MNI European Morning FX Technical Analysis

27 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 $1.1862

*RES 4: $1.1937 Low Sept 22 now resistance 

*RES 3: $1.1891 Hourly support Sept 21 now resistance 

*RES 2: $1.1862 Low Sept 20 now resistance 

*RES 1: $1.1833 Low Sept 25 now resistance

*PRICE: $1.1789 @ 0430GMT

*SUP 1: $1.1757 Low Sept 26 

*SUP 2: $1.1709 Low Aug 18 

*SUP 3: $1.1661 Low Aug 17 

*SUP 4: $1.1611 Low July 26

*COMMENTARY: Losses have defined the week so far with bears taking comfort in

the pair flirting with the 55-DMA ($1.1804) and focus having shifted to layers

of support $1.1583-1.1658. The Bollinger base ($1.1719) is the key concern for

bears and currently limits follow through. Layers of resistance are adding to

bearish confidence with bulls now needing a close above $1.1862 to ease

immediate bearish pressure.

     CABLE TECHS: Bulls Need Close Above $1.3514

*RES 4: $1.3595 High Sept 22 

*RES 3: $1.3538 Hourly resistance Sept 22 

*RES 2: $1.3514 High Sept 26 

*RES 1: $1.3463 Hourly resistance Sept 27

*PRICE: $1.3438 @ 0430GMT

*SUP 1: $1.3430 Hourly support Sept 26 

*SUP 2: $1.3410 Low Sept 26 

*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 seeing bearish focus now on the $1.3328-1.3410 support region. Bears

need a close below to end bullish hopes and shift focus back to $1.3158 although

the 21-DMA ($1.3270) may support. Bulls now need a close above $1.3514 to gain

breathing room and above $1.3595 to pressure 2017 highs.

     DOLLAR-YEN TECHS: Bears Need Close Below Y111.48

*RES 4: Y114.49 Monthly High July 11 

*RES 3: Y113.70 Low July 11 now resistance 

*RES 2: Y112.85 Low July 13 now resistance 

*RES 1: Y112.72 High Sept 21

*PRICE: Y112.35 @ 0430GMT

*SUP 1: Y111.92 Hourly support Sept 26 

*SUP 2: Y111.48 Low Sept 25 

*SUP 3: Y111.06 100-DMA 

*SUP 4: Y110.53 55-DMA

*COMMENTARY: Correcting O/B daily studies remain the key concern for bulls who

currently look for a close above Y112.85 to reconfirm a bullish bias that

initially targets Y114.50 July highs. Bears continue to look for a close below

Y111.48 to confirm a shift in pressure to key DMAs Y110.53-111.06 and below the

55-DMA (Y110.53) to shift overall focus back to 2017 lows.

     EURO-YEN TECHS: 21-DMA Now Supporting

*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: Y132.59 High Sept 26

*PRICE: Y132.44 @ 0430GMT

*SUP 1: Y132.31 Hourly support Sept 27 

*SUP 2: Y131.74 21-DMA, Low Sept 26 

*SUP 3: Y131.55 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 saw pressure back on

the Y130.47-131.74 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

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

     EURO-STERLING TECHS: Above Gbp0.8816 To Ease Bearish Pressure

*RES 4: Gbp0.8839 Hourly resistance Sept 22

*RES 3: Gbp0.8816 Hourly resistance Sept 25

*RES 2: Gbp0.8800 High Sept 26

*RES 1: Gbp0.8788 Hourly resistance Sept 26

*PRICE: Gbp0.8771 @ 0430GMT

*SUP 1: Gbp0.8760 Hourly support Sept 27 

*SUP 2: Gbp0.8754 Low Sept 26 

*SUP 3: Gbp0.8741 Monthly Low July 14 

*SUP 4: Gbp0.8718 200-DMA

*COMMENTARY: Despite very O/S studies bears  dominate with immediate focus on

Gbp0.8711-18 where the 55-WMA and 200-DMA are situated. Layers of resistance

continue to build and weigh on the pair. Bull snow need a close above Gbp0.8816

to ease bearish pressure and above Gbp0.8920 to shift initial focus back to 21 &

55-DMAs (gbp0.8981-0.9011). 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: Focus Shifts To $0.7781-0.7807

*RES 4: $0.8036 - High Sept 21

*RES 3: $0.7986 - High Sept 22

*RES 2: $0.7949 - High Sept 26

*RES 1: $0.7907 - Hourly support Sept 22 now resistance

*PRICE: $0.7878 @ 0430GMT

*SUP 1: $0.7858 - Low Sept 26 

*SUP 2: $0.7807 - Monthly Low Aug 15 

*SUP 3: $0.7781 - Low July 17 

*SUP 4: $0.7754 - 100-DMA

*COMMENTARY: The break and close below the daily bull channel base last week has

been followed up with the pair trading below the 55-DMA ($0.7937) and bears now

focused on $0.7781-0.7807 where Aug lows are located. The Bollinger base

($0.7877) is the key concern for bears and currently limits follow through.

Initial resistance is now noted at $0.7907 but bulls look for a close above

$0.7949 to ease bearish pressure and above $0.8036 to shift focus higher.

     US DOLLAR-INDEX TECHS: 93.347 Resistance Now Key

*RES 4: 93.628 - High Aug 23 

*RES 3: 93.451 - Hourly resistance Aug 23 

*RES 2: 93.347 - High Aug 31 

*RES 1: 93.286 - High Sept 26

*PRICE: 93.072 @ 0430GMT

*SUP 1: 92.724 - High Sept 25 now support

*SUP 2: 92.433 - Hourly support Sept 25

*SUP 3: 92.206 - Low Sept 25

*SUP 4: 92.105 - Hourly resistance Sept 22 now support

*COMMENTARY: The close above the daily bear channel top has been followed up

with a pop above the 55-DMA (93.108) and bulls looking for a close above 93.347

to shift initial focus to 94.145 Aug highs. Layers of support continue to build

and add to bullish confidence with bears now needing a close below 92.724 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: 2.245 - High Sept 26

*PRICE: 2.241 @ 0430GMT

*SUP 1: 2.227 - Hourly resistance Sept 26 now support 

*SUP 2: 2.214 - Low Sept 26 

*SUP 3: 2.208 - Low Sept 18 

*SUP 4: 2.171 - Hourly resistance Sept 13 now support

*COMMENTARY: Despite correcting lower from last week's high bears have failed to

break the 2.208 support. Bears need a close below 2.208 to target 2.118-178

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 2.328-337 where the 200-DMA is noted. Correcting O/B studies remain a

concern for bulls.

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

*RES 4: $53.44 - Daily Bull channel top 

*RES 3: $52.69 - Bollinger band top 

*RES 2: $52.62 - Monthly High May 25 

*RES 1: $52.43 - High Sept 26

*PRICE: $52.09 @ 0430GMT

*SUP 1: $51.61 - Hourly support Sept 27 

*SUP 2: $51.43 - Hourly resistance Sept 25 now support, Low Sept 26 

*SUP 3: $50.99 - 200-DMA 

*SUP 4: $50.29 - Low Sept 22

*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 $52.43-53.44 and overall focus on $54.94. O/B studies and the

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

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

focus back to $50.07-29.

SPOT GOLD TECHS: $1320.0 Resistance Now Key

*RES 4: $1318.6 - 21-DMA 

*RES 3: $1316.0 - High Sept 20 

*RES 2: $1313.6 - High Sept 26 

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

*PRICE: $1294.8 @ 0430GMT

*SUP 1: $1290.1 - Hourly support Sept 27 

*SUP 2: $1288.0 - Low Sept 21 

*SUP 3: $1287.5 - 55-DMA 

*SUP 4: $1275.0 - Low Aug 25

*COMMENTARY: The recovery from last week's low and ahead of the 55-DMA has

stalled ahead of the $1318.6-1320.0 resistance region and again looks heavy with

focus currently on $1267.2-1288.0 where 55 & 100-DMAs are situated. Bears look

for a close below $1267.2 to confirm focus on the 200-DMA ($1247.7). Bulls need

a close above $1320.0 to confirm a break of the 21-DMA and a shift in focus to

$1334.8-1342.1.

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

[TOPICS: MTABLE]