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MNI US Morning FX Technical Analysis 

By Les Castell
     Click below for today's MNI US Morning FX Technical Analysis Report -
http://tinyurl.com/jz5y37x
     EURO-DOLLAR TECHS: Rally Enters Into Next $1.1906-$1.1921 Target Zone
*RES 4: $1.2047 July 2012 low, now resistance
*RES 3: $1.1981 2% volatility band
*RES 2: $1.1921 Equality rise from $1.1119 to $1.0494-$1.1296
*RES 1: $1.1906/11 Max 5th wave target from $1.1650, Aug 2 hi 
*PRICE: $1.1843 @0800GMT 
*SUP 1: $1.1815 Hourly support
*SUP 2: $1.1777/85 Jul 27 high, Aug 1 low
*SUP 3: $1.1750 Congestion area Jul 28-31
*SUP 4: $1.1712 Jul 25 high, now support
*COMMENTARY* Has entered into the early stages of the next $1.1906-$1.1921
target zone. This the maximum 5th wave objective in the rally from $1.1650 and
the equality rise move from $1.1119. Currently correcting some overbought
conditions with support likely between $1.1815-$1.1777. Only loss of the latter
will spoil recent upside momentum and suggest that a deeper correction is
required. Above $1.1921 and the upper 2% volatility band is at $1.1981.
CABLE TECHS: Rally Threatening To Break Clear Of $1.3245-$1.3253 Area
*RES 4: $1.3388 2% volatility band
*RES 3: $1.3332 1.618 swing of $1.3048-$1.2589
*RES 2: $1.3322 8 month bull channel top projection
*RES 1: $1.3253/69 Equality rise from $1.2812, intraday high
*PRICE: $1.3252 @0900GMT
*SUP 1: $1.3189/04 Aug 2 low, hourly support
*SUP 2: $1.3152/59 Jul 28, Jul 27 highs, now support
*SUP 3: $1.3120 Hourly congestion area Jul 31 
*SUP 4: $1.3097 Jul 31 low
*COMMENTARY* Broke above 1.3184 resistance on Monday, and now threatening to
clear the next target area from between $1.3245-$1.3253. This a combination of a
recent swing target and an equality rise move from the Jul 12 low at $1.2812. As
a consequence, support also on the rise, $1.3204-$1.3189 is the initial
protection ahead of two recent highs between $1.3159-$1.3152. Sustained break of
$1.3253 and currently not a lot showing ahead of the $1.3322-$1.3332 region.
DOLLAR-YEN TECHS: Y110.99-Y111.10 Still The Near Term Bar To Greater Recovery
*RES 4: Y111.66/72 38.2% of Y114.50-Y109.91, Jul 27 high
*RES 3: Y111.29 Jul 28 high
*RES 2: Y111.05/10 Hourly congestion Jul 27-28
*RES 1: Y110.99 23.6% Fibo of Y114.50-Y109.91
*PRICE: Y110.66 @0835GMT
*SUP 1: Y110.15/30 Hourly support
*SUP 2: Y109.80/91 1% volatility band, Aug 1 low
*SUP 3: Y109.63 76.4% Y108.13-Y114.50, swing Y110.62-Y112.20
*SUP 4: Y109.41 4 month rising support line
*COMMENTARY* Support found from Y109.91 on Tuesday, slightly below the lower 1%
volatility band at the time but so far keeping us from a test to what looks
stronger support from Y109.63. The subsequent rise having moved back above
Y110.78 now sees initial resistance from between Y110.99-Y111.10. Will need to
clear the latter before thoughts can turn to Y111.29-Y111.72. Immediate support
now spied between Y110.30-Y110.15.
EURO-YEN TECHS: Range Break Has Y131.52-Y132.18 As Next Upside Target Area
*RES 4: Y133.37 Equality rise from Y122.40 to Y114.85-Y125.82
*RES 3: Y132.88 2% volatility band
*RES 2: Y132.18 1.618 swing of Y130.77-Y128.49
*RES 1: Y131.52/58 1.618 swing of Y130.51-Y128.87,1% vol band 
*PRICE: Y131.01 @0839GMT
*SUP 1: Y130.80 Hourly support
*SUP 2: Y130.60/62 Prior late July highs, now support
*SUP 3: Y130.15/20 Hourly congestion Aug 1
*SUP 4: Y129.84 Aug 1 low
*COMMENTARY* After another scoot back down into the range on Tuesday, we finally
got the upside break above Y130.62. This sees Y131.52-58 as next resistance
ahead of a second swing target at the higher Y132.18 level. As a result, initial
support comes from Y130.80, ahead of those previous range highs at Y130.60-62.
Back below will disappoint but Y130.15-20 is currently the stronger support
area. Slightly bigger picture and Y133.37-Y133.63 looks the attraction.
EURO-STERLING TECHS: Still Unable To Maintain A Break Above Stg0.8970
*RES 4: Stg0.9052 Nov 2 high
*RES 3: Stg0.9028/35 Nov 9 high, 1% volatility band
*RES 2: Stg0.8994/95 Jul 21, Aug 2 highs
*RES 1: Stg0.8960/70 Hourly resistance
*PRICE: Stg0.8931 @0847GMT
*SUP 1: Stg0.8914/22 Hourly support, Aug 1 low
*SUP 2: Stg0.8891/99 Jul 27, Jul 18 high
*SUP 3: Stg0.8867 Hourly base Jul 20
*SUP 4: Stg0.8829/34 Jul 19 low, 12 week rising suppt line 
*COMMENTARY* Another quick spike above Stg 0.8970 on Wednesday, a high of
Stg0.8995 but was unable to sustain this for less than an hour and now find
ourselves back in the recent range again. Looking at initial support from
Stg0.8914-22 but the Stg0.8891-99 area remains the stronger area below. Loss
would caution and open up a deeper correction with the 12 week support line at
Stg0.8834 the next attraction.
GOLD TECHS: Recovery Falters After Initial Test To The 76.4% Fibo Level
*RES 4: $1289.0 Jun 8 high
*RES 3: $1281.5 Jun 14 high
*RES 2: $1274.6 Jun 6 low, 76.4% Fibo of $1296.1-$1204.8
*RES 1: $1271.3 Hourly resistance
*PRICE: $1262.3 @0858GMT
*SUP 1: $1257.0 Aug 1 low
*SUP 2: $1252.1 Jul 27 low
*SUP 3: $1243.9 Jul 26 low
*SUP 4: $1239.5 Jul 21 low
*COMMENTARY* Has backed away after a challenge to the 76.4% Fibo retrace level
at $1274.6 last week. Initial support from $1258.9 has been slightly breached on
Wednesday but eyes are currently on the lower and more important support from
the Jul 27 low at $1252.1. Loss here would spoil recent upside momentum and
suggest that a deeper correction is then required. In the meantime, resistance
is still from $1271.3 ahead of that key $1274.6 level.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
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