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MNI European Morning FX Technical Analysis 

28 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: $1.1828-90 Support Region Key
*RES 4: $1.2108 Daily Bull channel top 
*RES 3: $1.2092 Low Jan 1 2016 now resistance 
*RES 2: $1.1976 High Jan 5 2015 
*RES 1: $1.1941 2017 High Aug 25
*PRICE: $1.1922 @ 0430GMT
*SUP 1: $1.1916 Hourly support Aug 25 
*SUP 2: $1.1890 Hourly resistance Aug 25 now support 
*SUP 3: $1.1861 Alternating hourly support/resistance 
*SUP 4: $1.1828 High Aug 21 now resistance
*COMMENTARY: The pair repeatedly found support on dips last week resulting in a
break higher to fresh 2017 highs Friday and bulls now focused on the daily bull
channel top. The Bollinger top ($1.1909) is now the key concern for bulls with
potential to limit follow through. Layers of support are following the pair
higher with bears now needing a close below $1.1890 to ease bullish pressure and
below $1.1828 to initially pressure $1.1729.
     CABLE TECHS: Lacking Follow Through Above 55-DMA
*RES 4: $1.2990 Alternating hourly support/resistance 
*RES 3: $1.2969 21-DMA 
*RES 2: $1.2925 Hourly resistance Aug 28a 
*RES 1: $1.2902 Hourly resistance Aug 28
*PRICE: $1.2880 @ 0430GMT
*SUP 1: $1.2868 Hourly support Aug 25 
*SUP 2: $1.2845 Hourly resistance Aug 22 now support 
*SUP 3: $1.2813 Hourly support Aug 25 
*SUP 4: $1.2791 Hourly support Aug 24
*COMMENTARY: Bears failed to capitalise further on last week's sell-off to
$1.2770 with the recovery Friday seeing the pair pop above the 55-DMA ($1.2927)
in early Asian trading. Bulls now look for a close above $1.3031 to end bearish
hopes and shift focus back to $1.3157-1.3278 where 2017 highs are located. Daily
studies are well placed for a fresh leg higher. Bears need a close below $1.2845
to return pressure to $1.2770.
     DOLLAR-YEN TECHS: Bulls Need Close Above Y110.37
*RES 4: Y110.37 High Aug 17 
*RES 3: Y110.03 Hourly resistance Aug 17 
*RES 2: Y109.83 High Aug 23 
*RES 1: Y109.48 Alternating hourly support/resistance
*PRICE: Y109.17 @ 0430GMT
*SUP 1: Y109.06 Hourly support Aug 24 
*SUP 2: Y108.61 Low Aug 18 
*SUP 3: Y108.10 2017 Low Apr 17 
*SUP 4: Y107.47 Monthly High July 21 now support
*COMMENTARY: The Y107.45-108.10 support remains key. Bears need a close below
Y108.10 to hint at a shift lower with below Y107.47 to confirm immediate focus
on Y106.95 and overall focus on Y99.08-101.16. The Y110.37 resistance remains
key with bulls needing a close above to confirm breaks of the 21-DMA (Y109.82)
and bear channel top (Y109.83), returning focus to Y111.05-33 and above this
region to target the 200-DMA (Y112.53).
     EURO-YEN TECHS: Bulls Focused On Y131.40-64
*RES 4: Y131.64 High Feb 4 2016 
*RES 3: Y131.40 2017 High Aug 2 
*RES 2: Y130.86 High Aug 7
*RES 1: Y130.70 Hourly resistance Aug 28
*PRICE: Y130.15 @ 0430GMT
*SUP 1: Y129.87 Hourly resistance Aug 25 now support 
*SUP 2: Y129.37 Hourly support Aug 25 
*SUP 3: Y129.01 Hourly support Aug 24 
*SUP 4: Y128.69 Hourly support Aug 24
*COMMENTARY: The pair found support on dips back towards the 55-DMA last week
with pressure on the 21-DMA (Y129.61) taking its toll resulting in a break and
close above the 21-DMA Friday. Immediate bullish focus is now on Y131.40-64 with
a close above Y131.64 needed to confirm focus on 2016 highs (Y132.23). Initial
support is noted at Y129.87 with bears needing a close below to ease immediate
bullish pressure and below Y129.37 to shift focus back to the 55-DMA (Y128.44).
     EURO-STERLING TECHS: Gbp0.9149-78 Support Key
*RES 4: Gbp0.9412 Monthly high Oct 2009
*RES 3: Gbp0.9365 2016 High Oct 6
*RES 2: Gbp0.9278 Daily Bull channel top
*RES 1: Gbp0.9270 2017 High Aug 25
*PRICE: Gbp0.9253 @ 0430GMT
*SUP 1: Gbp0.9243 Hourly support Aug 28 
*SUP 2: Gbp0.9215 Hourly resistance Aug 25 now support 
*SUP 3: Gbp0.9189 Hourly support Aug 23a 
*SUP 4: Gbp0.9178 High Aug 23 now support
*COMMENTARY: Bulls remain focused on the channel top and then Gbp0.9365-0.9412
above where levels last seen in 2009 are located. O/B daily studies and the
Bollinger top (Gbp0.9281) remain the key concerns for bulls. Layers of support
emerged last week but the Gbp0.9149-78 support region is key. Bears need a close
below Gbp0.9178 to ease bullish pressure and below Gbp0.9149 to shift focus back
to Gbp0.9089-98 where the 21-DMA (Gbp0.9098) is located.
     AUSSIE TECHS: Bull Channel Base Supporting
*RES 4: $0.8065 - 2017 High July 27
*RES 3: $0.8044 - High Aug 1
*RES 2: $0.7998 - Hourly resistance Aug 1
*RES 1: $0.7963 - High Aug 17
*PRICE: $0.7940 @ 0430GMT
*SUP 1: $0.7913 - Hourly support Aug 28 
*SUP 2: $0.7895 - Hourly support Aug 25 
*SUP 3: $0.7881 - Daily Bull channel base 
*SUP 4: $0.7863 - Low Aug 24
*COMMENTARY: Bulls take comfort in support emerging around the bull channel base
and ahead of $0.7849 that retains pressure on $0.7963. Bulls need a close above
$0.7963 to shift focus back to $0.8044-65 where 2017 highs are found. Layers of
support are starting to build with bears now needing a close below $0.7895 to
ease pressure on $0.7963 and below $0.7863 to confirm an easing of bullish
pressure & shift focus back to $0.7710-0.7807 with the 55-DMA at $0.7788.
     US 10-YR YIELD TECHS: Focus Remains on 2017 Low
*RES 4: 2.264 - Hourly support Aug 16 now resistance 
*RES 3: 2.250 - Alternating hourly support/resistance 
*RES 2: 2.229 - Hourly resistance Aug 17 
*RES 1: 2.206 - Hourly support Aug 23 now resistance
*PRICE: 2.173 @ 0430GMT
*SUP 1: 2.164 - Low Aug 18 
*SUP 2: 2.148 - Bollinger band base 
*SUP 3: 2.121 - Low June 26 
*SUP 4: 2.103 - 2017 Low June 14
*COMMENTARY: Failure ahead of the 2.229 resistance last week added to the
significance of this level and resulted in bears remaining focused on tests of
2017 lows. A close below 2.103 is needed to shift immediate bearish focus to the
100-WMA (2.055) and overall focus to tests of 1.879. The 2.229 resistance
remains key with bulls needing a close above to ease bearish pressure and above
2.264 to shift initial focus back to 2.289.
NYMEX WTI: (V17) $46.62 & $49.31 Levels Still Key 
*RES 4: $48.91 - High Aug 21 
*RES 3: $48.55 - 21-DMA 
*RES 2: $48.44 - 100-DMA 
*RES 1: $48.20 - Hourly resistance Aug 28
*PRICE: $47.70 @ 0430GMT
*SUP 1: $47.37 - Hourly support Aug 24 
*SUP 2: $47.07 - Low Aug 24 
*SUP 3: $46.96 - 55-DMA 
*SUP 4: $46.62 - Low Aug 17
*COMMENTARY: Bulls take comfort in support continuing to emerge on dips back
towards the 55-DMA with bears continuing to look for a close below $46.62 to end
bullish hopes and initially target $45.21-58. The 100-DMA is currently capping
but bulls look for a close above $49.31 to confirm breaks of 21 & 100-DMAs and
shift initial focus to $50.04-51.27 where the bear channel top and 200-DMA are
situated.
SPOT GOLD: Focus Remains On $1318.3-1337.4
*RES 4: $1337.4 - Monthly High Nov 9 
*RES 3: $1318.3 - Daily Bull channel top 
*RES 2: $1301.3 - Bollinger band top 
*RES 1: $1300.8 - 2017 High Aug 18
*PRICE: $1294.1 @ 0430GMT
*SUP 1: $1287.9 - Hourly support Aug 25 
*SUP 2: $1275.3 - Low Aug 25 
*SUP 3: $1267.5 - Low Aug 15 
*SUP 4: $1257.9 - 100-DMA
*COMMENTARY: Volatility Friday saw gold dip into the previously noted
$1267.5-1277.7 support region before rallying aggressively and maintaining focus
on the daily bull channel top and $1337.4 Nov high. The Bollinger top is the key
concern for bulls. Initial support is noted at $1287.9 with bears needing a
close below to gain breathing room. A close below $1267.5 is needed to shift
initial focus to 55 & 100-DMAs ($1255.5-1257.9)
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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