MNI: FED'S WILLIAMS: WILL EVENTUALLY HAVE RATE CUTS

MNI China Daily Summary: Monday, May 6

MNI: China CFETS Yuan Index Up 0.03% In Week of Apr 30

MNI: PBOC Net Drains CNY8 Bln Via OMO Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0994 Mon; -4.33% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: UK BRC APR BY VALUE SHOP SALES LFL -4.4% YY, TOTAL -4% YY

EZ/UK Bond Supply Calendar: 10/50-Year RAGB Auction Tuesday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI US Morning FX Technical Analysis 

17 May 2018
By Kyle Shortland
Click below for today's MNI US Morning FX Technical Analysis Report -
http://tinyurl.com/jz5y37x
EURO-DOLLAR TECHS: Bulls Need Close Above $1.1889
*RES 4: $1.2053 Low Apr 27 now resistance
*RES 3: $1.2032 High May 2
*RES 2: $1.2019 200-DMA
*RES 1: $1.1889 Alternating daily support/resistance
*PRICE: $1.1813 @ 0930GMT
*SUP 1: $1.1761 2018 Low May 16 
*SUP 2: $1.1716 Monthly Low Dec 12 
*SUP 3: $1.1700 Bollinger band base 
*SUP 4: $1.1690 High Nov 3 now support
*COMMENTARY: The significance of the $1.2019-53 resistance region where the
200-DMA is noted was confirmed Monday with the pair remaining capped ahead. The
sell-off that followed has resulted in fresh 2018 lows with bears now initially
focused on $1.1690-1.1716 with overall focus on $1.1552 Now lows. Bulls look for
a close above $1.1889 to gain breathing room and target a correction back to
$1.2014-53 where 21 & 200-DMAs are noted.
     CABLE TECHS: $1.3617 Resistance Remains Key
*RES 4: $1.3711 Low Apr 30 now resistance 
*RES 3: $1.3666 High May 2 
*RES 2: $1.3617 High May 9 
*RES 1: $1.3572 High May 15
*PRICE: $1.3524 @ 0930GMT
*SUP 1: $1.3480 Hourly support May 17 
*SUP 2: $1.3449 2018 Low May 15 
*SUP 3: $1.3393 55-WMA 
*SUP 4: $1.3300 Monthly Low Dec 15
*COMMENTARY: Bears have so far failed to capitalise on fresh 2018 lows and
closes below the 200-DMA ($1.3558). The $1.3617 resistance remains key with
bulls needing a close above to gain breathing room and above $1.3711 to shift
initial focus to $1.3792-1.3917 where, 55 ($1.3912) & 100 ($1.3894) DMAs are
noted. Bears now need a close below $1.3449 to initially target $1.3300.
     DOLLAR-YEN TECHS: Bears Need Close Below Y110.02
*RES 4: Y111.98 Low Dec 6 now resistance 
*RES 3: Y111.70 Daily Bull channel top 
*RES 2: Y111.49 High Jan 18 
*RES 1: Y111.22 High Jan 22
*PRICE: Y110.68 @ 0930GMT
*SUP 1: Y110.46 55-WMA 
*SUP 2: Y110.02 High May 2 now support 
*SUP 3: Y109.64 Low May 15 
*SUP 4: Y109.13 Low May 11
*COMMENTARY: Bullish confidence grows with the pair trading above the 55-WMA and
a close above needed to add support to the case for a test of Y111.22-98. A
close above Y111.98 is then needed to target Y112.97-113.75 where the 200-WMA,
Dec and 2018 highs are noted. Bears still need a close below Y110.02 to gain
breathing room and below the 100-DMA (Y108.41) to shift initial focus back to
Y107.34-85 where the 55-DMA is noted.
     EURO-YEN TECHS: Y131.37 Resistance Key
*RES 4: Y132.28 Daily Bear channel top off 2018 high
*RES 3: Y131.37 High May 14
*RES 2: Y131.32 21-DMA
*RES 1: Y131.26 55-DMA
*PRICE: Y130.77 @ 0930GMT
*SUP 1: Y130.22 Hourly support May 17 
*SUP 2: Y129.51 Low May 16 
*SUP 3: Y129.19 200-WMA 
*SUP 4: Y128.94 2018 Low Mar 23
*COMMENTARY: The break of Y129.91 lacked follow through Wednesday which is less
than ideal for bears given daily studies correcting from O/S. Y131.37 is now key
resistance with bulls needing a close above to ease bearish pressure and above
the 100-DMA (Y132.59) to shift focus to Y133.48-134.10. While Y131.37 caps bears
initially focus on 2018 lows with a close below needed to target the daily bear
channel base around Y132.59 today.
     EURO-STERLING TECHS: Initial Focus On Gbp0.8664-78
*RES 4: Gbp0.8866 200-DMA 
*RES 3: Gbp0.8844 High May 4 
*RES 2: Gbp0.8782 High May 16 
*RES 1: Gbp0.8760 Hourly resistance May 17
*PRICE: Gbp0.8732 @ 0930GMT
*SUP 1: Gbp0.8702 Bollinger band base 
*SUP 2: Gbp0.8678 Low Apr 26 
*SUP 3: Gbp0.8664 Hourly breakout level Apr 18 
*SUP 4: Gbp0.8618 2018 Low Apr 17
*COMMENTARY: Hesitation ahead of Gbp0.8844-0.8904 where the 200-DMA is noted has
resulted in closes back below the 55-DMA and dips below Gbp0.8725 with immediate
focus now on Gbp0.8664-78. Below Gbp0.8664 confirms focus on tests of 2018 lows.
Daily studies are well placed for a fresh leg lower. The Gbp0.8782 resistance is
key today. Bulls need a close above Gbp0.8782 to return pressure to
Gbp0.8844-0.8904.
     DOLLAR-CANADA TECHS: Focus Returns To The 200-DMA
*RES 4: $1.2996 - High May 5
*RES 3: $1.2923 - High May 15
*RES 2: $1.2834 - 55-DMA
*RES 1: $1.2793 - Low May 15 now resistance
*PRICE: $1.2762 @ 0930GMT
*SUP 1: $1.2731 - Low May 11 
*SUP 2: $1.2690 - 100-DMA 
*SUP 3: $1.2648 - 200-DMA 
*SUP 4: $1.2579 - High Apr 17 now support
*COMMENTARY: The pair remains offered with the close below 21 & 55-DMAs seeing
focus back on $1.2648-1.2731 where 100 & 200-DMAs are noted. Bears now need a
close below the 200-DMA to initially target $1.2828 Apr lows with overall focus
on $1.2255 2018 lows. Bulls now need a close above the 55-DMA to gain breathing
room and shift initial focus back to $1.2923-1.3048.
     AUSSIE TECHS: Bulls Need Close Above 21-DMA
*RES 4: $0.7669 - 55-DMA
*RES 3: $0.7648 - Hourly resistance Apr 23
*RES 2: $0.7589 - High Apr 26
*RES 1: $0.7545 - 21-DMA
*PRICE: $0.7525 @ 0930GMT
*SUP 1: $0.7505 - Hourly support May 17 
*SUP 2: $0.7445 - Low May 15 
*SUP 3: $0.7436 - Hourly support May 9 
*SUP 4: $0.7410 - 2018 Low May 9
*COMMENTARY: Pressure has returned to the 21-DMA after bears failed to trouble
2018 lows so far this week. Bears continue to look for a close below 2018 lows
to confirm focus on the $0.7326-68 region where May & June 17 lows are noted.
Daily studies are well placed for a fresh leg lower. Bulls now need a close
above the 21-DMA to ease bearish pressure and above $0.7589 to shift initial
focus back to $0.7648.
     SPOT GOLD TECHS: Bulls Need Close Above 200-DMA
*RES 4: $1317.4 - Low May 11 now resistance 
*RES 3: $1310.5 - Low May 10 now resistance 
*RES 2: $1306.7 - 200-DMA 
*RES 1: $1301.5 - Low May 1 now resistance
*PRICE: $1297.1 @ 0930GMT
*SUP 1: $1286.2 - 2018 Low May 16 
*SUP 2: $1277.7 - 100-WMA 
*SUP 3: $1268.9 - High Dec 21 
*SUP 4: $1234.4 - 200-WMA
*COMMENTARY: The rejection around key DMAs Friday has resulted in fresh 2018
lows and closes below the 55-WMA ($1297.7) and 200-DMA with bears initially
focused on $1268.9-1277.7 where the 100-WMA is situated. Daily studies are well
placed for a fresh leg lower. Layers of resistance have been left in the wake
with bulls now needing a close above the 200-DMA to gain breathing room.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
To read the full story
Close
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.

    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        window.dataLayer.push({
    'event' : 'logedout',
    'loggedOut' : 'loggedOut'
  });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        (function appendPosts () {  
    var policyPosts = document.getElementsByClassName('policy-posts-wrapper')[0];
    var policyPostsMenu = document.querySelector('.policy-posts-span');
    policyPostsMenu.append(policyPosts);
    policyPosts.style.display = "block";
  
    var empolicyPosts = document.getElementsByClassName('em-policy-posts-wrapper')[0];
    var empolicyPostsMenu = document.querySelector('.em-policy-posts-span');
    empolicyPostsMenu.append(empolicyPosts);
    empolicyPosts.style.display = "block";

    var dataPosts = document.getElementsByClassName('data-posts-wrapper')[0];
    var dataPostsMenu = document.querySelector('.data-posts-span');
    dataPostsMenu.append(dataPosts);
    dataPosts.style.display = "block";
})();
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll(".my-mni").forEach(function(item){
  item.href="/core/users/email_login/";
  item.innerHTML="Log In";
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll("img").forEach(function (img) {
    img.addEventListener("contextmenu", function (e) {
      return false;
    });
  });
  document
    .querySelector(".site-logo img")
    .addEventListener("contextmenu", function (e) {
      return true;
    });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        
  let posts = document.querySelectorAll(".all-content-wrapper .widget:not(.stream-story-processed)");
  window.check_story_posts(posts, "streamOfPosts");
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        /*
const sidebar = document.querySelector('.left-sidebar-container');
const stickyContent = document.querySelector('.sticky-content');
const siteContent = document.querySelector('.all-posts-stream');
if (sidebar && stickyContent && siteContent) {
  if (siteContent.clientHeight > sidebar.clientHeight) {
    console.log('grater -> ', siteContent.clientHeight + ' > ' + sidebar.clientHeight);
    stickyContent.style.height = (siteContent.clientHeight - sidebar.clientHeight) + 'px';
  }
}
*/
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});