Free Trial
USD

Fades off the highs

CORN TECHS

(N2) Breaches The 50-Day EMA

GILTS

Roll pace update

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
29 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: $1.1810-62 Resistance Key
*RES 4: $1.1862 Low Sept 20 now resistance 
*RES 3: $1.1833 Low Sept 25 now resistance 
*RES 2: $1.1816 55-DMA 
*RES 1: $1.1810 Hourly resistance Sept 27a
*PRICE: $1.1778 @ 0430GMT
*SUP 1: $1.1759 Hourly support Sept 28 
*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 with bears taking comfort in the pair
gaining traction below the 55-DMA and on layers of support $1.1583-1.1661. The
Bollinger base ($1.1749) is the key concern for bears and currently limits
follow through. Layers of resistance are adding to bearish confidence with bulls
needing a close above the 55-DMA to ease bearish pressure and above $1.1862 to
shift focus higher.
     CABLE TECHS: Supported Ahead Of 21-DMA For Now
*RES 4: $1.3571 High Sept 25 
*RES 3: $1.3514 High Sept 26 
*RES 2: $1.3463 High Sept 27 
*RES 1: $1.3430 Hourly resistance Sept 29
*PRICE: $1.3411 @ 0430GMT
*SUP 1: $1.3343 Low Sept 28 
*SUP 2: $1.3328 High Sept 13 now support 
*SUP 3: $1.3314 21-DMA 
*SUP 4: $1.3159 Hourly resistance Sept 8 now support
*COMMENTARY: Fresh 2017 and 15mth highs lacked follow through Wednesday with the
correction seeing bearish focus now on the $1.3314-1.3343 support region. Bears
need a close below the 21-DMA to end bullish hopes and shift focus back to
$1.3158. Bulls now need a close above $1.3463 to gain breathing room and above
$1.3514 to shift focus back to $1.3595-1.3657.
     DOLLAR-YEN TECHS: Below 200-DMA To Ease Bullish Pressure
*RES 4: Y113.72 Bollinger band top 
*RES 3: Y113.70 Low July 11 now resistance 
*RES 2: Y113.26 High Sept 27 
*RES 1: Y112.86 Hourly resistance Sept 28
*PRICE: Y112.63 @ 0430GMT
*SUP 1: Y112.25 Hourly support Sept 29 
*SUP 2: Y112.02 200-DMA 
*SUP 3: Y111.92 Hourly support Sept 26 
*SUP 4: Y111.48 Low Sept 25
*COMMENTARY: Topside follow through above Y112.85 has been a little lacking
which is a concern with daily studies at O/B levels, momentum divergence and the
Bollinger top capping. Bulls have shifted focus to tests of July highs with
above Y113.70 to add support to their case. Bears continue to look for a close
below the 200-DMA to ease bullish pressure and below Y111.48 to confirm a shift
in focus to key DMAs Y110.52-111.04.
     EURO-YEN TECHS: Supported Ahead Of 21-DMA
*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: Y132.89 High Sept 28
*PRICE: Y132.69 @ 0430GMT
*SUP 1: Y132.07 Low Sept 27 
*SUP 2: Y131.89 21-DMA 
*SUP 3: Y131.83 Daily Bull channel base 
*SUP 4: Y131.74 Low Sept 26
*COMMENTARY: Repeated rejections ahead of the Y134.59 resistance took their toll
with a sell-off and bearish close Monday that saw pressure back on
Y130.47-131.89 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 Y127.42-128.38 with below the 200-WMA to confirm. Bulls still 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: Gbp0.8809 High Sept 28
*RES 1: Gbp0.8787 Hourly resistance Sept 28
*PRICE: Gbp0.8782 @ 0430GMT
*SUP 1: Gbp0.8758 Hourly support Sept 27 
*SUP 2: Gbp0.8746 Low Sept 27 
*SUP 3: Gbp0.8741 Monthly Low July 14 
*SUP 4: Gbp0.8719 200-DMA
*COMMENTARY: As daily studies correct from O/S continued hesitation ahead of the
55-WMA (Gbp0.8711) and 200-DMA is a concern for bears and hints at a correction.
Bulls continue to look for a close above Gbp0.8816 to ease bearish pressure and
above Gbp0.8920 to shift initial focus back to 21 & 55-DMAs (Gbp0.8940-0.9011).
Bears continue to look for a close below the 55-WMA to shift focus to Gbp0.8523.
     AUSSIE TECHS: Bulls Need Close Above $0.7907
*RES 4: $0.7939 - 55-DMA
*RES 3: $0.7907 - Hourly support Sept 22 now resistance
*RES 2: $0.7883 - Hourly resistance Sept 27 
*RES 1: $0.7861 - High Sept 28
*PRICE: $0.7840 @ 0430GMT
*SUP 1: $0.7824 - Hourly support Sept 28 
*SUP 2: $0.7798 - Low Sept 28 
*SUP 3: $0.7781 - Low July 17 
*SUP 4: $0.7758 - 100-DMA
*COMMENTARY: The break and close below the daily bull channel base last week has
been followed up with consolidation below the 55-DMA and bears focused on
$0.7781 July 27 lows. The lack of follow through Thursday is less than ideal for
bears as daily studies approach O/S levels. In saying that, bulls still need a
close above $0.7907 to gain breathing room and above the 21-DMA ($0.7967) to
hint at a move back to 2017 highs with above $0.8036 confirming.
     US DOLLAR-INDEX TECHS: 92.724-93.031 Support Key
*RES 4: 94.145 - Monthly High Aug 16 
*RES 3: 93.762 - High Aug 18 
*RES 2: 93.666 - High Sept 28 
*RES 1: 93.328 - Hourly resistance Sept 28
*PRICE: 93.227 @ 0430GMT
*SUP 1: 93.031 - 55-DMA
*SUP 2: 92.898 - Hourly support Sept 26
*SUP 3: 92.724 - High Sept 25 now support
*SUP 4: 92.433 - Hourly support Sept 25
*COMMENTARY: Bulls took comfort in the close above the 55-DMA Wednesday but
hesitation ahead of the 93.762 resistance with daily studies at O/B levels is
less than ideal. The 55-DMA is initial support with bears needing a close below
to ease bullish pressure and below 97.724 to shift focus back to 91.526-781.
Bulls look for a close above 93.762 to add support to the case for a test of the
94.145-476 region where Aug highs are situated.
     US 10-YR YIELD TECHS: 2.284 Support Key Today
*RES 4: 2.398 - Monthly High July 7 
*RES 3: 2.366 - High July 13 
*RES 2: 2.359 - High Sept 28 
*RES 1: 2.326 - 200-DMA
*PRICE: 2.316 @ 0430GMT
*SUP 1: 2.301 - Hourly support Sept 27 & 28 
*SUP 2: 2.284 - Hourly support Sept 27a 
*SUP 3: 2.266 - Alternating hourly support/resistance 
*SUP 4: 2.245 - High Sept 26 now support
*COMMENTARY: The recovery from Sept lows resulted in a pop above the 200-DMA
although the lack of follow through is a concern for bulls when combined with
the proximity of the Bollinger top (2.357), correcting O/B studies and momentum
divergence increasing the risk of a correction. The 2.284 support is key today
with bears needing a close below to shift focus back to 2.208-2.214. Bulls now
need a close above 2.366 to retain focus on 2.437.
NYMEX WTI TECHS: (X17) Bearish Key Day Reversal 
*RES 4: $53.50 - Daily Bull channel top 
*RES 3: $52.86 - High Sept 28 
*RES 2: $52.71 - Bollinger band top 
*RES 1: $52.27 - Alternating hourly support/resistance
*PRICE: $51.60 @ 0430GMT
*SUP 1: $51.22 - Low Sept 25 
*SUP 2: $50.95 - 200-DMA 
*SUP 3: $50.29 - Low Sept 22 
*SUP 4: $50.07 - Low Sept 21
*COMMENTARY: The bearish key day reversal Thursday provides bears hope but a
close below the 200-DMA remains need to shift focus back to $50.07-29 where the
21-DMA ($50.08) is located. Correcting O/B studies add weight to the bearish
case. Layers of resistance are accumulating and weighing with bulls needing a
close above $52.27 to gain breathing room and above $52.86 to retain focus on
the bull channel top.
SPOT GOLD TECHS: Overall Focus On $1236.9-1250.0
*RES 4: $1313.6 - High Sept 26 
*RES 3: $1304.6 - Alternating daily support/resistance 
*RES 2: $1296.4 - High Sept 27 
*RES 1: $1289.5 - Alternating daily support/resistance, 55-DMA
*PRICE: $1285.0 @ 0430GMT
*SUP 1: $1281.8 - Hourly support Sept 28 
*SUP 2: $1277.6 - Low Sept 28 
*SUP 3: $1275.0 - Low Aug 25 
*SUP 4: $1271.6 - 100-DMA
*COMMENTARY: Bears take comfort in consolidation below the 55-DMA although the
bounce from the Thurs lows combined with studies looking to correct from O/S is
less than ideal. Bulls now need a close above $1296.4 to gain breathing room and
above $1320.0 to shift focus higher. While $1296.4 caps bears remain focused on
$1265.3-1275.0 where the 100-DMA is noted. Below $1265.3 is needed to confirm
focus on $1236.9-1250.0 where the 200-DMA and bull channel base are situated.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.