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MNI European Morning FX Technical Analysis 

9 August 2017
By Kyle Shortland
Please click on this link to access MNI's daily European FX Technical Analysis
Pdf - http://tinyurl.com/kvgb59s
EURO-DOLLAR TECHS: Bears Focused On $1.1583-1.1656
*RES 4: $1.1824 High Aug 8 
*RES 3: $1.1802 Hourly support Aug 8 now resistance 
*RES 2: $1.1777 Alternating hourly support/resistance 
*RES 1: $1.1768 Hourly support Aug 7 now resistance
*PRICE: $1.1739 @ 0430GMT
*SUP 1: $1.1715 Low Aug 8 
*SUP 2: $1.1671 Low July 28 
*SUP 3: $1.1665 21-DMA 
*SUP 4: $1.1648 Low July 27
*COMMENTARY: Bears take comfort in the sell-off Tuesday that added weight to the
case for a move back to $1.1583-1.1665 where the 21-DMA ($1.1665) is located.
Bears now need a close below $1.1715 to add further weight to their case. Layers
of resistance are accumulating with bulls needing a close above $1.1777 to ease
immediate bearish pressure and above $1.1824 to hint at a retest of 2017 highs.
CABLE TECHS: $1.3015-59 Resistance Region Key
*RES 4: $1.3079 Hourly support Aug 4 
*RES 3: $1.3059 High Aug 7, 21-DMA 
*RES 2: $1.3015 Low Aug 7 now resistance 
*RES 1: $1.2995 Hourly resistance Aug 8
*PRICE: $1.2985 @ 0430GMT
*SUP 1: $1.2955 Low Aug 8 
*SUP 2: $1.2920 55-DMA 
*SUP 3: $1.2838 100-DMA 
*SUP 4: $1.2827 Daily bull channel base
*COMMENTARY: Cable remains heavy as it gains traction below the 21-DMA with
immediate bearish focus on the 55-DMA. Bears look for a close below the 55-DMA
to shift initial focus to $1.2797-1.2838 where the 100-DMA and bull channel base
are situated. Bulls now need a close above $1.3015 to gain breathing room and
above the 21-DMA to shift initial focus back to $1.3113.
DOLLAR-YEN TECHS: Bears Focused On 2017 Low
*RES 4: Y111.05 High Aug 4 
*RES 3: Y110.82 High Aug 8 
*RES 2: Y110.59 Hourly resistance Aug 8 
*RES 1: Y110.25 Low Aug 8 now resistance
*PRICE: Y109.81 @ 0430GMT
*SUP 1: Y109.32 Bollinger band base 
*SUP 2: Y108.81 Monthly Low June 14 
*SUP 3: Y108.10 2017 Low Apr 17 
*SUP 4: Y107.47 Monthly high July 21 2016 now support
*COMMENTARY: Hesitation ahead of the Y111.05-44 region where key DMAs are
clustered has resulted in breaks of support layers leaving the pair looking
heavy with bears now focused on 2017 lows. Layers of resistance are accumulating
with bulls now needing a close above Y110.59 to ease immediate bearish pressure
and shift focus back to Y111.05-111.44. The Bollinger base is the key concern
for bears with potential to limit follow through.
EURO-YEN TECHS: Bulls Need Close Above 21-DMA
*RES 4: Y130.23 Hourly support Aug 8 now resistance 
*RES 3: Y129.89 Low Aug 1 now resistance 
*RES 2: Y129.86 21-DMA 
*RES 1: Y129.32 Hourly support Aug 9 now resistance
*PRICE: Y128.86 @ 0430GMT
*SUP 1: Y128.45 Low July 13 
*SUP 2: Y127.99 Low July 6 
*SUP 3: Y127.43 Low June 30 
*SUP 4: Y127.25 55-DMA
*COMMENTARY: Having supported the past 3 weeks, bears take comfort in the close
below the 21-DMA that confirms and easing of bullish pressure and sees focus
shift back to Y127.25 where key supports and the 55-DMA are located. Layers of
resistance are weighing and leaving the pair looking offered. Bulls now need a
close above Y129.32 to gain breathing room and above Y129.89 to shift focus back
to Y131.13-133.64. Below the 55-DMA hints at a move back to Y125.80.
EURO-STERLING TECHS: Gbp0.8988-0.8920 Support Key
*RES 4: Gbp0.9141 High Oct 11
*RES 3: Gbp0.9100 Bollinger Band top
*RES 2: Gbp0.9088 2017 High Aug 8
*RES 1: Gbp0.9063 Hourly resistance Aug 8
*PRICE: Gbp0.9039 @ 0430GMT
*SUP 1: Gbp0.9020 Hourly support Aug 7 
*SUP 2: Gbp0.8994 High July 21 now support 
*SUP 3: Gbp0.8988 High Aug 2 now support 
*SUP 4: Gbp0.8968 Hourly resistance Aug 2 now support
*COMMENTARY: Despite fresh 2017 and 10mth highs, the lack of topside follow
through is a concern given daily studies looking to correct from O/B and daily
momentum divergence. In saying that, the Gbp0.8988-0.9020 support region is now
key. Bears need a close below Gbp0.9020 to ease bullish pressure and below
Gbp0.8988 to shift focus back to Gbp0.8922. Today bulls need a close above
Gbp0.9063 to retain focus on Gbp0.9141-79 where the bull channel top is noted.
AUSSIE TECHS: Bears Look for Close Below $0.7838
*RES 4: $0.7979 - High Aug 4 
*RES 3: $0.7949 - High Aug 7 
*RES 2: $0.7919 - Hourly support Aug 8 now resistance 
*RES 1: $0.7885 - Low Aug 7
*PRICE: $0.7870 @ 0430GMT
*SUP 1: $0.7838 - High July 17 now support 
*SUP 2: $0.7781 - Low July 17 
*SUP 3: $0.7749 - Hourly support July 14a 
*SUP 4: $0.7688 - 55-DMA
*COMMENTARY: The pair remains heavy with immediate bearish focus now on the
$0.7838 support. Overall a close below $0.7838 is needed to shift focus to
$0.7749-0.7781. Layers of resistance accumulating is adding weight to the
bearish case with bulls needing a close above $0.7949 to ease bearish pressure
and above $0.7998 to shift focus initial focus back to $0.8044-65 where 2017
highs are located. Daily studies have room to move before O/S is an issue.
US DOLLAR-INDEX TECHS: Hesitating Ahead Of 21-DMA
*RES 4: 94.285 - High July 26 
*RES 3: 94.103 - High July 27 
*RES 2: 93.999 - 21-DMA 
*RES 1: 93.876 - High Aug 8
*PRICE: 93.656 @ 0430GMT
*SUP 1: 93.541 - High Aug 7 now support
*SUP 2: 93.302 - Low Aug 7
*SUP 3: 93.061 - Hourly support Aug 4a
*SUP 4: 92.679 - Low Aug 3
*COMMENTARY: O/S daily studies appear to be impacting with hesitation ahead of
the recent 2017 lows & 200-WMA (92.400) less than ideal for bears. Immediate
bearish pressure has been eased with bulls now needing a close above 94.476 to
confirm a break of the 21-DMA and shift immediate focus to 95.167-733 where the
55-DMA is noted. Bears need a close below 93.541 to gain breathing room and
below 93.061 to shift pressure back to 2017 lows.
US 10-YR YIELD TECHS: 2.218-237 Support Key
*RES 4: 2.321 - High Aug 1
*RES 3: 2.314 - 200-DMA
*RES 2: 2.289 - High Aug 4 & 8
*RES 1: 2.279 - 21-DMA
*PRICE: 2.253 @ 0430GMT
*SUP 1: 2.237 - Hourly resistance Aug 4 now support 
*SUP 2: 2.218 - Low Aug 3 
*SUP 3: 2.177 - High June 21 now support 
*SUP 4: 2.121 - Low June 26
*COMMENTARY: The rally Friday provided bulls breathing room but a close above
the 200-DMA is needed to confirm a return in focus to 2.337-396 where the daily
bear channel top (2.337) is noted. The 2.218-2.237 support region is now key.
Bears need a close below 2.237 to ease renewed bullish pressure and below 2.218
to reconfirm focus on tests of 2017 lows. The Bollinger base (2.216) is the key
concern for bears with potential to limit follow through.
NYMEX WTI TECHS: (U17) Bears Need Close Below $47.86 
*RES 4: $51.11 - Low May 23 now resistance 
*RES 3: $50.53 - Daily Bear channel top 
*RES 2: $50.10 - Alternating hourly support/resistance 
*RES 1: $49.78 - High Aug 8
*PRICE: $49.02 @ 04350GMT
*SUP 1: $48.50 - Low Aug 4 
*SUP 2: $48.38 - Low Aug 1 
*SUP 3: $48.25 - Low July 27 
*SUP 4: $47.86 - Low July 26
*COMMENTARY: Support emerging on dips back to $47.86-48.38 is a concern for
bears who need a close below the $47.86 to confirm an easing of bullish pressure
and below the 55-DMA ($46.95) to hint at a move back to $42.28 with below $45.16
to confirm. Layers of resistance $50.10-51.20 remain key. Bulls need a close
above the 200-DMA ($51.20) to confirm a bullish bias and shift immediate focus
to May highs ($52.63).
SPOT GOLD TECHS: Bulls Need Close Above $1267.2
*RES 4: $1295.9 - 2017 High June 6 
*RES 3: $1280.8 - High June 14 
*RES 2: $1274.0 - High Aug 1 
*RES 1: $1267.2 - Hourly support Aug 3 & 4 now resistance
*PRICE: $1264.8 @ 0430GMT
*SUP 1: $1258.9 - Alternating hourly support/resistance 
*SUP 2: $1251.6 - 21-DMA 
*SUP 3: $1243.6 - Low July 27 
*SUP 4: $1235.5 - Low July 20
*COMMENTARY: Bears managed a dip below key DMAs Tuesday but follow through has
been lacking with support emerging ahead of the 21-DMA. Correcting O/B studies
remain a concern for bulls. The $1267.2 resistance is key today with bulls
needing a close above to negate Tuesday's dip and return focus to
$1274.0-1280.8. Above $1280.8 is needed to target 2017 highs. Bears need a close
below $1243.6 to shift focus to the 200-DMA ($1229.2).
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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