US Morning FX Technical Analysis

18 April 2018

By Kyle Shortland

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

http://tinyurl.com/jz5y37x

     EURO-DOLLAR TECHS: Above $1.2477 To Target LT Bear Channel Top

*RES 4: $1.2603 LT Bear channel top off 2008 high

*RES 3: $1.2555 2018 High Feb 16

*RES 2: $1.2477 High Mar 27

*RES 1: $1.2418 Daily Bear channel top

*PRICE: $1.2365 @ 0930GMT

*SUP 1: $1.2334 55-DMA 

*SUP 2: $1.2290 High Apr 6 now support 

*SUP 3: $1.2257 Hourly support Apr 6 

*SUP 4: $1.2209 Low Apr 6

*COMMENTARY: The daily bear channel top off 2018 highs continues to confirm

significance having capped Tuesday. Bulls continue to look for a close above

$1.2477 to confirm focus on $1.2555-1.2603 where 2018 highs & the LT bear

channel top off 2008 highs are located. Bulls take comfort in the 55-DMA

supporting with a close below $1.2290 needed to return initial focus to

$1.2153-1.2209 where the 100-DMA ($1.2192) is situated.

     CABLE TECHS: Bulls Need Close Above $1.4280 Today

*RES 4: $1.4376 2018 High Apr 17 

*RES 3: $1.4346 Hourly resistance Apr 17 

*RES 2: $1.4280 Low Apr 17 now resistance 

*RES 1: $1.4218 Low Apr 13 now resistance

*PRICE: $1.4182 @ 0930GMT

*SUP 1: $1.4145 Hourly support Apr 10 

*SUP 2: $1.4136 21-DMA 

*SUP 3: $1.4104 High Apr 6 now support 

*SUP 4: $1.4065 Daily Bull channel base off Mar low

*COMMENTARY: Fresh 2018 & nearly 2 year highs lacked follow through with the

close below $1.4296 ringing alarm bells when combined with daily studies looking

to correct from O/B, momentum divergence and proximity of the Bollinger top

($1.4314). Immediate focus has shifted to $1.4104-45. Bears now need a close

below $1.3963 to shift focus to $1.3833-36. Bulls look for a close above $1.4281

to gain breathing room.

     DOLLAR-YEN TECHS: Above Y108.42 To Target Key WMAs & DMAs

*RES 4: Y109.08 21-WMA 

*RES 3: Y108.42 Low Feb 12 now resistance 

*RES 2: Y108.03 Low Feb 9 now resistance 

*RES 1: Y107.77 High Apr 5

*PRICE: Y107.29 @ 0930GMT

*SUP 1: Y106.85 Low Apr 17 

*SUP 2: Y106.57 Low Apr 9 

*SUP 3: Y106.50 21-DMA 

*SUP 4: Y105.29 Hourly resistance Mar 23 now support

*COMMENTARY: Having remained capped ahead of the Y108.03-42 resistance region

bears take additional comfort in pressure returning to the 55-DMA (Y106.93).

Bears continue to look for a close below the 21-DMA to shift initial focus back

to Y105.29 and hint at a move back to 2018 lows and the LT rising TL (Y104.42)

off 2016 lows. Bulls still need a close above Y108.42 to shift focus to

Y109.08-110.49 where key DMA and WMAs are located.

     EURO-YEN TECHS: 100-DMA Resistance Remains Key

*RES 4: Y134.79 High Feb 8

*RES 3: Y134.16 High Feb 9

*RES 2: Y133.18 Bollinger band top

*RES 1: Y133.07 100-DMA

*PRICE: Y132.65 @ 0930GMT

*SUP 1: Y132.09 Low Apr 17 

*SUP 2: Y131.90 55-DMA 

*SUP 3: y131.78 Low Apr 12 

*SUP 4: Y131.33 21-DMA

*COMMENTARY: Support emerging ahead of the 55-DMA provides bulls comfort with

bears needing a close below Y131.78 to ease bullish pressure and below Y130.82

to confirm a break of the 21-DMA and shift initial focus to Y128.94-129.97.

Topside hesitation continues with bulls looking for a close above the 100-DMA to

end bearish hopes and shift overall focus back to 2018 highs. The Bollinger top

and O/B studies looking to correct remain key concerns for bulls.

     EURO-STERLING TECHS: Flirting With 21-DMA

*RES 4: Gbp0.8813 100-DMA 

*RES 3: Gbp0.8797 High Mar 27 

*RES 2: Gbp0.8749 Hourly resistance Apr 6 

*RES 1: Gbp0.8721 21-DMA

*PRICE: Gbp0.8718 @ 0930GMT

*SUP 1: Gbp0.8690 Alternating daily support/resistance 

*SUP 2: Gbp0.8664 Hourly breakout level Apr 18 

*SUP 3: Gbp0.8641 Hourly support Apr 18 

*SUP 4: Gbp0.8618 2018 Low Apr 17

*COMMENTARY: O/S daily studies and the Bolli base (Gbp0.8643) limiting follow is

impacting with an aggressive break higher seeing the pair flirting with the

21-DMA. Bulls now look for a close above Gbp0.8749 to confirm a break of the

21-DMA and to return focus to Gbp0.8797-0.8813 where 55 & 100-DMAs are located.

Bears now look for a close below Gbp0.8664 to retain focus on Gbp0.8380-0.8515

with below Gbp0.8380 to confirm focus on Gbp0.8313 2017 lows.

     AUSSIE TECHS: $0.7716-35 Support Key Today

*RES 4: $0.7916 - High Mar 14

*RES 3: $0.7842 - Alternating daily support/resistance

*RES 2: $0.7815 - 200-DMA

*RES 1: $0.7790 - 55-DMA

*PRICE: $0.7747 @ 0930GMT

*SUP 1: $0.7735 - Low Apr 12 

*SUP 2: $0.7716 - 21-DMA 

*SUP 3: $0.7691 - Hourly support Apr 10 

*SUP 4: $0.7640 - 100-WMA

*COMMENTARY: The $0.7842 resistance remains key this week with bulls needing a

close above to confirm breaks of 55 & 200-DMAs. The $0.7735 level provided the

base for Friday's rally with bears needing a close below this level to gain

breathing room and below the 21-DMA to return initial focus to 2018 lows and the

100-WMA ($0.7640). Overall bears need a close below the weekly bull channel base

($0.7595) off 2016 lows to initially target $0.7500 and then $0.7319.

     DOLLAR-CANADA: 200-DMA Continues To Cap

*RES 4: $1.2759 - 21-DMA

*RES 3: $1.2724 - Daily Bear channel top off 2018 high

*RES 2: $1.2629 - 100-DMA

*RES 1: $1.2623 - 200-DMA

*PRICE: $1.2581 @ 0930GMT

*SUP 1: $1.2528 - Low Apr 17 

*SUP 2: $1.2482 - Bollinger band base 

*SUP 3: $1.2457 - Daily Bear channel base 

*SUP 4: $1.2451 - Alternating daily support/resistance

*COMMENTARY: Bears take comfort in consolidation below the 200-DMA with

immediate focus on $1.2451-57 where the daily bear channel base is noted. Bears

need a close below $1.2451 to initially target $1.2255 2018 lows. The Bollinger

base is the key concern for bears with potential to limit follow through. Bulls

look for a close above the 200-DMA to gain breathing room and above the 21-DMA

to shift initial focus to $1.2817-46.

     SPOT GOLD TECHS: Supported Ahead Of 21 & 55-DMAs

*RES 4: $1374.9 - 2016 High July 6 2016 

*RES 3: $1367.3 - Monthly High Aug 2 2016 

*RES 2: $1366.0 - 2018 High Jan 25 

*RES 1: $1353.2 - High Apr 12

*PRICE: $1345.3 @ 0930GMT

*SUP 1: $1336.8 - 21-DMA 

*SUP 2: $1331.5 - 55-DMA 

*SUP 3: $1330.9 - Low Apr 10 

*SUP 4: $1326.7 - Daily Bull channel base off Dec low

*COMMENTARY: Bulls take comfort in support emerging on dips back towards 21 &

55-DMAs but continue to look for a close above $1353.2 to return focus to

$1366.0-1391.8 where 2018, 2016 & 2014 highs are located. Layers of support

remain $1316.4-1336.8. Bears look for a close below the 100-DMA to shift

immediate focus back to $1299.8-1302.5 where Mar lows and the 200-DMA are noted.

Below the 200-DMA is needed to target Dec lows ($1235.9).

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

[TOPICS: MTABLE]