Trial now
EQUITIES

New all time record high for Stoxx600

USD

Some early selling emerging

EQUITIES

Estoxx futures test intraday high

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]