MNI BRIEF: EIB Should Lend More To Defence - Top EU Official

MNI China Daily Summary: Thursday, March 14

MNI BRIEF: China Consumers Optimistic On 2024 Household Income

MNI: PBOC Drains Net CNY7 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0974 Thurs; -4.48% Y/Y

CHINA PBOC INJECTS CNY3 BILLION VIA 7-DAY REVERSE REPOS THURS

Bond Supply Calendar: EU Synd W/C 18-Mar; SK, BE, BoE APF Ops Mon

US EIA:NAT GAS STORAGE -9 BCF TO 2,325 BCF MAR 08 WK

MNI: US JAN BUSINESS INVENTORIES +0.0%; SALES -1.3%

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI European Morning FX Technical Analysis 

5 September 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 Need Close Below $1.1823
*RES 4: $1.2070 High Aug 29 
*RES 3: $1.2009 Hourly support Aug 30a now resistance 
*RES 2: $1.1984 High Aug 30 
*RES 1: $1.1922 High Sept 4
*PRICE: $1.1907 @ 0430GMT
*SUP 1: $1.1889 Hourly support Sept 4 
*SUP 2: $1.1826 21-DMA 
*SUP 3: $1.1823 Low Sept 1 
*SUP 4: $1.1730 Low Aug 21
*COMMENTARY: Having lacked follow through on fresh 2017 and 2+ year highs last
week the pair saw pressure return to the 21-DMA with the rejection ahead of
$1.1984 Friday a concern for bulls. In saying that, bears now need a close below
$1.1823 to confirm an easing of bullish pressure and shift focus to
$1.1648-1.1730 where the channel base is noted. Bulls still need a close above
$1.1984 to reconfirm focus on the bull channel top ($1.2175).
     CABLE TECHS: $1.2995-1.3031 Resistance Key
*RES 4: $1.3059 High Aug 7 
*RES 3: $1.3031 High Aug 10, Bollinger band top 
*RES 2: $1.2995 High Sept 1 
*RES 1: $1.2966 High Sept 4
*PRICE: $1.2930 @ 0430GMT
*SUP 1: $1.2905 Low Sept 1 
*SUP 2: $1.2895 Hourly resistance Aug 31 now support 
*SUP 3: $1.2853 Low Aug 31 
*SUP 4: $1.2793 Bollinger band base
*COMMENTARY: The lack of topside follow through remains a concern as bulls look
for a close above $1.2995 to confirm focus on $1.3031 and above this level to
shift focus back to $1.3157-1.3278. Layers of support remain in place with bears
still needing a close below $1.2895 to ease bullish pressure and below $1.2853
to return pressure to $1.2770.
     DOLLAR-YEN TECHS: Y110.67-111.33 Resistance Key This Week
*RES 4: Y110.67 High Aug 31 
*RES 3: Y110.59 Bollinger band top 
*RES 2: Y110.48 High Sept 1 
*RES 1: Y109.93 High Sept 4
*PRICE: Y109.26 @ 0430GMT
*SUP 1: Y108.96 Hourly resistance Aug 29 now support 
*SUP 2: Y108.71 Bollinger band base 
*SUP 3: Y108.27 Low Aug 29 
*SUP 4: Y108.10 2017 Low Apr 17
*COMMENTARY: A volatile week saw the pair capped ahead of the Y111.05-33 region
where 55 & 100-DMAs are situated which retained bearish focus on tests of the
key Y107.47-108.10 region. The Y110.67-111.33 resistance region is seen as key
this week. Bulls need a close above Y111.33 to end bearish hopes and target
Y112.18-45 where the 200-DMA is situated. Bears look for a close below Y107.47
to shift immediate focus to Y106.95.
     EURO-YEN TECHS: Bears Need Close Below 55-DMA
*RES 4: Y131.70 2017 High Aug 30
*RES 3: Y131.54 Bollinger band top
*RES 2: Y131.35 High Sept 1
*RES 1: Y130.70 High Sept 4
*PRICE: Y130.08 @ 0430GMT
*SUP 1: Y129.69 21-DMA 
*SUP 2: Y129.60 Low Aug 29 
*SUP 3: Y129.22 55-DMA, Daily bull channel base 
*SUP 4: Y128.31 Low Aug 22
*COMMENTARY: Pressure remains on the 21-DMA following the failure to gain
traction topside above Y130.60 Monday with the Y129.22-69 support region key
today. Bears now need a close below the 55-DMA to end bullish hopes and shift
focus back to Y127.43. Correcting O/B daily studies are weighing on the pair.
Bulls now look for a close above Y130.70 to ease pressure on key supports and
return immediate focus to tests of recent 2017 highs.
     EURO-STERLING TECHS: Bears Need Close Below Gbp0.9149
*RES 4: Gbp0.9270 Alternating hourly support/resistance
*RES 3: Gbp0.9248 Low Aug 29 now resistance
*RES 2: Gbp0.9238 High Aug 31
*RES 1: Gbp0.9226 High Sept 4
*PRICE: Gbp0.9208 @ 0430GMT
*SUP 1: Gbp0.9174 Hourly support Sept 4 
*SUP 2: Gbp0.9158 21-DMA 
*SUP 3: Gbp0.9149 High Aug 18 now support 
*SUP 4: Gbp0.9091 Low Aug 18
*COMMENTARY: Despite pressure returning to the 21-DMA and Gbp0.9149 support
bears have so far failed to manage a close below Gbp0.9149 needed to confirm an
easing of bullish pressure and to shift focus back to layers of support
Gbp0.8981-0.9049. Daily studies have corrected back to a more neutral level.
Bulls still need a close above Gbp0.9248 to regain the upper hand and reconfirm
focus on 2016 highs.
     AUSSIE TECHS: $0.7917 & 0.7996 Levels Remain Key
*RES 4: $0.8065 - 2017 High July 27
*RES 3: $0.8044 - High Aug 1
*RES 2: $0.7996 - High Aug 30
*RES 1: $0.7989 - Bollinger band top
*PRICE: $0.7957 @ 0430GMT
*SUP 1: $0.7937 - Hourly support Sept 1 
*SUP 2: $0.7917 - Hourly support Aug 31 
*SUP 3: $0.7863 - Low Aug 24 
*SUP 4: $0.7829 - 55-DMA
*COMMENTARY: The $0.7863 support confirmed significance Thursday with the pair
having looked heavy before bouncing aggressively. Hesitation ahead of $0.7996
remains less than ideal for bulls with the Bollinger top limiting follow
through. Bulls need a close above $0.7996 to reconfirm focus on $0.8044-65 and
above $0.8065 to reconfirm the bullish bias and target 2015 highs ($0.8165).
Bears still need a close below $0.7917 to return pressure to $0.7863.
     US DOLLAR-INDEX TECHS: Bulls Need Close Above 93.347
*RES 4: 93.451 - Hourly resistance Aug 23 
*RES 3: 93.347 - High Aug 31 
*RES 2: 92.936 - Hourly resistance Aug 31 
*RES 1: 92.711 - High Sept 4
*PRICE: 92.490 @ 0430GMT
*SUP 1: 92.445 - Low Sept 4
*SUP 2: 92.100 - Low Sept 1
*SUP 3: 91.621 - 2017 Low Aug 29
*SUP 4: 91.514 - Low Jan 15 2015
*COMMENTARY: The recovery from recent 2017 and 2+ year lows appears to be in
trouble with a rejection above the 21-DMA (93.114) Thursday. Bulls continue to
look for a close above 93.347 to ease bearish pressure and shift focus back to
93.628-94.476 where the 55-DMA (94.324) is noted. While 93.347 caps bears remain
focused on 91.514 with a close below needed to target 89.776-90.325.
     US 10-YR YIELD TECHS: Bulls Need Close Above 2.180
*RES 4: 2.206 - Hourly support Aug 23 now resistance 
*RES 3: 2.200 - 21-DMA 
*RES 2: 2.180 - High Aug 28 
*RES 1: 2.166 - Hourly resistance Aug 31
*PRICE: 2.157 @ 0430GMT
*SUP 1: 2.138 - Hourly support Sept 1 
*SUP 2: 2.099 - Low Sept 1 
*SUP 3: 2.088 - 2017 Low Aug 29 
*SUP 4: 2.055 - 100-WMA
*COMMENTARY: Bulls gain confidence following Friday bounce from ahead of recent
2017 lows that sees pressure back on the 2.180 resistance. Bulls continue to
look for a close above 2.180 to shift initial focus back to 2.200-2.229. Initial
support is now noted at 2.138 with bears needing a close below to ease pressure
on 2.180 and reconfirm focus on 2.055-088 where 2017 lows and the 100-WMA are
situated.
NYMEX WTI: (V17) Bulls Need Close Above 100-DMA 
*RES 4: $48.91 - High Aug 21 
*RES 3: $48.07 - 100-DMA 
*RES 2: $47.84 - 21-DMA 
*RES 1: $47.65 - High Sept 4
*PRICE: $47.42 @ 0430GMT
*SUP 1: $47.15 - Hourly support Sept 4 
*SUP 2: $46.56 - Low Sept 1 
*SUP 3: $45.84 - Hourly support Aug 31 
*SUP 4: $45.58 - Low July 24 & Aug 31
*COMMENTARY: Despite pressure returning to the $45.21-58 support region bears
failed to manage the close below needed to shift overall focus back to tests of
$42.52 June lows. The bounce Thursday provided bulls breathing room with bulls
still looking for a close above the 100-DMA ($48.07) to return immediate focus
to $48.91-49.31. The Bollinger band base ($45.82) remains the key concern for
bears and recently limited follow through.
SPOT GOLD: Bulls Targeting 2016 High
*RES 4: $1353.3 - Daily Bull channel top 
*RES 3: $1352.6 - Monthly High Sept 7 2016 
*RES 2: $1343.6 - High Sept 22 2016 
*RES 1: $1339.8 - 2017 High Sept 4
*PRICE: $1335.9 @ 0430GMT
*SUP 1: $1328.8 - High Sept 4 
*SUP 2: $1313.7 - High Aug 30 now support 
*SUP 3: $1304.9 - Hourly support Aug 31 
*SUP 4: $1298.4 - Low Aug 31
*COMMENTARY: A gapping move higher to start the new week has resulted in fresh
2017 and 12mth highs with immediate bullish focus now on $1343.6-1375.2 where
2016 highs are located. The Bollinger top ($1335.4) is the key concern for
bulls. Bears need a close below $1328.8 to gain breathing room and below $1313.7
to shift initial focus back to $1294.6-1295.5 where the 21-DMA is noted.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
To read the full story
Close
Why MNI
MNI is the leading provider
 of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        window.dataLayer.push({
    'event' : 'logedout',
    'loggedOut' : 'loggedOut'
  });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        (function appendPosts () {  
    var policyPosts = document.getElementsByClassName('policy-posts-wrapper')[0];
    var policyPostsMenu = document.querySelector('.policy-posts-span');
    policyPostsMenu.append(policyPosts);
    policyPosts.style.display = "block";
  
    var empolicyPosts = document.getElementsByClassName('em-policy-posts-wrapper')[0];
    var empolicyPostsMenu = document.querySelector('.em-policy-posts-span');
    empolicyPostsMenu.append(empolicyPosts);
    empolicyPosts.style.display = "block";

    var dataPosts = document.getElementsByClassName('data-posts-wrapper')[0];
    var dataPostsMenu = document.querySelector('.data-posts-span');
    dataPostsMenu.append(dataPosts);
    dataPosts.style.display = "block";
})();
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll(".my-mni").forEach(function(item){
  item.href="/core/users/email_login/";
  item.innerHTML="Log In";
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll("img").forEach(function (img) {
    img.addEventListener("contextmenu", function (e) {
      return false;
    });
  });
  document
    .querySelector(".site-logo img")
    .addEventListener("contextmenu", function (e) {
      return true;
    });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        
  let posts = document.querySelectorAll(".all-content-wrapper .widget:not(.stream-story-processed)");
  window.check_story_posts(posts, "streamOfPosts");
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        /*
const sidebar = document.querySelector('.left-sidebar-container');
const stickyContent = document.querySelector('.sticky-content');
const siteContent = document.querySelector('.all-posts-stream');
if (sidebar && stickyContent && siteContent) {
  if (siteContent.clientHeight > sidebar.clientHeight) {
    console.log('grater -> ', siteContent.clientHeight + ' > ' + sidebar.clientHeight);
    stickyContent.style.height = (siteContent.clientHeight - sidebar.clientHeight) + 'px';
  }
}
*/
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});