MNI European Morning FX Technical Analysis

27 November 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 Focused On 1.2033-92

*RES 4: $1.2033 High Sept 20

*RES 3: $1.2004 High Sept 22

*RES 2: $1.1978 Daily Bull channel top

*RES 1: $1.1944 High Nov 24

*PRICE: $1.1923 @ 0530GMT

*SUP 1: $1.1880 High Oct 12 now support 

*SUP 2: $1.1836 Low Nov 24 

*SUP 3: $1.1813 Hourly support Nov 23 

*SUP 4: $1.1758 Daily Bull channel base

*COMMENTARY: Gains defined last week with the pair finding support ahead of the

21-DMA ($1.1717) and bulls taking comfort in the close above $1.1880 that sees

focus shift to $1.2033-1.2092 where 2017 highs are situated. O/B daily studies

and Bollinger top ($1.1926) are concerns for bulls. Bears now need a close below

$1.1880 to ease bullish pressure and shift focus back to $1.1758-1.1813 where

the bull channel base is noted.

     CABLE TECHS: Bears Need Close Below 55-DMA

*RES 4: $1.3514 High Sept 26 

*RES 3: $1.3470 LT Weekly Bear channel top 

*RES 2: $1.3461 High Sept 27 now support 

*RES 1: $1.3359 High Nov 24

*PRICE: $1.3318 @ 0530GMT

*SUP 1: $1.3277 Hourly support Nov 22a 

*SUP 2: $1.3261 55-DMA 

*SUP 3: $1.3202 21-DMA 

*SUP 4: $1.3170 Low Nov 17

*COMMENTARY: The break of $1.3343 has so far lacked follow through courtesy of

the Bollinger band top ($1.3359), but consolidation above $1.3277 sees bulls

focused on $1.3461 for now. The 55-DMA is key support today with bears needing a

close below to ease bullish pressure. Below the 21-DMA in needed to hint at a

move back to $1.2995-1.3037 with below the 100-DMA ($1.3141) confirming.

     DOLLAR-YEN TECHS: Bulls Still Need Close Above 200-DMA

*RES 4: Y112.61 55-DMA 

*RES 3: Y112.18 Hourly resistance Nov 22 

*RES 2: Y111.87 Low Nov 20 now resistance 

*RES 1: Y111.70 200-DMA

*PRICE: Y111.32 @ 0530GMT

*SUP 1: Y111.27 Hourly support Nov 24 

*SUP 2: Y111.07 Low Nov 23 

*SUP 3: Y110.87 Low Sept 18 

*SUP 4: Y110.22 100-WMA

*COMMENTARY: Following closes below 100 & 200-DMAs last week bulls continue to

look for a close above the 200-DMA to ease bearish pressure and above Y112.72 to

shift initial focus to Y113.00-33 where the 21-DMA (Y113.00) is noted. While the

200-DMA caps bears remain focused on Y110.22-87 where the 100-WMA is located. A

close below Y110.87 hints at a move back to Y107.31 with below the 100-WMA

confirming.

     EURO-YEN TECHS: Bears Need Close Below 21-DMA

*RES 4: Y133.88 High Nov 14

*RES 3: Y133.66 Hourly support Oct 24

*RES 2: Y133.54 Bollinger band top

*RES 1: Y133.23 High Nov 24

*PRICE: Y132.73 @ 0530GMT

*SUP 1: Y132.63 55-DMA 

*SUP 2: Y132.42 21-DMA 

*SUP 3: Y131.93 Hourly support Nov 24 

*SUP 4: Y131.64 Hourly support Nov 23

*COMMENTARY: Friday's closes above 21 & 55-DMAs shifted bullish focus back to

Y133.88-134.50. The Bollinger top is the key concern for bulls with potential to

limit follow through. The 21-DMA is key support today. Bears look for a close

below the 21-DMA to negate Friday's rally and return focus to the key

130.59-131.37 region where the 100-DMA is situated. Below Y130.59 is needed to

add weight to the case for a test of Y127.42 (Aug monthly low).

     EURO-STERLING TECHS: Bulls Need Close Above Channel Top

*RES 4: Gbp0.9048 Low Aug 15 now resistance 

*RES 3: Gbp0.9022 High Oct 20 

*RES 2: Gbp0.8990 Bollinger band top 

*RES 1: Gbp0.8970 Daily Bear channel top

*PRICE: Gbp0.8953 @ 0530GMT

*SUP 1: Gbp0.8939 Hourly support Nov 24 

*SUP 2: Gbp0.8924 Hourly resistance Nov 24 now support 

*SUP 3: Gbp0.8892 Hourly support Nov 23 

*SUP 4: Gbp0.8854 Low Nov 22

*COMMENTARY: Bulls took comfort in the sequence of higher daily highs and lows

with focus having returned to the Gbp0.8970 level where the bear channel top off

2017 highs is situated. Bulls now need a close above the daily bear channel top

to ease bearish pressure and shift initial focus to Gbp0.9022-48. The

Gbp0.8924-39 support region is now key with bears needing a close below to ease

pressure on the channel top and shift immediate focus to Gbp0.8837.

     AUSSIE TECHS: 21-DMA Resistance Key Today

*RES 4: $0.7773 - 55-DMA

*RES 3: $0.7730 - High Nov 2

*RES 2: $0.7693 - 200-DMA

*RES 1: $0.7633 - 21-DMA

*PRICE: $0.7602 @ 0530GMT

*SUP 1: $0.7589 - High Nov 21 now support 

*SUP 2: $0.7552 - Low Nov 22 

*SUP 3: $0.7532 - Low Nov 21 

*SUP 4: $0.7519 - Low June 9

*COMMENTARY: O/S daily studies and a lack of follow through below the Bollinger

base ($0.7544) resulted in a break of $0.7609 last week that saw pressure on the

21-DMA. Bulls still need a close above the 21-DMA to shift focus to the 200-DMA.

Initial support is noted at $0.7589 with a close below to ease pressure on the

21-DMA. Bears need a close below $0.7519 to reconfirm the bearish bias and below

the weekly bull channel base ($0.7461) to target $0.7319-65.

     US DOLLAR-INDEX TECHS: Bulls Need Close Above 55-DMA

*RES 4: 93.962 - High Nov 22 

*RES 3: 93.517 - 55-DMA 

*RES 2: 93.303 - High Nov 23 

*RES 1: 93.018 - Hourly support Nov 24

*PRICE: 92.788 @ 0530GMT

*SUP 1: 92.675 - Low Nov 24

*SUP 2: 91.781 - Low Sept 22

*SUP 3: 91.526 - Low Oct 19 

*SUP 4: 91.011 - 2017 Low Sept 8

*COMMENTARY: Closes below the 55-DMA & 100-DMA (93.480) resulted in a marginal

break of 92.724 leaving the index looking heavy despite follow through lacking.

Bears now focus on 91.011-781 where 2017 lows are situated. Layers of resistance

are accumulating and weighing. Bulls now need a close above 93.018 to gain

breathing room and above the 55-DMA to shift initial focus to 94.129-650 where

the 21-DMA (94.129) is located.

     US 10-YR YIELD TECHS: Bulls Need Close Above 2.386

*RES 4: 2.419 - Hourly support Oct 27 now resistance 

*RES 3: 2.386 - Hourly resistance Nov 14 

*RES 2: 2.379 - High Nov 16 

*RES 1: 2.352 - High Nov 24

*PRICE: 2.347 @ 0530GMT

*SUP 1: 2.319 - Low Nov 15 

*SUP 2: 2.318 - 55-DMA 

*SUP 3: 2.306 - 200-DMA 

*SUP 4: 2.282 - 100-DMA

*COMMENTARY: Bulls failed to gain traction above the 21-DMA (2.357) with the

yield rejected ahead of the 2.379-386 resistance and pressuring supports once

more. The 2.273-3.319 support region is key. 55, 100 & 200-DMAs are noted in

this region with bears needing a close below 2.273 to confirm breaks and shift

immediate focus to 2.207. Bulls look for a close above 2.386 to ease bearish

pressure and above 2.419 to return initial focus to 2.477.

NYMEX WTI TECHS: (F18) Bears Need Close Below 21-DMA 

*RES 4: $60.05 - High June 30 2015 

*RES 3: $59.41 - Daily bull channel top 

*RES 2: $59.15 - Bollinger band top 

*RES 1: $59.05 - 2017 High Nov 24

*PRICE: $58.71 @ 0430GMT

*SUP 1: $58.15 - High Nov 22 now support 

*SUP 2: $57.75 - Low Nov 23 

*SUP 3: $57.22 - High Nov 21 now support 

*SUP 4: $56.88 - Hourly support 21 Nov

*COMMENTARY: The correction lower from 2017 highs found support ahead of the

21-DMA which provided the base for the current rally. The close above $58.15

confirmed focus on the daily bull channel top with the Bollinger band top the

key concern with potential to limit follow through. Bears need a close below

$57.75 to ease bullish pressure and below $57.22 to shift initial focus back to

the 21-DMA ($56.38).

SPOT GOLD TECHS: Bulls Still Need Close Above $1297.0

*RES 4: $1320.0 - High Sept 18 

*RES 3: $1313.6 - High Sept 26 

*RES 2: $1306.0 - High Oct 16 

*RES 1: $1297.0 - Hourly Nov 17

*PRICE: $1289.1 @ 0430GMT

*SUP 1: $1285.8 - Low Nov 24 

*SUP 2: $1279.0 - Low Nov 22 

*SUP 3: $1274.9 - Low Nov 20 

*SUP 4: $1269.9 - Low Nov 14

*COMMENTARY: Bulls took comfort in the bounce from $1274.9 returning pressure to

$1297.0. Bulls continue to look for a close above $1297.0 to confirm traction

above the 55-DMA ($1286.8) and focus on $1306.0-1320.0. Bears now need a close

below $1285.8 to ease pressure on $1297.0 and below $1274.9 to shift pressure

back to $1260.2-1265.7 where the bull channel base and 200-DMA are noted.

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

[TOPICS: MTABLE]