GMT
*SUP 1: $0.7520 - Low May 23 
*SUP 2: $0.7486 - Low May 18 
*SUP 3: $0.7445 - Low May 15 
*SUP 4: $0.7410 - 2018 Low May 9
*COMMENTARY: Topside follow through was lacking Tuesday with the rejection ahead
of $0.7620 seeing pressure back on support layers. Bears now look for a close
below $0.7520 to signal a false break higher and below $0.7410 to reconfirm the
bearish bias and target $0.7326-68 where May & June 17 lows are noted. Layers of
resistance remain $0.7620-72 with bulls needing a close above the falling TL
($0.7672) to shift focus to $0.7735-0.7842.
     US DOLLAR-INDEX TECHS: Bulls Need Close Above 94.219
*RES 4: 94.650 - High Nov 10 
*RES 3: 94.286 - Bollinger band top 
*RES 2: 94.219 - Monthly High Dec 12 
*RES 1: 94.188 - 2018 High May 23
*PRICE: 93.911 @ 0430GMT
*SUP 1: 93.734 - High May 22 now support
*SUP 2: 93.291 - Low May 22
*SUP 3: 93.051 - Hourly support May 15
*SUP 4: 92.841 - Alternating daily support/resistance
*COMMENTARY: Fresh 2018 highs lack follow through which is less than ideal with
daily studies lingering around O/B levels. Bulls now need a close above 94.219
to reconfirm a bullish bias and retain focus on the 200-WMA (94.784). Initial
support is now noted at 93.734 with bears needing a close below to gain
breathing room and below 92.841 now to shift initial focus back to 91.957-92.223
where the 200-DMA is noted.
     US 10-YR YIELD TECHS: Closes Below 21-DMA
*RES 4: 3.084 - High May 21 
*RES 3: 3.050 - Low May 22 
*RES 2: 3.030 - Hourly resistance May 23 
*RES 1: 3.002 - 21-DMA
*PRICE: 2.979 @ 043GMT
*SUP 1: 2.937 - Low May 7 
*SUP 2: 2.904 - Low Apr 20, 55-DMA 
*SUP 3: 2.876 - High Apr 18 now support 
*SUP 4: 2.826 - 100-DMA
*COMMENTARY: The yield remains offered having sold-off Friday from around the
daily bull channel top with the close below the 21-DMA confirming a shift in
focus to 2.876-937 where the 55-DMA is located. Correcting O/B studies add
weight to the bearish case. Bulls now need a close above 3.050 to gain breathing
room and above 3.128 2018 highs to reconfirm the bullish bias and focus on
3.184-3.254 where channel tops and July 2011 monthly high are situated.
     NYMEX WTI TECHS: (N18) Bears Need Close Below 21-DMA
*RES 4: $73.25 - Low Nov 11 2014 now resistance 
*RES 3: $73.11 - Daily Bull channel top 
*RES 2: $72.90 - 2018 High May 22 
*RES 1: $72.26 - High May 23
*PRICE: $71.66 @ 0430GMT
*SUP 1: $71.09 - Low May 17 
*SUP 2: $70.24 - Low May 14 
*SUP 3: $70.23 - 21-DMA 
*SUP 4: $67.57 - Low May 8
*COMMENTARY: Hesitation around the daily bull channel top is less than ideal for
bulls with daily studies correcting from O/B. The 21-DMA remains key support.
Bears continue to look for a close below the 21-DMA to end bullish hopes and
shift focus back to $65.38-67.57 where the bull channel base and 55-DMA are
located. Bulls remain focused on $73.25-74.58 while the 21-DMA supports with a
close above $72.90 to add support.
     SPOT GOLD TECHS: $1297.8-1310.5 Resistance Region Key
*RES 4: $1310.5 - Low May 10 now resistance 
*RES 3: $1306.9 - 200-DMA 
*RES 2: $1301.5 - Low May 1 now resistance 
*RES 1: $1297.8 - High May 23
*PRICE: $1295.2 @ 0430GMT
*SUP 1: $1287.4 - Low May 22 
*SUP 2: $1281.8 - 2018 Low May 21 
*SUP 3: $1277.5 - 100-WMA 
*SUP 4: $1268.9 - High Dec 21
*COMMENTARY: Fresh 2018 lows lacked follow through Monday which is a concern for
bears give daily studies approaching O/S. In saying that, layers of resistance
remain with bulls needing a close above $1301.5 to gain breathing room and above
the 200-DMA to hint at a correction to $1324.4-1332.6. While $1301.5 caps bears
maintain focus on $1268.9-1277.5 where the 100-WMA is situated.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.