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: Swing Target At $1.1715 Protects $1.1679-$1.1655 Fall

*RES 4: $1.1861 Sep 20 low, now resistance

*RES 3: $1.1837 Sep 14 low, now resistance

*RES 2: $1.1796 Sep 27 high

*RES 1: $1.1780 Hourly resistance

*PRICE: $1.1750 @0740GMT 

*SUP 1: $1.1715/17 1.618 swing $1.1837-$1.2034, Sep 27 low

*SUP 2: $1.1679 23.6% Fibo of $1.0340-$1.2093

*SUP 3: $1.1662 Aug 17 low

*SUP 4: $1.1620 1.618x $1.2093-$1.1837 from $1.2034

*COMMENTARY* The loss of the consolidation base and key support from $1.1823,

has been the catalyst for the latest fall, which on Wednesday also lost support

from the 76.4% Fibo retrace level at $1.1764. This now leaves the swing target

at $1.1715 as the next potential downside target, ahead of the next important

area between $1.1679-$1.1662. As a result, nearest resistance is currently

$1.1780-$1.1796, above the latter would ease near term pressure.

CABLE TECHS: Enters $1.3363-$1.3321 Targeted Area As Correction Continues

*RES 4: $1.3545/50 Congestion area Sep 22-25

*RES 3: $1.3515 Sep 26 high

*RES 2: $1.3464 Hourly recovery high Sep 26

*RES 1: $1.3415/30 Hourly resistance

*PRICE: $1.3395 @0752GMT

*SUP 1: $1.3346/49 61.8% of $1.3153-$1.3659, intraday low

*SUP 2: $1.3321 38.2% Fibo of $1.2774-$1.3659

*SUP 3: $1.3269/72 Aug 3 high, 76.4% of $1.3153-$1.3659

*SUP 4: $1.3216/20 50% Fibo of $1.2774-$1.3659, 2% vol band

*COMMENTARY*  The key 1.3450 support level gave way this week and continued the

correction of recent gains from the Sep 14 low at $1.3153. Having subsequently

lost $1.3406 support, we have seen a dip into the next targeted area from

between the swing target at $1.3363 and the 38.2% Fibo retrace level at $1.3321.

This currently protects against a deeper $1.3272-$1.3269 fall. Meanwhile,

resistance $1.3415-$1.3430, above the latter would ease near term pressure.

DOLLAR-YEN TECHS: Rally Pegged Back By Near Term Equality Rise Target

*RES 4: Y114.33 61.8% Fibo of Y118.67-Y107.32

*RES 3: Y113.80 1.618 swing of Y113.26-Y112.37

*RES 2: Y113.50/58 1.618 swing Y112.72-Y111.47, Jul 14 high

*RES 1: Y113.27 Equality rise from Y109.55 to Y107.32-Y111.04

*PRICE: Y112.76 @0807GMT

*SUP 1: Y112.55 Hourly support

*SUP 2: Y112.27/37 Sep 27 low, 50% Fibo of Y111.47-Y113.26

*SUP 3: Y111.89 76.4% Fibo of Y111.47-Y113.26

*SUP 4: Y111.47 Sep 25 low

*COMMENTARY* The key Y111.45 support held earlier this week and prefaced another

rise. This has broken above the year's Y112.83 falling resistance line and the

50% Fibo retrace level at Y113.00 but has so far been capped by the equality

rise target at Y113.27. As a result, support has also risen, Y112.55-Y112.27 the

initial area now and protection against a deeper correction of those gains from

Y111.47. Directly above Y113.27 and have Y113.50-Y113.80 to negotiate next.

EURO-YEN TECHS: Correcting After 61.8% Fibo Retrace Caps Rise

*RES 4: Y133.85 Hourly congestion area Sep 22-25

*RES 3: Y133.50/53 Sep 22 low, hourly base Sep 22

*RES 2: Y133.04 Hourly base Sep 25, now resistance

*RES 1: Y132.80 Hourly resistance

*PRICE: Y132.64 @0813GMT

*SUP 1: Y132.00/09 Hourly support, Sep 27 low

*SUP 2: Y131.75 Sep 26 low

*SUP 3: Y131.51 76.4% Fibo of Y130.62-Y134.41

*SUP 4: Y131.30 61.8% Fibo of Y129.37-Y134.41

*COMMENTARY* The rally failed at Y134.41 last week, in line with a test to the

61.8% Fibo retrace of the long term  Y149.80-Y109.51 fall. In the interim, we

have seen a loss of Y133.26, beneath which opened the prospect of a deeper

Y131.72-Y131.51 decline, as we correct the most recent gains from the Sep 14 low

at Y130.62. Meanwhile, nearest resistance falls to Y132.80-Y133.04. Back above

the latter currently needed for respite.

EURO-STERLING TECHS: Stg0.8743 Support Now Protects Against A Stg0.8692 Drop

*RES 4: Stg0.8865 Congestion area Sep 19-20

*RES 3: Stg0.8840 Hourly lows/high Sep 22

*RES 2: Stg0.8824 Hourly high Sep 25

*RES 1: Stg0.8805 Hourly resistance

*PRICE: Stg0.8799 @0825GMT

*SUP 1: Stg0.8743/46 Jul 14, Sep 27 lows

*SUP 2: Stg0.8720 1% volatility band

*SUP 3: Stg0.8692 61.8% Fibo of Stg0.8313-Stg0.9306

*SUP 4: Stg0.8632/42 2% volatility band, Jun 8 low

*COMMENTARY* Unable to break back above the key Stg0.8900-Stg0.8908 resistance

last week. As a result, pressure has again returned to the downside and

Stg0.8774 support has given way. This was seen as the protection to the still

important Stg0.8743 level and the added potential for a further Stg0.8692 fall.

In the meantime, Stg0.8805 now provides near term resistance, back above here

needed before the chance of further Stg0.8824-Stg0.8865 respite.

GOLD TECHS: Correction Resumes After Failure To Reclaim $1314.4 

*RES 4: $1306.5 3 week falling resistance line

*RES 3: $1296.4 Sep 27 high

*RES 2: $1292.1 Sep 22 low, now resistance

*RES 1: $1287.0 Hourly resistance

*PRICE: $1282.1 @08345GMT

*SUP 1: $1274.7 Aug 25 low

*SUP 2: $1263.2 61.8% Fibo of $1204.8-$1357.7

*SUP 3: $1240.9 76.4% Fibo of $1204.8-$1357.7

*SUP 4: $1234.9 2017 bull channel base

*COMMENTARY* After breaking below the 2 month rising support line last week, the

fall found some support from $1288.1, as we correct gains from the Jul 10 low at

$1204.8. Unable in the meantime to negotiate resistance from $1314.4 and as a

result, fresh downside pressure below $1288.1 has resumed. Now looking to

$1274.7 for next clues and as protection against a further $1263.2 fall.

Meanwhile resistance falls to $1287.0-$1296.4.

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

[TOPICS: MTABLE]