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MNI European Morning FX Technical Analysis 

15 December 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: Capped Ahead Of $1.1884 For Now
*RES 4: $1.1940 High Dec 1
*RES 3: $1.1884 Alternating hourly support/resistance
*RES 2: $1.1862 High Dec 14
*RES 1: $1.1811 Hourly support Dec 14 now resistance
*PRICE: $1.1783 @ 0530GMT
*SUP 1: $1.1758 55-DMA 
*SUP 2: $1.1729 Low Dec 13 
*SUP 3: $1.1713 Low Nov 21 
*SUP 4: $1.1690 High Nov 3 now support
*COMMENTARY: The lack of follow through after Wednesday's rally and the spike
towards $1.1884 Thursday is less than ideal for bulls. Bears now look for a
close below the 55-DMA to confirm a return in focus to the key $1.1690 support.
Below $1.1690 remains needed to target $1.1552 Nov lows. Bulls now need a close
above $1.1811 to retain focus on the 1.1940-61 region with a close above $1.1884
also needed to add support to the bullish case.
     CABLE TECHS: Hinting At Move To $1.3549-1.3656
*RES 4: $1.3595 High Sept 22 
*RES 3: $1.3549 High Nov 30 
*RES 2: $1.3519 High Dec 8 
*RES 1: $1.3462 High Dec 14
*PRICE: $1.3435 @ 0530GMT
*SUP 1: $1.3379 High Dec 12 now support 
*SUP 2: $1.3302 Low Dec 12 
*SUP 3: $1.3255 55-DMA 
*SUP 4: $1.3198 100-DMA
*COMMENTARY: Time spent below the 21-DMA ($1.3372) was brief with the close
above $1.3374 easing bearish pressure and bulls now looking for a close above
$1.3462 to confirm focus back on $1.3549-1.3656 where 2017 highs are located.
Daily studies are well placed for gains. Bears still need a close below $1.3379
to ease bullish pressure and below $1.3302 to confirm focus on $1.3191-1.3255
where 55 & 100-DMAs are situated.
     DOLLAR-YEN TECHS: Below Y110.83 To Target 2017 Lows
*RES 4: Y113.74 High Dec 12 
*RES 3: Y113.30 Hourly resistance Dec 13a 
*RES 2: Y112.88 High Dec 14 
*RES 1: Y112.47 Hourly breakout level Dec 14
*PRICE: Y112.31 @ 0530GMT
*SUP 1: Y111.98 Low Dec 6 
*SUP 2: Y111.62 200-DMA 
*SUP 3: Y111.35 Low Nov 29 
*SUP 4: Y110.83 Monthly Low Nov 27
*COMMENTARY: Recent topside hesitation has seen the pair head lower taking out
key supports and looking a little heavy. Thursday's losses see bears now focused
on Y110.83-111.69 where monthly lows, 100 & 200-DMAs are noted. The pair was
rejected above the 55-DMA with bulls now needing a close above Y112.88 to ease
bearish pressure and above Y114.06 to reconfirm focus on Y114.72 Nov highs.
Bears now look for a close below Y110.83 to target 2017 lows (Y107.31).
     EURO-YEN TECHS: Pressure Firmly On Key Supports
*RES 4: Y134.50 2017 High Oct 25
*RES 3: Y133.88 High Dec 11
*RES 2: Y133.11 Hourly support Dec 14 now resistance
*RES 1: Y132.84 Low Dec 13 now resistance
*PRICE: Y132.37 @ 0530GMT
*SUP 1: Y132.13 Daily Bull channel base off Aug Low 
*SUP 2: Y131.84 100-DMA 
*SUP 3: Y131.71 Low Nov 28 
*SUP 4: Y131.21 Low Nov 23
*COMMENTARY: The previously noted Y133.88 res confirmed significance with the
pair capped and looking heavy once more as pressure returns to layers of support
Y130.59-132.13 where the bull channel base, 100-DMA and 21-WMA are noted. Bears
still need a close below Y131.71 to hint at a move back to the 200-DMA (Y127.68)
with below Y130.59 confirming. Layers of resistance are building with bulls now
needing a close above Y133.11 to ease pressure on key supports.
     EURO-STERLING TECHS: Below Gbp0.8690 Targets Channel base
*RES 4: Gbp0.8897 Daily Bear channel top 
*RES 3: Gbp0.8870 55-DMA 
*RES 2: Gbp0.8835 21-DMA 
*RES 1: Gbp0.8781 Hourly resistance Dec 14
*PRICE: Gbp0.8767 @ 0530GMT
*SUP 1: Gbp0.8736 Hourly resistance Dec 8 now support 
*SUP 2: Gbp0.8724 Bollinger band base 
*SUP 3: Gbp0.8690 Low Dec 8 
*SUP 4: Gbp0.8599 Low May 24
*COMMENTARY: Topside failures ahead of the 21-DMA have taken their toll with the
pair looking heavy once more. Bears look for a close below Gbp0.8690 6mth lows
to reconfirm a bearish bias and focus on tests of the bear channel base coming
in around Gbp0.8430. Layers of resistance are weighing with bulls needing a
close above the bear channel top to hint at a shift higher in focus with above
the 100-DMA (Gbp0.8944) to confirm and above Gbp0.9107 to target 2017 highs.
     AUSSIE TECHS: Bears Need Close Below $0.7623
*RES 4: $0.7768 - Low Oct 24 now resistance
*RES 3: $0.7730 - High Nov 2
*RES 2: $0.7691 - 200-DMA
*RES 1: $0.7680 - 55-DMA
*PRICE: $0.7670 @ 0530GMT
*SUP 1: $0.7641 - Hourly breakout level Dec 14 
*SUP 2: $0.7623 - Hourly support Dec 14 
*SUP 3: $0.7596 - Hourly support Dec 13 
*SUP 4: $0.7580 - Hourly breakout level Dec 12
*COMMENTARY: The recovery from $0.7500 sees closes above the channel top & the
pair pressuring 55 & 200-DMAs. Layers of resistance remain $0.7680-0.7797 with
bulls needing a close above the 100-DMA ($0.7797) to shift overall focus to 2017
highs. Support layers emerged at a rapid pace with bears still needing a close
below $0.7623 to ease immediate bullish pressure and below $0.7580 to return
initial focus to $0.7478-00 where the weekly bull channel base is noted.
     US DOLLAR-INDEX TECHS: Remains Heavy
*RES 4: 94.650 - High Nov 10 
*RES 3: 94.219 - High Dec 12 
*RES 2: 94.107 - High Dec 13 
*RES 1: 93.759 - High Dec 14
*PRICE: 93.589 @ 2030GMT
*SUP 1: 93.282 - Low Dec 14
*SUP 2: 93.171 - Low Dec 6
*SUP 3: 93.035 - Low Dec 5
*SUP 4: 92.905 - Daily Bull channel base
*COMMENTARY: The correction lower leaves the index looking a little heavy and
flirting with the 100-DMA (93.330). Bears look for a close below 93.035 to shift
pressure back to the 92.496-905 region where Nov lows and the bull channel base
are situated. Correcting O/B studies are now weighing. Bulls now need a close
above 93.728 to gain breathing room and above 94.219 to reconfirm a bullish bias
targeting 95.167-652 where the 200-DMA is noted.
     US 10-YR YIELD TECHS: Looking A Little Heavy
*RES 4: 2.477 - Monthly High Oct 27 
*RES 3: 2.437 - High Nov 30 
*RES 2: 2.426 - High Dec 13 
*RES 1: 2.398 - Hourly resistance Dec 13
*PRICE: 2.365 @ 0530GMT
*SUP 1: 2.348 - Daily Bull channel base 
*SUP 2: 2.303 - 200-DMA 
*SUP 3: 2.289 - 100-DMA 
*SUP 4: 2.273 - Monthly Low Oct 13
*COMMENTARY: The 2.437 resistance remains key with topside failures resulting in
sell-offs and bears focused on the 2.273-303 region where key DMAs and Oct low
are located. Layers of resistance building are now weighing with bulls needing a
close above 2.398 to ease bearish pressure and return initial focus to
2.426-437. Overall above 2.437 targets 2017 highs and below 2.273 hints at a
move back to 2017 lows at 2.016 with below 2.207 to confirm.
NYMEX WTI TECHS: (G18) Below 55-DMA To Shift Focus Lower 
*RES 4: $58.60 - High Dec 12 
*RES 3: $57.98 - Hourly resistance Dec 12 
*RES 2: $57.40 - Hourly support Dec 13 now resistance 
*RES 1: $56.90 - Hourly resistance Dec 13
*PRICE: $57.17 @ 0430GMT
*SUP 1: $56.48 - Hourly support Dec 14 
*SUP 2: $55.88 - Low Dec 7 
*SUP 3: $55.15 - Low Nov 14 
*SUP 4: $55.00 - 55-DMA
*COMMENTARY: The aggressive rejection ahead of the $58.99 Nov high was less than
ideal for bulls and resulted in a dip below the channel base. Bears now look for
a close below $55.88 to confirm a break of key supports and below the 55-DMA to
shift focus back to $52.49-68 where the channel base off June lows and 100-DMA
are noted. Bulls need a close $57.40 to ease pressure on supports and above
$57.98 to reconfirm initial focus on $58.60-58.99.
SPOT GOLD TECHS: Initial Focus On $1269.9-1289.5
*RES 4: $1284.9 - Daily Bear channel top 
*RES 3: $1277.9 - Hourly resistance Dec 1 
*RES 2: $1269.9 - Low Nov 14 now resistance 
*RES 1: $1260.1 - Monthly Low Oct 6 now resistance
*PRICE: $1254.7 @ 0530GMT
*SUP 1: $1249.2 - Hourly breakout level Dec 13 
*SUP 2: $1240.2 - Low Dec 13 
*SUP 3: $1235.9 - Low Dec 12 
*SUP 4: $1227.8 - Low July 17
*COMMENTARY: Bears failed to capitalise further on recent fresh 6mth lows with
the bounce easing immediate bearish pressure. Correcting O/S daily studies add
support to the case for a move back to layers of resistance $1269.9-1289.5 where
DMAs and bear channel top are noted with bulls now needing a close above
$1260.1. The $1235.9 support is now key with bears needing a close below to
reconfirm a bearish bias and focus on the channel base ($1207.3).
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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