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MNI European Morning FX Technical Analysis 

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]
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