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THAILAND

Market Closure

AUSSIE BONDS

IRM2 Given

JPY

Japanese Markets Reopen, CPI Report Takes Focus

AUD

Aussie Catches Bid Thursday

14 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: Bulls Need Close Above $1.1926
*RES 4: $1.1995 High Sept 13 
*RES 3: $1.1964 Hourly support Sept 13 now resistance 
*RES 2: $1.1926 Low Sept 12 now resistance 
*RES 1: $1.1903 Hourly support Sept 6 now resistance
*PRICE: $1.1875 @ 0430GMT
*SUP 1: $1.1868 Low Sept 5 
*SUP 2: $1.1823 Low Sept 1 
*SUP 3: $1.1799 Daily Bull channel base 
*SUP 4: $1.1721 55-DMA
*COMMENTARY: The correction from 2017 highs continues with the pair flirting
with the 21-DMA ($1.1872). Bears focus on $1.1799-1.1823 where the daily bull
channel base is located with below $1.1868 to add weight to their case.
Resistance layers are building with bulls needing a close above $1.1926 to ease
immediate bearish pressure and above $1.2045 to reconfirm initial focus on 2017
highs. Daily studies are well placed for a fresh leg lower.
     CABLE TECHS: $1.3159 Support Remains Key
*RES 4: $1.3329 2017 High Sept 13 
*RES 3: $1.3298 Alternating hourly support/resistance 
*RES 2: $1.3253 Hourly support Sept 13 now resistance 
*RES 1: $1.3224 Alternating daily support/resistance
*PRICE: $1.3203 @ 0430GMT
*SUP 1: $1.3298 Hourly resistance Sept 12 now support 
*SUP 2: $1.3262 Hourly support Sept 12 
*SUP 3: $1.3224 High Sept 8 now support 
*SUP 4: $1.3159 Hourly resistance Sept 8 now support
*COMMENTARY: The lack of topside follow through on Wednesday's 2017 and 14mth
highs is a concern for bulls and leaves the pair looking a little heavy. Daily
studies correcting from O/B, daily momentum divergence and the Bollinger top
capping increase the risk of a decent correction. In saying that, the $1.3159
support remains key. Bears need a close below this level to confirm an easing of
bullish pressure and to shift focus to $1.2995-1.3019 where the 55-DMA is noted.
     DOLLAR-YEN TECHS: Bulls Now Need Close Above Y111.33
*RES 4: Y111.33 High July 28 
*RES 3: Y111.14 100-DMA 
*RES 2: Y110.82 Bollinger band top 
*RES 1: Y110.78 55-DMA
*PRICE: Y110.51 @ 2030GMT
*SUP 1: Y110.29 Hourly resistance Sept 13 now support 
*SUP 2: Y109.91 Low Sept 13 
*SUP 3: Y109.58 Hourly resistance Sept 12 now support 
*SUP 4: Y109.23 Low Sept 12
*COMMENTARY: Pressure remains firmly on layers of resistance Y110.78-111.33
where 55 & 100-DMAs are situated. Daily studies are well placed for a fresh leg
higher although the Bollinger top is a concern for bulls. Bulls now look for a
close above Y111.33 to shift initial focus to the 200-DMA (Y112.29). Layers of
resistance continue to build with bears now needing a close below Y109.91 to
ease bullish pressure and below Y108.70 to return focus to 2017 lows.
     EURO-YEN TECHS: Bears Need Close Below Y130.63
*RES 4: Y132.25 2016 High Jan 29
*RES 3: Y132.22 Bollinger band top
*RES 2: Y132.01 2017 High Sept 13
*RES 1: Y131.49 Hourly resistance Sept 14
*PRICE: Y131.21 @ 0430GMT
*SUP 1: Y130.90 High Sept 11 now support 
*SUP 2: Y130.63 Hourly support Sept 12 
*SUP 3: Y130.41 Daily Bull channel base 
*SUP 4: Y129.82 55-DMA
*COMMENTARY: Despite recently trading at 2017 & 20mth highs the hesitation ahead
of 2016 highs and the Bollinger band top are a concern for bulls. Bulls now look
for a close above Y131.49 to retain focus on 2016 highs. The Y130.63 support is
key today. Bears look for a close below Y130.63 to shift immediate focus back to
Y129.25-130.41. Below Y129.25 remains needed to confirm a break of the 55-DMA &
channel base, ending bullish hopes and shifting initial focus to Y128.30.
     EURO-STERLING TECHS: Above Gbp0.9064 To Ease Bearish Pressure
*RES 4: Gbp0.9094 Hourly resistance Sept 11
*RES 3: Gbp0.9064 Hourly support Sept 12 now resistance
*RES 2: Gbp0.9039 High Sept 13
*RES 1: Gbp0.9015 Hourly resistance Sept 13
*PRICE: Gbp0.8993 @ 0430GMT
*SUP 1: Gbp0.8981 Low Sept 12 
*SUP 2: Gbp0.8915 Monthly Low Aug 1 
*SUP 3: Gbp0.8888 Low July 27 
*SUP 4: Gbp0.8848 21-WMA
*COMMENTARY: Bears capitalised on the correction from 2017 highs with the pair
trading below the 55-DMA (Gbp0.9014). Bears look for a close below Gbp0.8981 to
confirm a break of the 55-DMA and shift initial focus to Gbp0.8888-0.8915. O/S
daily studies and the Bollinger base (Gbp0.8995) are key concerns for bears with
potential to limit follow through. Bulls need a close above Gbp0.9064 to ease
immediate bearish pressure and above Gbp0.9153 to target Gbp0.9213-37.
     AUSSIE TECHS: $0.8044-81 Resistance Region Key
*RES 4: $0.8081 - Hourly support Sept 8 now resistance
*RES 3: $0.8061 - Hourly resistance Sept 11
*RES 2: $0.8044 - High Sept 13
*RES 1: $0.8016 - Hourly resistance Sept 14
*PRICE: $0.8003 @ 0430GMT
*SUP 1: $0.7961 - Low Sept 6, 21-DMA 
*SUP 2: $0.7920 - Hourly support Aug 31 
*SUP 3: $0.7883 - 55-DMA 
*SUP 4: $0.7863 - Low Aug 24
*COMMENTARY: The correction lower from 2017 highs sees the pair flirting with
the daily bull channel base ($0.7992). Bears now look for a close below the
21-DMA to confirm a break of the channel base and below $0.7920 to shift initial
focus to $0.7863-83 where the 55-DMA is located. Daily studies are well placed
for a fresh leg lower. Bulls now need a close above $0.8044 to gain breathing
room and above $0.8081 to reconfirm initial focus on 2017 highs.
     US DOLLAR-INDEX TECHS: Bears Need Close Below 92.100
*RES 4: 92.936 - Hourly resistance Aug 31 
*RES 3: 92.711 - High Sept 4 
*RES 2: 92.596 - 21-DMA 
*RES 1: 92.530 - High Sept 13
*PRICE: 92.448 @ 0430GMT
*SUP 1: 92.100 - Alternating hourly support/resistance
*SUP 2: 91.710 - Low Sept 13
*SUP 3: 91.626 - Hourly resistance Sept 8 now support
*SUP 4: 91.410 - Low Sept 11
*COMMENTARY: Hesitation ahead of 92.100 came to an end Wednesday with a break
higher and bullish close that sees immediate focus on 92.530-96.347 where the
21-DMA is located. Bulls need a close above 93.347 to initially pressure the
55-DMA (93.700). A close above the 55-DMA was last seen in early Nov. Bears now
look for a close below 92.100 to gain breathing room and below 91.410 to
reconfirm initial focus on recent 2017 lows.
     US 10-YR YIELD TECHS: 2.118-171 Support Region Key
*RES 4: 2.241 - 100-DMA 
*RES 3: 2.236 - 55-DMA 
*RES 2: 2.229 - Hourly resistance Aug 17 
*RES 1: 2.206 - Hourly support Aug 23 now resistance
*PRICE: 2.188 @ 0430GMT
*SUP 1: 2.171 - Hourly resistance Sept 13 now support 
*SUP 2: 2.143 - Hourly support Sept 12 
*SUP 3: 2.118 - Hourly support Sept 11 
*SUP 4: 2.096 - Hourly breakout level Sept 11
*COMMENTARY: Bulls take comfort as they gain traction above the 21-DMA (2.155)
and focus on the 2.206-2.241 region where 55 & 100-DMAs are located. Daily
studies have room to move before O/B becomes an issue. Layers of support
continue to build with bears needing a close below 2.171 to gain breathing room
and below 2.118 to ease renewed bullish pressure and shift initial focus back to
2.075. Above the 100-DMA initially pressures the bear channel top (2.266).
NYMEX WTI TECHS: (X17) $48.96 Support Now Key 
*RES 4: $51.13 - 200-DMA 
*RES 3: $50.62 - Monthly High Aug 1 
*RES 2: $49.84 - High Sept 9 
*RES 1: $49.72 - Bollinger band top
*PRICE: $49.63 @ 0430GMT
*SUP 1: $49.33 - Hourly support Sept 13 
*SUP 2: $48.96 - High Sept 12 now support 
*SUP 3: $48.61 - Low Sept 13 
*SUP 4: $48.24 - 21-DMA
*COMMENTARY: The bounce from the 55-DMA ($47.92) sees immediate pressure on
$49.84 as X17 flirts with the daily bear channel top ($49.60). Bulls look for a
close above $49.84 to confirm a break of the channel top and shift immediate
focus to $50.62-51.45 where the 200-DMA is located. Daily studies approaching
O/B and the Bollinger top are key concerns for bulls. Bears now need a close
below $48.96 to ease bullish pressure and shift focus to DMAs $47.92-48.24.
SPOT GOLD TECHS: Focus Now On $1294.6-1313.9
*RES 4: $1350.5 - Hourly support Sept 8 now resistance 
*RES 3: $1342.1 - Hourly support Sept 8 now resistance A 
*RES 2: $1334.8 - High Sept 13 
*RES 1: $1329.4 - Hourly support Sept 13 now resistance
*PRICE: $1322.0 @ 0430GMT
*SUP 1: $1318.9 - Hourly support Sept 14 
*SUP 2: $1313.9 - 21-DMA 
*SUP 3: $1313.7 - High Aug 30 now support 
*SUP 4: $1304.9 - Hourly support Aug 31
*COMMENTARY: Fresh 2017 and 12mth highs lacked follow through Friday with bears
taking comfort in the gapping move lower Monday that eased bullish pressure and
confirms focus on $1294.6-1313.9 where the 21-DMA is located. Below $1294.6 is
needed to target 55 ($1274.2) & 100 ($1264.6) DMAs. Bulls need a close above
$1234.8 to ease bearish pressure and above $1242.1 to target $1375.1 2016 highs.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]