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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: $1.1800-$1.1847 The Bar To Any Fresh Recovery Hopes
*RES 4: $1.1911/21 Aug 2 high, equality rise from $1.1119
*RES 3: $1.1879 1% volatility band
*RES 2: $1.1847 Aug 11 high
*RES 1: $1.1790/00 Aug 17 high, hourly resistance
*PRICE: $1.1739 @0859GMT 
*SUP 1: $1.1690/05 Hourly support
*SUP 2: $1.1644/62 1% volatility band, Aug 17 low
*SUP 3: $1.1625 Equality fall from $1.1847 to $1.1911-$1.1689
*SUP 4: $1.1612/13 50% of $1.1312-$1.1911, Jul 26 low
*COMMENTARY* The key $1.1682 support area came under assault last week, a brief
dip to $1.1662 before recovering yet again. To be of any consequence however,
will need to see a rally through $1.1800-$1.1847, before the belief in any
renewed upside potential will appear. In the interim, look to that
$1.1705-$1.1690 for initial support, loss of $1.1662-$1.1644 will have the
potential to test $1.1625-$1.1591 next, as this pullback continues.
CABLE TECHS: $1.2918-$1.2939 Still The Bar To Better Recovery Prospects
*RES 4: $1.2991 Hourly recovery high Aug 14
*RES 3: $1.2939 Aug 11 low, now resistance
*RES 2: $1.2918 Aug 18 high
*RES 1: $1.2885/95 Hourly resistance
*PRICE: $1.2870 @0909GMT
*SUP 1: $1.2831/40 Aug 18 low, hourly support
*SUP 2: $1.2802/12 1% volatility band, Jul 12 low
*SUP 3: $1.2764 38.2% Fibo of $1.1947-$1.3269
*SUP 4: $1.2749 76.4% Fibo of $1.2589-$1.3269
*COMMENTARY* The support area between $1.2831-$1.2840 is still proving difficult
to leave behind. This survived another test on Friday and has been followed by a
small bounce. That said, will need to recover $1.2918-$1.2939 before the near
term impetus for a better $1.2991-$1.3032 recovery will appear. Failure to
navigate $1.2939 will eventually see pressure return to the downside, below
$1.2831 and $1.2802-12 is then the protection to a deeper $1.2764-$1.2749 fall.
DOLLAR-YEN TECHS: Friday's Rally Provides Interesting 'Doji' Candle Close
*RES 4: Y110.93/95 38.2% of Y114.50-Y108.73, Aug 16 high
*RES 3: Y110.38 Aug 17 high
*RES 2: Y110.05 Hourly recovery high Aug 17
*RES 1: Y109.61/67 Aug 18 high, hourly resistance
*PRICE: Y109.06 @0922GMT
*SUP 1: Y108.85 Hourly support
*SUP 2: Y108.58/60 1% volatility band, Aug 18 low
*SUP 3: Y108.13 Apr 17 low
*SUP 4: Y107.36/48 1.618 swing Y108.73-Y110.95, 2% vol band
*COMMENTARY* A fall to a fresh Y108.60 low on Friday but the subsequent recovery
formed a 'Doji' candle close on the daily chart. Will need to survive another
assault today, before this becomes more interesting and perhaps suggest better
scope for a recovery. Meanwhile, Y109.61-67 provides initial resistance,
Y110.05-Y110.38 of more consequence higher. Below Y108.58-60 and look to the
year's previous Y108.13 low as protection to Y107.48-Y107.36.
EURO-YEN TECHS: Decline Still Using Lower 1% Volatility Band For Guidance
*RES 4: Y129.77 Recovery high Aug 16
*RES 3: Y129.38 Congestion area Aug 17 
*RES 2: Y129.13/16 Hourly low/high Aug 17
*RES 1: Y128.79 Aug 18 high
*PRICE: Y128.12 @0933GMT
*SUP 1: Y127.80/85 Hourly support
*SUP 2: Y127.56/60 Aug 18 low, 1% volatility band
*SUP 3: Y127.04 Equality fall from Y130.40 to Y131.41-Y128.05
*SUP 4: Y126.91 50% Fibo of Y122.40-Y131.41
*COMMENTARY* Still losing ground, the decline currently using the lower 1%
volatility band as a median for it's travels. A low of Y127.56 on Friday before
seeing a bounce, this will need to move back above Y128.79 before thoughts can
turn to a higher Y129.13-Y129.38 recovery. In the interim, Y127.80-85 offers
immediate protection to Y127.56 again, beneath which Y127.04-Y126.91 becomes the
next target zone.
EURO-STERLING TECHS: Key Near Term Support Rises To Stg0.9091-Stg0.9085
*RES 4: Stg0.9245 4 month bull channel top projection
*RES 3: Stg0.9183 1% volatility band
*RES 2: Stg0.9161 1.618 swing of Stg0.9119-Stg0.9051
*RES 1: Stg0.9143/49 76.4% Stg0.9402-Stg0.8305, Aug 18 high
*PRICE: Stg0.9116 @0942GMT
*SUP 1: Stg0.9085/91 Hourly suppt, 5 week rising support line
*SUP 2: Stg0.9064 Aug 17 low
*SUP 3: Stg0.9041/51 76.4% of Stg0.9008-Stg0.9144, Aug 15 low
*SUP 4: Stg0.9008/09 Aug 10, Aug 9 lows
*COMMENTARY* The hold of Stg0.9008-09 earlier in the month, has been followed by
a move back above Stg0.9091-Stg0.9119 resistance. This has culminated in a
challenge to the key Stg0.9143 area, a high of Stg0.9149 on Friday. Will need to
sustain a move through here, before the next targets between Stg0.9161 and the
upper 1% volatility band at Stg0.9183 can be met. Meanwhile, the 5 week support
line at Stg0.9091 and hourly support at Stg0.9085 protect the downside.
GOLD TECHS: Rally Pulls Up Shy Of $1307.7-$1315.7 Target Zone
*RES 4: $1315.7 76.4% Fibo of $1375.4-$1122.6
*RES 3: $1307.7 1.618 swing of $1292.3-$1267.4
*RES 2: $1300.9 Aug 18 high
*RES 1: $1296.1 Hourly resistance
*PRICE: $1287.8 @0950GMT
*SUP 1: $1280.6 Aug 18 low
*SUP 2: $1274.6 Initial recovery high Aug 16, now support
*SUP 3: $1271.8 7 week rising support line
*SUP 4: $1267.4 Aug 15 low
*COMMENTARY* A spike above the year's previous $1296.1 high last Friday did not
see much longevity, falling back after reaching a high of $1300.9. This somewhat
shy of the swing target at $1307.7 and the favoured 76.4% Fibo retrace level at
$1315.7. Immediate support from that pullback low at $1280.6 and then more
importantly from between $1274.6-$1271.8. The latter the current level of the 7
week rising support line.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
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