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: Near Term Support From Previous $1.1984-$1.1950 highs

*RES 4: $1.2184 2% volatility band

*RES 3: $1.2167 50% Fibo of $1.3994-$1.0340

*RES 2: $1.2093 Sep 8 high

*RES 1: $1.2060/70 Hourly resistance, 1% volatility band

*PRICE: $1.2014 @0756GMT 

*SUP 1: $1.1980/84 Sep 1 high, Aug 30 highs, now support

*SUP 2: $1.1950 Sep 6 high, now support

*SUP 3: $1.1920/25 Series highs/lows Aug 31-Sep 6

*SUP 4: $1.1887 76.4% Fibo of $1.1823-$1.2093

*COMMENTARY* Pullback from Friday's $1.2093 high continues, now looking at a

series of previous highs to provide some support. Initially from the

$1.1984-$1.1980 area and then the Sep 6 high at $1.1950. Ideally these hold, to

retain near term upside momentum and prevent a deeper correction of gains from

the Aug 31 low at $1.1823. Meanwhile, the upside would currently benefit from a

return above $1.2060-70. Main attraction then remains the 50% Fibo at $1.2167.

CABLE TECHS: Rally Extends With A View Towards Year's Previous High

*RES 4: $1.3349 2017 bull channel top projection

*RES 3: $1.3285 2% volatility band

*RES 2: $1.3269 Aug 3 high

*RES 1: $1.3224 Sep 8 high

*PRICE: $1.3192 @0808GMT

*SUP 1: $1.3150/60 Hourly support

*SUP 2: $1.3116/24 Sep 7 high, Sep 8 hourly base

*SUP 3: $1.3100 Initial rally high Sep 7, now support

*SUP 4: $1.3083 Sep 6 high, now support

*COMMENTARY* Rally continued with a vengeance, rising effortlessly through

$1.3152-$1.3184 resistance on Friday. A high so far of $1.3224, as we move back

towards the year's previous $1.3269 high and the upper 2% volatility band. As a

consequence, support also on the rise, initially now from $1.3160-$1.3150. A

loss would caution in the near term, allowing a deeper correction to take place

of gains seen from the $1.3063-$1.3033 area, that formed a base last Thursday.

DOLLAR-YEN TECHS: Friday's Swift Recovery Creates 'Doji' Candle Close

*RES 4: Y109.88 Aug 31 low, 76.4% Fibo of Y110.67-Y107.32

*RES 3: Y109.39/40 61.8% of Y110.67-Y107.32, Sep 6 high

*RES 2: Y109.00 50% Fibo of Y110.67-Y107.32

*RES 1: Y108.60/72 38.2% Y110.67-Y107.32, hourly high Sep 7 

*PRICE: Y108.51 @0825GMT

*SUP 1: Y108.08 Initial recovery high Sep 8, now support

*SUP 2: Y107.63 Hourly pullback low Sep 8

*SUP 3: Y107.32/36 Sep 8 low, 1.618 swing Y108.73-Y110.95

*SUP 4: Y107.09 2% volatility band

*COMMENTARY* Friday's fall to a new Y107.32 low followed by a decent recovery

and close around the day's Y108.27 high, has created a large potentially bullish

'Doji' candle close on the daily chart. Have already seen a 38.2% Fibo retrace

of the losses sustained since the Aug 31 high at Y110.67. Some near term

overbought conditions now appearing, while capped around Y108.60-72, there is

scope to see a pullback, Y108.08-Y107.63 now forming support.

EURO-YEN TECHS: Y130.50-Y130.75 Provides Intraday Resistance

*RES 4: Y131.85 1% volatility band

*RES 3: Y131.09/16 Sep 7 high, 76.4% of Y131.71-Y129.37

*RES 2: Y130.70/75 Pivot point over last two weeks

*RES 1: Y130.50 Minor hourly congestion Sep 7

*PRICE: Y130.43 @0840GMT

*SUP 1: Y129.70/80 Hourly support

*SUP 2: Y129.35/37 3 month support line, Sep 5, Sep 6 lows

*SUP 3: Y129.15/19 61.8% of Y127.56-Y131.71, Aug 22 high

*SUP 4: Y128.54 76.4% Fibo of Y127.56-Y131.71

*COMMENTARY* Last week's correction of the Y131.71-Y129.37 fall faltered at

Y131.09, just shy of the 76.4% Fibo retrace level at Y131.16. The subsequent

drop was swift but once again found support from above Y129.37. This also the

area of the 3 month rising support line today. The subsequent recovery is likely

to meet with resistance from between Y130.50-Y130.75. Will need back above the

latter to swing bias back to the topside. Support Y130.80-Y130.70.

EURO-STERLING TECHS: Now Testing Key Stg0.9100-Stg0.9091 Support

*RES 4: Stg0.9259 1% volatility band

*RES 3: Stg0.9227/38 Sep 4, Aug 31 highs

*RES 2: Stg0.9203 Sep 7, intraday highs

*RES 1: Stg0.9165/75 Hourly resistance

*PRICE: Stg0.9113 @0849GMT

*SUP 1: Stg0.9100 1.618 swing Stg0.9149-Stg0.9226

*SUP 2: Stg0.9091 38.2% Fibo Stg0.8743-Stg0.9306

*SUP 3: Stg0.9075 1% volatility band

*SUP 4: Stg0.9047 4 month bull channel base

*COMMENTARY* The setback from last month's Stg0.9306 high is now testing into

key support from between Stg0.9100-Stg0.9091. Any overshoot can find some relief

from the lower 1% volatility band at Stg0.9075 by time today. This the

protection to the 4 month bull channel base at Stg0.9047. In the interim, will

need to see gains back above Stg0.9165-75 before near term bias will favour the

upside again and allow a higher Stg0.9203-Stg0.9238 rise.

GOLD TECHS: Pulling Back After Test Toward 9 Month Channel Projection

*RES 4: $1360.4 9 month bull channel top projection

*RES 3: $1357.7 Sep 8 high

*RES 2: $1350.6 Hourly base Sep 7, now resistance

*RES 1: $1342.9 Hourly resistance

*PRICE: $1338.5 @0908GMT

*SUP 1: $1331.7 Sep 6 low

*SUP 2: $1326.2 Aug 29 high, Sep 5 low

*SUP 3: $1316.4 Sep 1 low

*SUP 4: $1300.9 Aug 18 high, now support

*COMMENTARY* The rally continued last week, moving through what looked decent

resistance from around $1352.8. A high of $1357.7 attained, just shy of the 9

month bull channel top projection at $1360.4. Has not unnaturally encountered

some near term overbought conditions. The subsequent loss of $1337.8 suggests

some caution, with support now from $1331.7 and then more importantly $1326.2.

Meanwhile, resistance now comes from $1342.9-$1350.6.

--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com

[TOPICS: MTABLE]