MNI US Morning FX Technical Analysis

10 July 2018

By Kyle Shortland

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

http://tinyurl.com/jz5y37x

EURO-DOLLAR TECHS: Bears Now Need Close Below $1.1723

*RES 4: $1.1854 High May 16

*RES 3: $1.1820 High June 11

*RES 2: $1.1790 High July 9

*RES 1: $1.1765 Hourly resistance July 9

*PRICE: $1.1716 @ 0930GMT

*SUP 1: $1.1670 Hourly support July 5 

*SUP 2: $1.1627 Low July 4 

*SUP 3: $1.1589 Low July 2 

*SUP 4: $1.1506 2018 Low May 29

*COMMENTARY: The lack of follow through on the break of the 55-DMA to start the

new week is less than ideal for bulls. The $1.1889-1.1924 region where the

55-WMA ($1.1924) is noted is key. Bulls now need a close above the 55-WMA to

shift initial focus to $1.1984-1.2053 where 100 ($1.2013) & 200 ($1.1984) DMAs

are found. Bears now look for a close below $1.1723 to ease renewed bullish

pressure and below $1.1589 to pressure 2018 lows.

     CABLE TECHS: Aggressively Rejected Ahead Of 55-DMA

*RES 4: $1.3391 55-DMA 

*RES 3: $1.3362 High July 9 

*RES 2: $1.3325 Hourly support July 9 now resistance 

*RES 1: $1.3300 Hourly resistance July 10

*PRICE: $1.3241 @ 0930GMT

*SUP 1: $1.3188 Low July 9 

*SUP 2: $1.3154 Hourly support July 3 

*SUP 3: $1.3092 Low July 2 

*SUP 4: $1.3048 2018 Low June 28

*COMMENTARY: The break of the key $1.3314 resistance lacked follow through with

the move aggressively rejected ahead of the 55-DMA. Layers of resistance

building leave the pair looking a little offered. Bears now need a close below

$1.3188 to reconfirm focus on $1.2995-1.3048 where 2018 lows are noted. Bulls

now look for a close above the 55-WMA ($1.3456) to shift initial focus to

$1.3586-1.3711 where 100 ($1.3674) & 200 ($1.3586) DMAs are located.

     DOLLAR-YEN TECHS: Bears Need Close Below Y110.78 Today

*RES 4: Y112.87 Low Jan 8 now resistance 

*RES 3: Y112.04 Low Jan 2 now resistance 

*RES 2: Y111.49 High Jan 18 

*RES 1: Y111.39 Monthly High May 21

*PRICE: Y111.16 @ 0930GMT

*SUP 1: Y110.78 High July 6 now support 

*SUP 2: Y110.12 200-DMA 

*SUP 3: Y109.95 Low June 28, 55-DMA 

*SUP 4: Y109.35 Low June 25

*COMMENTARY: Pressure has returned to the Y111.39-112.04 region where May highs

are noted remaining key. Bulls look for a close above Y112.04 to end bearish

hopes, shifting immediate focus to Y113.24-44 where the 200-WMA (Y113.24) is

noted and overall focus to Y114.72 Nov highs. Bears now need a close below

Y110.78 to gain breathing room and below the 55-DMA to confirm a break of the

bull channel base (Y110.35) off 2018 lows and return pressure to Y109.01. A

close below Y109.01 initially targets Y107.85-108.46.

     EURO-YEN TECHS: Bulls Need Close Above Y130.34

*RES 4: Y131.94 200-DMA

*RES 3: Y131.48 55-WMA

*RES 2: Y131.37 High May 14

*RES 1: Y130.55 Bollinger band top

*PRICE: Y130.28 @ 0930GMT

*SUP 1: Y129.83 Hourly support July 9 

*SUP 2: Y129.37 55-DMA 

*SUP 3: Y129.09 Hourly support July 5 

*SUP 4: Y128.40 Low July 2

*COMMENTARY: Pressure returning to layers of resistance has taken its toll with

the pair breaking above the 100-DMA (Y130.27) and Y130.34 resistance. Bulls

still need a close above Y130.34 to confirm traction and initial focus on

Y131.37-94 where the 55-WMA and 200-DMA are located. Daily studies at O/B levels

are the key concern for bulls. Bears now look for a close below Y129.83 to gain

breathing room and below the 55-DMA to shift immediate pressure back to Y128.40.

     EURO-STERLING TECHS: Bears Need Close Below Gbp0.8849 

*RES 4: Gbp0.8981 High Nov 28 

*RES 3: Gbp0.8967 2018 High Mar 7 

*RES 2: Gbp0.8904 Low Mar 8 now resistance 

*RES 1: Gbp0.8876 Hourly support July 9 now resistance

*PRICE: Gbp0.8848 @ 0930GMT

*SUP 1: Gbp0.8809 21-DMA 

*SUP 2: Gbp0.8779 Low June 25 

*SUP 3: Gbp0.8748 Low June 28 

*SUP 4: Gbp0.8715 Low June 15

*COMMENTARY: The 21-DMA continues to support and provided the base for a rally

that stalled just short of the Gbp0.8904 resistance. Bulls need a close above

this level to shift immediate focus to Gbp0.8967 2018 highs. The Bollinger top

is noted at Gbp0.8887 and continues to limit follow through. The Gbp0.8779

support remains key. Below Gbp0.8779 is needed to confirm breaks of 55

(Gbp0.8785), 100 (Gbp0.8785) & 21-DMAs and to shift focus back to

Gbp0.8669-0.8715.

     DOLLAR-CANADA TECHS: Bulls Need Close Above 21-DMA

*RES 4: $1.3268 - High June 29 

*RES 3: $1.3222 - High July 2 

*RES 2: $1.3190 - 21-DMA 

*RES 1: $1.3161 - High July 4

*PRICE: $1.3124 @ 0930GMT

*SUP 1: $1.3103 - Hourly support July 10

*SUP 2: $1.3067 - Low July 9

*SUP 3: $1.3049 - Daily Bull channel base off Apr low

*SUP 4: $1.2995 - 55-DMA

*COMMENTARY: Support emerging ahead of the daily bull channel base off Apr lows

Monday has resulted in a break of the bear channel top off 2018 highs. In saying

that, bulls still need a close above the 21-DMA to gain breathing room and above

$1.3268 (June 26 high) to shift focus back to 2018 highs. Bears look for a close

below the 55-DMA to add weight to the case for a test of the $1.2731-1.2840

region where the bull channel base off 2018 lows and the 200-DMA are noted.

     AUSSIE TECHS: Below 21-DMA To Ease Bullish Pressure

*RES 4: $0.7552 - Weekly Low June 4 now resistance

*RES 3: $0.7527 - Low June 13 now resistance

*RES 2: $0.7499 - 55-DMA

*RES 1: $0.7483 - High July 9

*PRICE: $0.7442 @ 0930GMT

*SUP 1: $0.7418 - 21-DMA 

*SUP 2: $0.7348 - Hourly resistance July 3 now support 

*SUP 3: $0.7308 - 2018 Low July 2 

*SUP 4: $0.7265 - Low Jan 5 2017

*COMMENTARY: Hesitation ahead of the 55-DMA has left the pair looking offered

and focus back on the 21-DMA. Bears need a close below the 21-DMA to confirm an

easing of bullish pressure and to shift focus back to 2018 lows. Bulls look for

a close above the 55-DMA to hint at a move back to $0.7611-0.7735 where 100

($0.7611) & 200 ($0.7692) DMAs are located with above $0.7552 confirming. Daily

studies still have room to move before O/B is an issue.

     SPOT GOLD TECHS: Rejected Ahead Of 21-DMA

*RES 4: $1284.1 - High June 19 

*RES 3: $1272.7 - 100-WMA 

*RES 2: $12657 - 21-DMA 

*RES 1: $1260.2 - Hourly resistance July 10

*PRICE: $1252.8 @ 0930GMT

*SUP 1: $1250.7 - Low July 4 

*SUP 2: $1244.1 - Hourly support July 3 

*SUP 3: $1237.3 - 2018 Low July 3 

*SUP 4: $1235.9 - Monthly low Dec 12

*COMMENTARY: Fresh 2018 & 7mth lows lacked follow through Tuesday with an

aggressive bounce from below the LT rising TL off 2015 lows and ahead of the key

200-WMA ($1234.0). Bears look for a close below the 200-WMA to confirm breaks of

key supports and initially target $1204.5. Bulls now need a close above the

21-DMA to return initial focus to $1272.7 where the 100-WMA is noted and above

the 100-WMA to target $1284.0-1292.1.

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

[TOPICS: MTABLE]