MNI European Morning FX Technical Analysis

26 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: 55-DMA Support Key This Week

*RES 4: $1.1957 Hourly support Sept 22 now resistance 

*RES 3: $1.1937 Low Sept 22 now resistance 

*RES 2: $1.1891 Hourly support Sept 21 now resistance 

*RES 1: $1.1862 Low Sept 20 now resistance

*PRICE: $1.1855 @ 0430GMT

*SUP 1: $1.1833 Low Sept 25 

*SUP 2: $1.1822 Low Aug 31 

*SUP 3: $1.1798 55-DMA 

*SUP 4: $1.1709 Low Aug 18

*COMMENTARY: Pressure on the daily bull channel base has resulted in a break and

close below with immediate pressure on $1.1798-1.1822 where the 55-DMA is noted.

Bears need a close below the 55-DMA to confirm a break of $1.1822 and the bull

channel base, shifting focus to $1.1583-1.1658. Bulls now need a close above

$1.1891 to gain breathing room and above $1.1957 to retain focus on

$1.2028-1.2092 where the Bollinger top & 2017 highs are situated.

     CABLE TECHS: Below $1.3306 To Shift Focus Lower

*RES 4: $1.3657 2017 High Sept 20 

*RES 3: $1.3595 High Sept 22 

*RES 2: $1.3538 Hourly resistance Sept 22 

*RES 1: $1.3486 Hourly resistance Sept 26

*PRICE: $1.3480 @ 0430GMT

*SUP 1: $1.3455 Hourly support Sept 26 

*SUP 2: $1.3432 Hourly resistance Sept 15 now support 

*SUP 3: $1.3381 Low Sept 15 

*SUP 4: $1.3328 High Sept 13 now support

*COMMENTARY: Fresh 2017 and 15mth highs lacked follow through Wednesday with the

correction dipping below the $1.3450 previously key support Monday. Daily

studies correcting from O/B are weighing with bears now needing a close below

$1.3306 to end bullish hopes and shift focus back to $1.3158 although the 21-DMA

($1.3246) may support. Bulls now need a close above $1.3595 to gain breathing

room.

     DOLLAR-YEN TECHS: Focus Returns To Key DMAs

*RES 4: Y112.72 High Sept 21 

*RES 3: Y112.53 High Sept 25 

*RES 2: Y112.33 Hourly resistance Sept 25 

*RES 1: Y111.94 Hourly support Sept 25 now resistance

*PRICE: Y111.52 @ 0430GMT

*SUP 1: Y111.48 Low Sept 25 

*SUP 2: Y111.07 100-DMA 

*SUP 3: Y110.53 55-DMA 

*SUP 4: Y110.40 21-DMA

*COMMENTARY: Failure to gain traction above the 200-DMA (Y112.09) leaves the

pair looking heavy and focus on key DMAs Y110.40-111.07. Bears now look for a

close below the 21-DMA to shift immediate focus to Y109.45 and overall focus to

tests of 2017 lows. Daily studies correcting from O/B add weight to the bearish

case. Bulls now need a close above Y111.94 to gain breathing room and above

Y112.85 to reconfirm a bullish bias that initially targets Y114.50 July highs.

     EURO-YEN TECHS: Pressuring Key Supports

*RES 4: Y134.25 High Sept 25

*RES 3: Y133.49 Hourly resistance Sept 25

*RES 2: Y133.01 Hourly support Sept 25 now resistance

*RES 1: Y132.58 Hourly support Sept 18 now resistance

*PRICE: Y132.21 @ 0430GMT

*SUP 1: Y131.88 Low Sept 25 

*SUP 2: Y131.68 21-DMA 

*SUP 3: Y131.40 Daily Bull channel base 

*SUP 4: Y130.59 Low Sept 15

*COMMENTARY: Repeated rejections ahead of the Y134.59 resistance have taken

their toll with a sell-off and bearish close Monday that sees pressure back on

the Y130.40-131.90 support region where the bull channel base, 21 & 55-DMAs &

200-WMA are located. Bears need a close below the channel base to add weight to

the case for a test of Y127.42-128.31 with below the 55-DMA to confirm. Bulls

now need a close above Y133.49 to shift focus back to Y134.25-59.

     EURO-STERLING TECHS: Gbp0.8920 Resistance Remains Key

*RES 4: Gbp0.8907 High Sept 15

*RES 3: Gbp0.8886 High Sept 22

*RES 2: Gbp0.8839 Hourly resistance Sept 22

*RES 1: Gbp0.8816 Hourly resistance Sept 25

*PRICE: Gbp0.8796 @ 0430GMT

*SUP 1: Gbp0.8785 Hourly support Sept 25 

*SUP 2: Gbp0.8775 Low Sept 15 & 25 

*SUP 3: Gbp0.8741 Monthly Low July 14 

*SUP 4: Gbp0.8717 200-DMA

*COMMENTARY: Daily studies are looking to correct from very O/S levels and

increase the risk of a correction. Bulls now need a close above Gbp0.8816 to

gain breathing room and above Gbp0.8920 needed to shift initial focus back to

the 55-DMA (Gbp0.9013). Bears currently focus on Gbp0.8716-17 where the 55-WMA

and 200-DMA are situated. Below the 55-WMA shifts focus to Gbp0.8523.

     AUSSIE TECHS: Flirting With 55-DMA

*RES 4: $0.8101 - High Sept 20 

*RES 3: $0.8068 - Hourly support Sept 20a now resistance 

*RES 2: $0.8036 - High Sept 21

*RES 1: $0.7986 - High Sept 22

*PRICE: $0.7940 @ 0430GMT

*SUP 1: $0.7907 - Hourly support Sept 22 

*SUP 2: $0.7902 - Bollinger band base 

*SUP 3: $0.7863 - Low Aug 24 

*SUP 4: $0.7807 - Monthly Low Aug 15

*COMMENTARY: Pressure on the daily bull channel base took its toll with an

aggressive break and close below Thursday that sees the pair flirting with the

55-DMA ($0.7934). Bears need a close below $0.7907 to confirm a break of the

55-DMA ending bullish hopes, shifting initial focus to $0.7863 and overall focus

to $0.7781-0.7807. Layers of resistance remain with bulls needing a close above

$0.8036 to shift focus back to 2017 highs.

     US DOLLAR-INDEX TECHS: Focus Shifts To 55-DMA

*RES 4: 93.347 - High Aug 31 

*RES 3: 93.151 - 55-DMA 

*RES 2: 92.936 - Hourly resistance Aug 31 

*RES 1: 92.724 - High Sept 25

*PRICE: 92.550 @ 0155GMT

*SUP 1: 92.433 - Hourly support Sept 25

*SUP 2: 92.206 - Low Sept 25

*SUP 3: 92.105 - Hourly resistance Sept 22 now support

*SUP 4: 91.781 - Low Sept 22

*COMMENTARY: Pressure on the daily bear channel top has taken its toll with a

close above that sees focus shift to 92.936-93.347 where the 55-DMA is situated.

Bulls now look for a close above 93.347 to shift initial focus to 94.145 Aug

highs. Layers of support are building and adding to bullish confidence with

bears now needing a close below 92.433 to ease bullish pressure and below 92.105

to return pressure to 91.410-781.

     US 10-YR YIELD TECHS: Bears Need Close Below 2.208

*RES 4: 2.290 - High Aug 4 

*RES 3: 2.287 - High Sept 20 

*RES 2: 2.266 - Hourly support Sept 20 now resistance 

*RES 1: 2.232 - Hourly support Sept 25 now resistance

*PRICE: 2.216 @ 0430GMT

*SUP 1: 2.208 - Low Sept 18 

*SUP 2: 2.171 - Hourly resistance Sept 13 now support, 21-DMA 

*SUP 3: 2.143 - Hourly support Sept 12 

*SUP 4: 2.118 - Hourly support Sept 11

*COMMENTARY: The failure at the 2.290 hurdle has left the yield looking heavy

closing back below the 55 (2.224) & 100 (2.236) DMAs. Immediate focus shifts

back to 2.208 with bears needing a close below to target 2.118-171 where the

21-DMA is located. Layers of resistance are building with bulls needing a close

above 2.266 to return immediate pressure to 2.290 and overall focus to 2.329-337

where the 200-DMA is noted.

NYMEX WTI TECHS: (X17) Bulls Focused On Channel Top 

*RES 4: $54.94 - Monthly High May 12 

*RES 3: $53.30 - Daily Bull channel top 

*RES 2: $52.62 - Monthly High May 25 

*RES 1: $52.50 - Bollinger band top

*PRICE: $52.36 @ 0430GMT

*SUP 1: $52.06 - Hourly support Sept 26 

*SUP 2: $51.61 - Hourly support Sept 25 

*SUP 3: $51.43 - Hourly resistance Sept 25 now support 

*SUP 4: $51.01 - 200-DMA

*COMMENTARY: Hesitation ahead of the 200-DMA and key resistance layers came to

an end Monday with an aggressive rally and bullish close that sees immediate

bullish focus on $52.62-53.30 and overall focus on $54.94. O/B studies and the

Bollinger band top are key concerns for bulls. In saying that, bears now look

for a close below $51.43 to ease bullish pressure and below the 200-DMA to shift

focus back to $50.07-39.

SPOT GOLD TECHS: Above The 21-DMA To Shift Focus Higher

*RES 4: $1342.1 - Hourly support Sept 8 now resistance A 

*RES 3: $1334.8 - High Sept 13 

*RES 2: $1320.1 - 21-DMA 

*RES 1: $1316.0 - High Sept 20

*PRICE: $1312.9 @ 0430GMT

*SUP 1: $1304.6 - Alternating daily support/resistance 

*SUP 2: $1298.8 - High Sept 22 now support 

*SUP 3: $1288.0 - Low Sept 21 

*SUP 4: $1286.4 - 55-DMA

*COMMENTARY: Failure to capitalise on the close below $1294.4 resulted in a

correction Monday and an easing of bearish pressure. Focus now shifts to the

21-DMA ($1220.1) with bulls needing a close above to shift immediate focus to

$1334.8-1342.1 and overall focus to 2017 highs. Layers of support are

accumulating with bears now needing a close below $1298.8 to return pressure to

the 55-DMA.

--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com

[TOPICS: MTABLE]