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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: Pullback So Far Holds Above Pivotal $1.1712 Support
*RES 4: $1.1945 4 month bull channel top projection
*RES 3: $1.1911/21 Aug 2 high, equality rise from $1.1119
*RES 2: $1.1860/70 Series congestion lows Aug 3-4
*RES 1: $1.1830 Aug 3 low, now resistance
*PRICE: $1.1801 @0845GMT 
*SUP 1: $1.1745/55 Hourly support
*SUP 2: $1.1712 Jul 25 high, 76.4% Fibo of $1.1650-$1.1911
*SUP 3: $1.1684 Jul 28 high, now support
*SUP 4: $1.1640/50 1% volatility band, Jul 27 low
*COMMENTARY* Faltered on Friday after entering into the early stages of the next
$1.1906-$1.1921 target zone. This then followed by a break of the
$1.1815-$1.1777 area, which has spoiled recent upside momentum and triggered a
correction.  So far, this has remained above the Jul 25 high and 76.4% Fibo
retrace level at $1.1712 where next clues are garnered. Resistance now from
$1.1830-$1.1870, above the latter needed to ease current pressure.
CABLE TECHS: Pullback Currently Holding Above $1.3015-$1.3008 Support
*RES 4: $1.3165 Aug 4 high
*RES 3: $1.3135/40 Congestion area Aug 3-4
*RES 2: $1.3112 Aug 3 low, now resistance
*RES 1: $1.3085/95 Hourly resistance
*PRICE: $1.3050 @0851GMT
*SUP 1: $1.3008/15 Equality fall, 76.4% of $1.2933-$1.3269
*SUP 2: $1.2990 1% volatility band
*SUP 3: $1.2929/33 50% of $1.2589-$1.3269, Jul 20 low
*SUP 4: $1.2920 76.4% Fibo of $1.2812-$1.3269
*COMMENTARY* A high last Thursday of $1.3269, just above the top of the
anticipated $1.3245-$1.3253 resistance zone. The subsequent fall has gained
speed, leaving support from $1.3097-$1.3050 in its wake. As a result this has
broken the 7 week rising support line and now leaves $1.3015-$1.3008 as next
target area. This a combination of a 76.4% Fibo retrace and the equality fall
from $1.3165 to previous $1.3269-$1.3112 drop. Resistance from $1.3085-$1.3112.
DOLLAR-YEN TECHS: Break Above Y111.05 Needed To Continue Recovery
*RES 4: Y111.89 1% volatility band
*RES 3: Y111.64/72 76.4% of Y112.20-Y109.84, Jul 28 high
*RES 2: Y111.29/30 Jul 28 high, 61.8% of Y112.20-Y109.84
*RES 1: Y111.02/05 50% of Y112.20-Y109.84, Aug 4 high
*PRICE: Y110.77 @0856GMT
*SUP 1: Y110.45/55 Hourly support
*SUP 2: Y110.15 Aug 4 hourly congestion area
*SUP 3: Y109.84 Aug 3 low
*SUP 4: Y109.63 76.4% Y108.13-Y114.50, swing Y110.62-Y112.20
*COMMENTARY* Support found from Y109.84 last Thursday, slightly above the lower
1% volatility band at the time but so far keeping us from a test to what looks
stronger support from Y109.63 and the 4 month support line at Y109.44. The
subsequent rise has now found the impetus for a move back above Y110.70 and the
weeks previous Y110.98 high. This sees Y111.02-Y111.72 as a next potential
target zone as we correct losses from Y112.20. Support Y110.55-Y110.15.
EURO-YEN TECHS: The Y130.10-15 Area Now Pivotal To Near Term Direction
*RES 4: Y132.18 1.618 swing of Y130.77-Y128.49
*RES 3: Y131.41/52 Aug 2 high, 1.618 swing of Y130.51-Y128.87
*RES 2: Y131.13 Aug 4 high
*RES 1: Y130.90 Hourly resistance
*PRICE: Y130.73 @0901GMT
*SUP 1: Y130.10/15 Aug 4 low, hourly congestion Aug 1
*SUP 2: Y129.84 Aug 1 low
*SUP 3: Y129.55 Jul 27, 28, Jul 31 lows
*SUP 4: Y129.14 1% volatility band
*COMMENTARY* Support from Y130.44, in line with a 61.8% Fibo retrace of the
previous Y129.84-Y131.41 rise, has now given way, leaving the congested area
around Y130.15 as the near term protection against anything more untoward at
present. That said, will now need to see gains back above Y130.90-Y131.13 before
the upside is back on track again. A loss of Y130.10-15 will expose the Aug 1
low at Y129.84 to a test, the key Y129.55 level then of note below.
EURO-STERLING TECHS: Rally Moves Toward The Upper 1% Volatility Band
*RES 4: Stg0.9151 2% volatility band
*RES 3: Stg0.9143 76.4% of Stg0.9402-Stg0.8305, Oct 10 high
*RES 2: Stg0.9091 1.618 swing of Stg0.9055-Stg0.8996
*RES 1: Stg0.9058/61 1.618 swing Stg0.8994-Stg0.8891, 1% vol
*PRICE: Stg0.9046 @0913GMT
*SUP 1: Stg0.8989/96 Aug 2 high, Aug 4 low
*SUP 2: Stg0.8964 Hourly support
*SUP 3: Stg0.8946 Aug 3 hourly base
*SUP 4: Stg0.8922/23 Aug 1, intraday lows
*COMMENTARY* Last Thursday saw a fall back towards the base of the recent range
at Stg0.8922 before an impressive rise swept us through Stg0.8970 and also the
former Stg0.8989 high. Now headed towards next resistance situated between the
swing target at Stg0.9058 and the upper 1% volatility band at Stg0.9061.
Meanwhile, support rises to Stg0.8989 and then the Stg0.8964-Stg0.8946 area.
Directly above Stg0.9061 and look to Stg0.9091 as the bar to a Stg0.9143 rise.
GOLD TECHS: Recovery Falters At The 76.4% Fibo Retrace Level At $1274.6
*RES 4: $1281.5 Jun 14 high
*RES 3: $1274.6 Jun 6 low, 76.4% Fibo of $1296.1-$1204.8
*RES 2: $1270.9 Aug 3 high
*RES 1: $1264.3 Hourly resistance
*PRICE: $1257.9 @0922GMT
*SUP 1: $1251.1/2.1 76.4% of $1243.9-$1274.2, Jul 27 low
*SUP 2: $1243.9 Jul 26 low
*SUP 3: $1239.5 Jul 21 low
*SUP 4: $1233.1 Jul 14 high, now support
*COMMENTARY* Backed away last week after a challenge to the 76.4% Fibo retrace
level at $1274.6. Initial support from $1258.9 was breached last Wednesday but
eyes are currently on the lower and more important support from between the Jul
27 low at $1252.1 and the 76.4% Fibo retrace level at $1251.1. Loss would spoil
recent upside momentum and suggest that a deeper correction is then required. In
the meantime, resistance $1264.3-$1270.9, 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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