MNI US Morning FX Technical Analysis

1 March 2018

By Kyle Shortland

Click below for today's MNI US Morning FX Technical Analysis Report -

http://tinyurl.com/jz5y37x

EURO-DOLLAR TECHS: Pressuring 55-DMA

*RES 4: $1.2435 High Feb 19

*RES 3: $1.2372 Hourly resistance Feb 20

*RES 2: $1.2336 21-DMA

*RES 1: $1.2259 Low Feb 22 now resistance

*PRICE: $1.2187 @ 1030GMT

*SUP 1: $1.2181 55-DMA 

*SUP 2: $1.2167 Low Jan 17 

*SUP 3: $1.2092 High Jan 4 now support 

*SUP 4: $1.2018 High Jan 10 now support

*COMMENTARY: Immediate focus is now on the $1.2092-1.2181 support region

following the recent topside failures ahead of $1.2372. Below $1.2092 is needed

to end bullish hopes and initially target $1.1915-91 where the 100-DMA is

located. Bulls initially look for a close above $1.2259 to gain breathing room.

Overall a close above $1.2372 confirm breaks of 21 & 55-DMAs, and above $1.2461

is needed to shift focus to 2018 highs.

CABLE TECHS: $1.3857 Resistance Key Today

*RES 4: $1.3997 High Feb 27 

*RES 3: $1.3940 Hourly resistance Feb 27 

*RES 2: $1.3857 Low Feb 22 now resistance 

*RES 1: $1.3773 Hourly support Feb 28 now resistance

*PRICE: $1.3740 @ 1030GMT

*SUP 1: $1.3724 Low Jan 15 

*SUP 2: $1.3657 Monthly High Sept 20 now support 

*SUP 3: $1.3613 High Jan 3 now support 

*SUP 4: $1.3458 2018 Low Jan 11

*COMMENTARY: The lack of follow through on pops above the 21-DMA ($1.3952) has

resulted in a sell-off with bearish focus now on the $1.3613-1.3724 support

region. Bears need a close below $1.3613 to shift focus to $1.3027 Oct monthly

lows. Layers of resistance are building with bulls now needing a close above

$1.3857 to gain breathing room and above $1.3940 to shift focus back to $1.4150.

DOLLAR-YEN TECHS: Y108.03-42 Resistance Key This Week

*RES 4: Y108.03 Low Feb 9 now resistance 

*RES 3: Y107.81 21-DMA 

*RES 2: Y107.68 High Feb 27 

*RES 1: Y106.93 Hourly support Feb 28 now resistance

*PRICE: Y106.78 @ 1030GMT

*SUP 1: Y106.36 Low Feb 26 

*SUP 2: Y106.10 Low Feb 19 

*SUP 3: Y105.50 Monthly High Oct 2016 now support 

*SUP 4: Y101.15 Monthly Low Nov 9 2016

*COMMENTARY: Continued hesitation ahead of the key Y108.03-42 resistance region

has left the pair looking heavy. Bears continue to look for a close below

Y106.36 to add weight to the case for a retest of 2018 lows. A close below

Y105.50 remains needed to reconfirm focus on Y98.95-101.16. Resistance layers

are accumulating and weighing. Bulls need a close above Y108.42 to hint at a

correction to Y110.47 and above Y109.78 to confirm.

EURO-YEN TECHS: Below Y130.59 Targets Y125.80-127.54

*RES 4: Y132.24 Hourly support Feb 21 now resistance

*RES 3: Y131.70 Hourly support Feb 27 now resistance

*RES 2: Y131.45 Hourly support Feb 28a now resistance

*RES 1: Y130.57 Hourly support Feb 28 now resistance

*PRICE: Y130.12 @ 1030GMT

*SUP 1: Y129.43 200-WMA 

*SUP 2: Y129.34 Monthly Low Sept 6 

*SUP 3: Y128.50 55-WMA 

*SUP 4: Y127.54 Monthly Low Aug 18

*COMMENTARY: Fresh 2018 & 6mth lows leave the pair looking heavy with overall

focus shifting to Y125.80-127.54. Immediate focus is on 55 & 200-WMAs which may

support along the way. Weekly studies have room to move before O/S is an issue.

Layers of resistance are following the pair lower with bulls now needing a close

above Y131.15 to gain breathing room and above Y132.24 to target a correction

back to Y132.94-134.23 where key DMAs are situated.

EURO-STELRING TECHS: Bulls Need Close Above Gbp0.8928

*RES 4: Gbp0.8928 High Jan 12 

*RES 3: Gbp0.8889 High Feb 16 

*RES 2: Gbp0.8883 200-DMA 

*RES 1: Gbp0.8878 Hourly resistance Mar 1

*PRICE: Gbp0.8867 @ 1030GMT

*SUP 1: Gbp0.8854 Hourly support Mar 1 

*SUP 2: Gbp0.8824 Hourly support Feb 28a 

*SUP 3: Gbp0.8811 Hourly resistance Feb 28 now support 

*SUP 4: Gbp0.8769 Low Feb 26

*COMMENTARY: Pressure has returned to layers of resistance Gbp0.8883-0.8928

where the 200-DMA and a bear channel top off Aug highs are located. Overall the

Gbp0.8928 resistance remains key. A close above Gbp0.8928 is needed to target

Gbp0.9013-48. While the 200-DMA caps bears retain the advantage but now need a

close below Gbp0.8811 to gain breathing room and below Gbp0.8771 to confirm

focus on Gbp0.8617-85 where the 100-WMA and 2018 low are noted.

DOLLAR-CANADA TECHS: Immediate Focus On $1.2915-42

*RES 4: $1.3043 - High June 29 now support

*RES 3: $1.2942 - Daily Bull channel top

*RES 2: $1.2915 - Monthly Highs Oct & Dec 2017

*RES 1: $1.2874 - 55-WMA

*PRICE: $1.2852 @ 1030GMT

*SUP 1: $1.2828 - Hourly support Mar 1 

*SUP 2: $1.2778 - High Feb 27 now support 

*SUP 3: $1.2733 - Hourly support Feb 27 

*SUP 4: $1.2669 - Low Feb 27

*COMMENTARY: The recovery from dips below the 100-DMA ($1.2641) now sees bullish

focus on the $1.2915-42 region where repeated attempts to break higher from late

Oct -Dec failed and the daily bull channel top is situated. Bulls now need a

close above the daily bull channel top to shift focus to $1.3168-1.3215 with

above $1.3043 to confirm. Bears now need a close below $1.2733 to confirm an

easing of bullish pressure and shift focus back to $1.2592-1.2616.

AUSSIE TECHS: Key Levels Falling By The Wayside

*RES 4: $0.7869 - 55-DMA

*RES 3: $0.7819 - High Feb 28

*RES 2: $0.7785 - 200-DMA

*RES 1: $0.7752 - Hourly support Mar 1 now resistance

*PRICE: $0.7716 @ 1030GMT

*SUP 1: $0.7694 - High Dec 15 now support 

*SUP 2: $0.7622 - Low Dec 14 

*SUP 3: $0.7611 - Daily Bear channel base 

*SUP 4: $0.7580 - High Dec 12 now support

*COMMENTARY: Key supports continue to crumble following the close below the

200-DMA with bears needing a close below $0.7729 to confirm focus on tests of

$0.7500 Dec lows. The Bollinger base is noted at $0.7721 and is the key concern

for bears with potential to limit follow through. Layers of resistance

accumulating add weight to the bearish case. Bulls need a close above $0.7819 to

ease bearish pressure and above $0.7910 to initially target $0.7989.

SPOT GOLD: Initial Focus Shifts To 100-DMA

*RES 4: $1344.7 - Low Feb 16 now resistance 

*RES 3: $1340.7 - High Feb 26 

*RES 2: $1330.0 - Hourly support Feb 26 now resistance 

*RES 1: $1323.9 - Hourly support Feb 27 now resistance

*PRICE: $1311.4 @ 1030GMT

*SUP 1: $1305.9 - Low Jan 4 

*SUP 2: $1302.5 - Low Jan 2 

*SUP 3: $1300.4 - 100-DMA 

*SUP 4: $1287.5 - 200-DMA

*COMMENTARY: The lack of follow through above the 21-DMA ($1332.7) and rejection

ahead of the $1344.7-1351.3 region took its toll with a sell-off and dips below

the 55-DMA ($1319.8) that shifts focus to the 100-DMA. Bears need a close below

the 100-DMA to hint at a move back to Dec lows ($1235.9) with below the 200-DMA

($1287.4) to confirm. Layers of resistance are building with bulls needing a

close above $1330.0 to gain breathing room.

--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com

[TOPICS: MTABLE]