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: $1.1995-$1.2030 The Bar To Renewed Upside Potential

*RES 4: $1.2093 Sep 8 high

*RES 3: $1.2030 Sep 11 high

*RES 2: $1.1988/95 Sep 15, Sep 13 highs

*RES 1: $1.1960/70 Hourly resistance

*PRICE: $1.1939 @0855GMT 

*SUP 1: $1.1875/90 Hourly support

*SUP 2: $1.1837 Sep 14 low

*SUP 3: $1.1823/28 Aug 31 low, equality fall from $1.1995

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

*COMMENTARY* Thursday's fall found a base at $1.1837, just above the next key

area between $1.1823-$1.1828. The latter also the 1% volatility band today.

Meanwhile, the subsequent recovery has met with resistance from below the the

Sep 13 high at $1.1995. A rally through here and then the Sep 11 high at

$1.2030, is now the stumbling block to renewed upside potential. Support rises

to $1.1890-$1.1875 and this protects the downside against renewed pressure.

CABLE TECHS: Rally Nears 4 year Falling Resistance Line

*RES 4: $1.3791 1.618 projection target from $1.3382

*RES 3: $1.3669 1.618 swing of $1.3619-$1.3538

*RES 2: $1.3635 Equality rise from $1.3382 to $1.3153-$1.3406

*RES 1: $1.3619/22 i'day high, 4 year falling resistance line

*PRICE: $1.3566 @0908GMT

*SUP 1: $1.3525/35 Hourly support

*SUP 2: $1.3470 Hourly high Sep 15, now support

*SUP 3: $1.3437 Hourly base Sep 15

*SUP 4: $1.3382 Hourly base Sep 14

*COMMENTARY* A high $1.3619 so far, just below the 4 year falling resistance

line at $1.3622. Has subsequently been correcting some overbought hourly

conditions with initial support anticipated from between $1.3535-$1.3525. This

area protecting against any deeper $1.3470-$1.3437 pullback, of the most recent

gains from last Thursday's $1.3382 base. Above $1.3622 and next targets become

$1.3635-$1.3669.

DOLLAR-YEN TECHS: Next Upside Targets Seen Between Y111.76-Y111.78

*RES 4: Y112.42 Jul 20 high

*RES 3: Y112.20 Jul 26 high

*RES 2: Y111.90 2% volatility band

*RES 1: Y111.76/78 61.8% Y114.50-Y107.32, hourly resistance

*PRICE: Y111.38 @0920GMT

*SUP 1: Y110.80/90 Hourly support

*SUP 2: Y110.62 Hourly base Sep 15

*SUP 3: Y110.25 Initial rally high Sep 15, now support

*SUP 4: Y109.90 Sep 13 low

*COMMENTARY* The 'Doji' candle close on Sep 8 continues to power the recovery.

Now heading towards next target strung between the 61.8% Fibo retrace level at

Y111.76 and swing target of the Y111.34-Y110.62 fall, at Y111.78. Any higher and

the 2% volatility band at Y111.90 can inhibit further Y112.20-Y112.81 gains.

Support continues to rise, Y110.90-Y11.80 ahead of that Y110.62 level. Loss here

would caution now.

EURO-YEN TECHS: Y133.16 The Next Resistance Ahead Of Y133.63-Y133.79

*RES 4: Y134.41 61.8% Fibo of Y149.80-Y109.51

*RES 3: Y133.79 2% vol band, 1.618 swing of Y131.41-Y127.56

*RES 2: Y133.63 76.4% Fibo of Y141.08-Y109.51

*RES 1: Y133.16 1.618 swing of Y131.71-Y129.37

*PRICE: Y132.98 @0930GMT

*SUP 1: Y132.45 Hourly support

*SUP 2: Y132.28 Hourly base Sep 15

*SUP 3: Y132.02 Sep 12 high, now support

*SUP 4: Y131.55/60 Hourly congestion area Sep 13-14

*COMMENTARY* Still trying to break clearly through former hourly resistance at

Y132.90, above and the first of two swing targets awaits at the higher Y133.16

level. Through here and the 76.4% Fibo retrace level at Y133.63 then bars the

way to the 2% volatility band and the second swing target at Y133.79. Meanwhile,

support from above Y132.45 and then more significantly from between Friday's

hourly base at Y133.28 and the Sep 12 high at Y132.02.

EURO-STERLING TECHS: Recovery Faces Initial Stg0.8840-Stg0.8867 Resistance 

*RES 4: Stg0.8908 Recovery high Sep 14

*RES 3: Stg0.8878 Hourly base Sep 14, now resistance

*RES 2: Stg0.8867 Sep 14 low, now resistance

*RES 1: Stg0.8840 Hourly resistance 

*PRICE: Stg0.8830 @0938GMT

*SUP 1: Stg0.8774 Sep 15 low

*SUP 2: Stg0.8743 Jul 14 low

*SUP 3: Stg0.8733 2.618% from 0.9202 to prior 0.9306-0.9127

*SUP 4: Stg0.8724 Equality fall from 0.8908 to 0.9051-0.8867

*COMMENTARY* Continued to slide on Friday, losing support from Stg0.8810. A low

of Stg0.8774 so far, ahead of the next batch of downside targets set between

Stg0.8743-Stg0.8724. These a combination of a previous low and two projection

targets. As a result, resistance also falls, Stg0.8840 the initial bar to any

recovery, Thursday's Stg0.8867 low of more interest higher. Below Stg0.8724 and

the 61.8% Fibo retrace awaits at Stg0.8692.

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

*RES 4: $1347.0 Congestion area Sep 7-Sep 8

*RES 3: $1340.5 Sep 11 high

*RES 2: $1334.5 Sep 14 high

*RES 1: $1327.6 Hourly resistance

*PRICE: $1315.3 @0947GMT

*SUP 1: $1311.6 76.4% Fibo of $1297.3-$1357.7

*SUP 2: $1307.6 2 month rising support line

*SUP 3: $1297.3 Aug 31 low

*SUP 4: $1281.2 50% Fibo of $1204.8-$1357.7

*COMMENTARY* The pullback from the month's $1357.7 high continues, now reaching

down towards $1311.6, a 76.4% Fibo retrace of the most recent gains from the Aug

31 low at $1297.3. This considered the brake against anything more untoward at

present and a test to the 2 month rising support line, at $1307.6 by time today.

In the interim, resistance comes initially from around $1327.6, this the bar to

a better $1334.5-$1340.5 improvement.

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

[TOPICS: MTABLE]