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: $1.1883-87 Left Behind As Key $1.1823-38 Area Comes Into

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*RES 4: $1.2040 Hourly highs Sep 8

*RES 3: $1.1995 Sep 13 high

*RES 2: $1.1965 Hourly base Sep 13, now resistance

*RES 1: $1.1926 Sep 12 low, now resistance

*PRICE: $1.1895 @0830GMT 

*SUP 1: $1.1866/68 Intraday low, Sep 5 low

*SUP 2: $1.1823/28 Aug 31 low, Equality fall from $1.1995

*SUP 3: $1.1790 5 month rising support line

*SUP 4: $1.1764/73 76.4% of $1.1662-$1.2093, Aug 25 low

*COMMENTARY* The pullback from Friday's $1.2093 high broke below support from

the 61.8% Fibo retrace level at $1.1926, on Wednesday, having failed to recover

any more than $1.1995 in the interim. Now below the $1.1883-$1.1887 area, which

leaves the way open for a test to the next key area around $1.1828-$1.1823.

Meanwhile, resistance comes from $1.1926, with $1.1965-$1.1995 of more

consequence higher.

CABLE TECHS: $1.3190-$1.3161 Now Becomes A Key Support Zone

*RES 4: $1.3360 2017 bull channel top projection

*RES 3: $1.3329 Sep 13 high

*RES 2: $1.3290 Hourly recovery high Sep 13

*RES 1: $1.3255 Hourly resistance

*PRICE: $1.3204 @0857GMT

*SUP 1: $1.3184/90 Sep 13 low, hourly support

*SUP 2: $1.3161 Sep 12 low

*SUP 3: $1.3147 38.2% Fibo of $1.2852-$1.3329

*SUP 4: $1.3091 50% Fibo of $1.2852-$1.3329

*COMMENTARY* Rally through recent $1.3224 highs has now exceeded the year's

former $1.3269 high. A peak so far of $1.3329, as we near the upper 2%

volatility band and the 2017 bull channel projection top at $1.3360. Some near

term heavily overbought conditions are since being rectified and eyes are now on

$1.3190 support. Sustained loss here would damage recent upside upside momentum

and heap pressure back on $1.3161. Resistance between $1.3255-$1.3290.

DOLLAR-YEN TECHS: Y110.91-Y110.95 Now The Bar To Greater Gains

*RES 4: Y111.76 61.8% Fibo of Y114.50-Y107.32

*RES 3: Y111.63 2% volatility band

*RES 2: Y110.91/95 50% Fibo of Y114.50-Y107.32, Aug 16 high

*RES 1: Y110.74 Intraday high

*PRICE: Y110.40 @0900GMT

*SUP 1: Y110.10 Hourly support

*SUP 2: Y109.90 Sep 13 low

*SUP 3: Y109.24 Hourly base Sep 11

*SUP 4: Y108.62 Initial recovery high Sep 11, now support  

*COMMENTARY* The power of the 'Doji' candle close last Friday has now seen a

rally through the upper 1% volatility band, at Y110.54 by time today, and

slightly above the previous high of note, the Aug 31 peak at Y110.67. A

sustained break higher will meet decent resistance from between Y110.91-Y110.95

next. Above and look to Y111.63-Y111.76. In the interim, support rises to

Y110.10 but Y109.90 provides a stronger marker. Loss would disappoint now.

EURO-YEN TECHS: Y131.10-Y130.91 Provides Important Intraday Support

*RES 4: Y133.16 1.618 swing of Y131.71-Y129.37

*RES 3: Y132.23/33 Aug 2015 low, Feb 2016 high

*RES 2: Y131.97/10 1% vol band, 1.618 swing Y131.09-Y129.46

*RES 1: Y131.70/80 Hourly resistance

*PRICE: Y131.40 @0913GMT

*SUP 1: Y131.10 Hourly support

*SUP 2: Y130.91 Sep 11 high, now support

*SUP 3: Y130.67 Sep 8 high, Sep 12 low

*SUP 4: Y130.37 Hourly high Sep 8, now support

*COMMENTARY* A high so far of Y132.02, roughly in line with the upper 1%

volatility band and the swing target of the recent Y131.09-Y129.46 fall. Support

seen from Y131.10-Y130.91, loss would caution now and open up corrective

potential of recent gains from Y129.46-Y129.37. Meanwhile, resistance Y131.70-80

but above Y132.10 and the Y133.16-Y133.28 area is the next real attraction,

ahead of the long term Y133.63-Y134.41 Fibo retrace levels.

EURO-STERLING TECHS: Above Stg0.9039 Needed To Provide Near Term Respite

*RES 4: Stg0.9119/22 Sep 7 low, Sep 11 high

*RES 3: Stg0.9091/94 Hourly highs Sep 11

*RES 2: Stg0.9069 Broken 4 month support line

*RES 1: Stg0.9037/39 Hourly resistance

*PRICE: Stg0.9020 @0924GMT

*SUP 1: Stg0.8975 Hourly support

*SUP 2: Stg0.8958 61.8% Fibo of Stg0.8743-Stg0.9306

*SUP 3: Stg0.8918/27 2% vol band, 38.2% Stg0.8313-Stg0.9306

*SUP 4: Stg0.8876/80 76.4% Stg0.8743-Stg0.9306, Jun 28 high

*COMMENTARY* The setback from last month's Stg0.9306 high broke below key

support from between Stg0.9100-Stg0.9091 on Monday and Tuesday lost support from

the lower 1% volatility band and also the 4 month rising support line at

Stg0.9069. A low of Stg0.8975 seen so far, ahead of what looks a stronger area

between Stg0.8958-Stg0.8927. In the interim, nearest resistance falls to

Stg0.9037-St0.9039, above would give a lift and some near term respite.

GOLD TECHS: Correcting After Rally Falters Below 9 Month Channel Top

*RES 4: $1357.7 Sep 8 high

*RES 3: $1350.2 Sep 7 high

*RES 2: $1340.5 Sep 11 high

*RES 1: $1337.1 Sep 12 high

*PRICE: $1323.1 @0929GMT

*SUP 1: $1316.4 Sep 1 low

*SUP 2: $1311.6 76.4% Fibo of $1297.3-$1357.7

*SUP 3: $1303.5 2 month rising support line

*SUP 4: $1297.3 Aug 31 low

*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 now encountered some near term

overbought conditions. The subsequent loss of $1337.8 suggests some caution and

corrective capability. Next support now comes from $1316.4-$1311.6, whereas

nearest resistance now $1337.1-$1340.5.

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

[TOPICS: MTABLE]