FED'S DALY SAYS THERE'S NO URGENCY TO CUT RATES

MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI European Morning FX Technical Analysis 

24 October 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: Bears Focused On 1.1583-1.1669
*RES 4: $1.1858 High Oct 19 
*RES 3: $1.1826 Hourly resistance Oct 20 
*RES 2: $1.1790 Hourly resistance Oct 20a 
*RES 1: $1.1778 21-DMA
*PRICE: $1.1760 @ 0430GMT
*SUP 1: $1.1745 Hourly support Oct 24 
*SUP 2: $1.1725 Low Oct 23 
*SUP 3: $1.1716 Hourly resistance Oct 6 now support 
*SUP 4: $1.1669 Low Oct 6
*COMMENTARY: Rallies the past two weeks remained capped ahead of the daily bear
channel top with focus having shifted to layers of support $1.1583-1.1669. Daily
studies are well place for further downside. Bulls look for a close above the
21-DMA to gain breathing room. The $1.1826-80 resistance region remains key.
Bulls need a close above $1.1880 to confirm a break of the bear channel top
($1.1837) and shift focus back to $1.2033.
     CABLE TECHS: Bulls Need Close Above 21-DMA
*RES 4: $1.3430 Hourly resistance Sept 29 
*RES 3: $1.3343 Low Sept 28 now resistance 
*RES 2: $1.3244 21-DMA 
*RES 1: $1.3228 High Oct 19
*PRICE: $1.3220 @ 0430GMT
*SUP 1: $1.3191 Hourly support Oct 23 
*SUP 2: $1.3158 Low Oct 23 
*SUP 3: $1.3088 Low Oct 20 
*SUP 4: $1.3052 100-DMA
*COMMENTARY: Bears failed to capitalise on dips below the 55-DMA ($1.3152) last
week with the pair bouncing back towards layers of resistance. Bulls need a
close above the 21-DMA to ease bearish pressure and above $1.3343 to end bearish
hopes and shift focus to $1.3461-1.3595. Bears now look for a close below
$1.3158 to gain breathing room and below $1.2995 to shift focus to the 200-DMA
($1.2826).
     DOLLAR-YEN TECHS: Y112.30-113.06 Support Region Key
*RES 4: Y115.34 Falling LT weekly TL 
*RES 3: Y114.49 Monthly High July 11 
*RES 2: Y114.10 High Oct 23 
*RES 1: Y113.61 Hourly support Oct 23 now resistance
*PRICE: Y113.33 @ 0430GMT
*SUP 1: Y113.06 Hourly support Oct 20a 
*SUP 2: Y112.74 Hourly resistance Oct 19 now support 
*SUP 3: Y112.30 Low Oct 19 
*SUP 4: Y112.04 Hourly support Oct 17
*COMMENTARY: The lack of topside follow through Monday has left the pair looking
a little heavy. Y112.30-113.06 support region remains key. Bears need a close
below Y113.06 to ease immediate bullish pressure and below Y112.30 to shift
focus back to Y110.96-111.73 where key DMAs are noted. While Y113.06 supports
bulls remain focused on Y114.49 July highs. Bulls look for a close above Y114.49
to pressure the Y115.34-115.62 region where further monthly highs are noted.
     EURO-YEN TECHS: Below Y132.91 Shifts Focus to Y131.43-65
*RES 4: Y134.41 2017 High Sept 22
*RES 3: Y134.25 High Sept 25
*RES 2: Y134.11 High Oct 23
*RES 1: Y133.68 Hourly resistance Oct 23
*PRICE: Y133.30 @ 0430GMT
*SUP 1: Y133.09 Low Oct 23 
*SUP 2: Y132.91 Hourly support Oct 19 
*SUP 3: Y132.44 Alternating hourly support/resistance 
*SUP 4: Y131.95 Hourly support Oct 18
*COMMENTARY: Hesitation ahead of the key Y134.25-59 resistance region is less
than ideal for bulls who look for a close above Y134.59 to potentially target
Y139.02-141.05. Layers of resistance accumulating are beginning to weigh. The
Y132.91 support is now key with bears needing a close below to hint at a deeper
sell-off targeting Y131.43-65 where the 55-DMA is situated. Bulls now need a
close above Y133.68 to gain breathing room and retain focus on key resistance.
     EURO-STERLING TECHS: Pressure Remains On 21-DMA
*RES 4: Gbp0.8967 Hourly support Oct 19a now resistance 
*RES 3: Gbp0.8940 Hourly resistance Oct 20 
*RES 2: Gbp0.8924 Hourly resistance Oct 23 
*RES 1: Gbp0.8906 Hourly resistance Oct 24
*PRICE: Gbp0.8898 @ 0430GMT
*SUP 1: Gbp0.8892 21-DMA 
*SUP 2: Gbp0.8856 Low Oct 16 
*SUP 3: Gbp0.8801 Low Oct 2 
*SUP 4: Gbp0.8746 Monthly Low Sept 27
*COMMENTARY: Bulls failed to gain traction above the 55-DMA with the sell-off
Friday leaving the pair looking heavy and focus back on Gbp0.8856-92 where the
bull channel base and 21-DMA are situated. Bears need a close below Gbp0.8856 to
shift focus back to Gbp0.8726-48 where monthly lows, the 55-WMA & 200-DMA are
noted. Bulls need a close above Gbp0.8967 to ease bearish pressure and above
Gbp0.9048 to end bearish hopes and shift focus to Gbp0.9107-0.9202.
     AUSSIE TECHS: Focus On $0.7690-0.7733 This Week
*RES 4: $0.7903 - 55-DMA
*RES 3: $0.7884 - High Oct 19
*RES 2: $0.7856 - Hourly resistance Oct 20a
*RES 1: $0.7834 - High Oct 23
*PRICE: $0.7818 @ 0430GMT
*SUP 1: $0.7796 - Hourly support Oct 23 
*SUP 2: $0.7765 - Low Oct 11 
*SUP 3: $0.7754 - Bollinger band base 
*SUP 4: $0.7733 - Low Oct 6
*COMMENTARY: Bears gain confidence as the pair trades below 21 ($0.7828) & 100
($0.7826) DMAs to start the new week. Having remained capped ahead of the 55-DMA
bears now focus on the $0.7690-0.7733 region where the 200-DMA and Oct lows are
noted. Below the 200-DMA hints at a move initially targeting $0.7513. Layers of
resistance are building and weighing with bulls needing a close above the 55-DMA
to end bearish hopes and shift initial focus back to $0.7986.
     US DOLLAR-INDEX TECHS: 94.476 Resistance Key This Week
*RES 4: 94.476 - Low July 18 now resistance 
*RES 3: 94.267 - High Oct 6 
*RES 2: 94.100 - 100-DMA 
*RES 1: 94.026 - Bollinger band top
*PRICE: 93.705 @ 0430GMT
*SUP 1: 93.517 - Hourly support Oct 20
*SUP 2: 93.347 - Hourly support Oct 20A
*SUP 3: 93.055 - Low Oct 19
*SUP 4: 92.945 - 55-DMA
*COMMENTARY: Bulls take comfort in support emerging on dips back towards the
55-DMA last week although hesitation ahead of the 100-DMA is a concern. The
94.100-476 resistance region is key. Bulls need a close above 94.476 to confirm
a break of the 100-DMA and to shift immediate focus to 95.167-464. Layers of
support are again building. Bears need a close below 93.679 (Monday's low) to
ease bullish pressure and below 92.724 to shift focus lower.
     US 10-YR YIELD TECHS: Topside Hesitation Less Than Ideal
*RES 4: 2.437 - High Mar 23 
*RES 3: 2.423 - Monthly High Aug May 11 
*RES 2: 2.402 - High Oct 6 
*RES 1: 2.381 - Hourly resistance Oct 23
*PRICE: 2.370 @ 0430GMT
*SUP 1: 2.350 - Hourly support Oct 20 
*SUP 2: 2.332 - Alternating hourly support/resistance 
*SUP 3: 2.296 - Low Oct 17 
*SUP 4: 2.278 - Low Oct 16
*COMMENTARY: Hesitation ahead of the 2.402 resistance have left a double daily
top in place with the Bollinger top (2.405) just above. Bulls currently focus on
the 2.402-437 resistance region this week and need a close above to shift
initial focus to 2.544-558. The 2.332-350 support region remains key with bears
needing a close below to ease bullish pressure and see pressure back on the key
2.278 support below which targets 2.208-245.
NYMEX WTI TECHS: (Z17) Bulls Need Close Above $53.11 
*RES 4: $53.11 - Monthly High Sept 28 
*RES 3: $52.97 - Bollinger band top 
*RES 2: $52.65 - High Oct 16 
*RES 1: $52.39 - Hourly resistance Oct 19
*PRICE: $51.94 @ 0430GMT
*SUP 1: $51.68 - Low Oct 23 
*SUP 2: $51.44 - 21-DMA 
*SUP 3: $51.24 - Hourly resistance Oct 20 now support 
*SUP 4: $50.87 - Low Oct 20
*COMMENTARY: Topside hesitation ahead of the $52.65-53.11 region is less than
ideal for bulls who need a close above to shift focus to $53.73-55.03 where the
bull channel top ($54.91) is located. Bulls took comfort in the bounce from
ahead of the 200-DMA ($50.67) Friday. Layers of support remain $48.68-50.87.
Bears need a close below the 200-DMA to gain breathing room and below the 55-DMA
($50.00) to pressure $48.68-49.44.
SPOT GOLD TECHS: Supported Below 100-DMA For Now
*RES 4: $1298.3 - Alternating hourly support/resistance 
*RES 3: $1297.8 - 55-DMA 
*RES 2: $1291.1 - Hourly resistance Oct 19 
*RES 1: $1285.9 - Hourly resistance Oct 20
*PRICE: $1282.6 @ 0430GMT
*SUP 1: $1277.9 - Hourly resistance Oct 23 now support 
*SUP 2: $1275.3 - 100-DMA 
*SUP 3: $1272.5 - Low Oct 23 
*SUP 4: $1270.7 - Hourly support Oct 6
*COMMENTARY: Pressure on the 100-DMA has so far failed to produce the close
below needed to see bears confirm focus on tests of $1243.4-1260.1 where the
daily bull channel base ($1247.0) and 200-DMA ($1258.7) are noted. Bulls need a
close above $1291.1 to ease immediate bearish pressure and above $1306.0 to
pressure $1313.6-1320.0, Daily studies remain well placed for further losses.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
To read the full story
Close
Why MNI
MNI is the leading provider
 of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        window.dataLayer.push({
    'event' : 'logedout',
    'loggedOut' : 'loggedOut'
  });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        (function appendPosts () {  
    var policyPosts = document.getElementsByClassName('policy-posts-wrapper')[0];
    var policyPostsMenu = document.querySelector('.policy-posts-span');
    policyPostsMenu.append(policyPosts);
    policyPosts.style.display = "block";
  
    var empolicyPosts = document.getElementsByClassName('em-policy-posts-wrapper')[0];
    var empolicyPostsMenu = document.querySelector('.em-policy-posts-span');
    empolicyPostsMenu.append(empolicyPosts);
    empolicyPosts.style.display = "block";

    var dataPosts = document.getElementsByClassName('data-posts-wrapper')[0];
    var dataPostsMenu = document.querySelector('.data-posts-span');
    dataPostsMenu.append(dataPosts);
    dataPosts.style.display = "block";
})();
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll(".my-mni").forEach(function(item){
  item.href="/core/users/email_login/";
  item.innerHTML="Log In";
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll("img").forEach(function (img) {
    img.addEventListener("contextmenu", function (e) {
      return false;
    });
  });
  document
    .querySelector(".site-logo img")
    .addEventListener("contextmenu", function (e) {
      return true;
    });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        
  let posts = document.querySelectorAll(".all-content-wrapper .widget:not(.stream-story-processed)");
  window.check_story_posts(posts, "streamOfPosts");
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        /*
const sidebar = document.querySelector('.left-sidebar-container');
const stickyContent = document.querySelector('.sticky-content');
const siteContent = document.querySelector('.all-posts-stream');
if (sidebar && stickyContent && siteContent) {
  if (siteContent.clientHeight > sidebar.clientHeight) {
    console.log('grater -> ', siteContent.clientHeight + ' > ' + sidebar.clientHeight);
    stickyContent.style.height = (siteContent.clientHeight - sidebar.clientHeight) + 'px';
  }
}
*/
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});