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MNI US Morning FX Technical Analysis

29 September 2017
By Kyle Shortland
     
Click below for today's MNI US Morning FX Technical Analysis Report -
http://tinyurl.com/jz5y37x
EURO-DOLLAR TECHS: $1.1810-62 Resistance Key
*RES 4: $1.1862 Low Sept 20 now resistance 
*RES 3: $1.1833 Low Sept 25 now resistance 
*RES 2: $1.1816 55-DMA 
*RES 1: $1.1810 Hourly resistance Sept 27a
*PRICE: $1.1802 @ 0830GMT
*SUP 1: $1.1773 Hourly support Sept 29 
*SUP 2: $1.1759 Hourly support Sept 28 
*SUP 3: $1.1709 Low Aug 18 
*SUP 4: $1.1661 Low Aug 17
*COMMENTARY: Losses have defined the week with bears taking comfort in the pair
gaining traction below the 55-DMA and on layers of support $1.1583-1.1661. The
Bollinger base ($1.1749) is the key concern for bears and currently limits
follow through. Layers of resistance are adding to bearish confidence with bulls
needing a close above the 55-DMA to ease bearish pressure and above $1.1862 to
shift focus higher.
     CABLE TECHS: Supported Ahead Of 21-DMA For Now
*RES 4: $1.3571 High Sept 25 
*RES 3: $1.3514 High Sept 26 
*RES 2: $1.3463 High Sept 27 
*RES 1: $1.3430 Hourly resistance Sept 29
*PRICE: $1.3392 @ 0830GMT
*SUP 1: $1.3343 Low Sept 28 
*SUP 2: $1.3328 High Sept 13 now support 
*SUP 3: $1.3314 21-DMA 
*SUP 4: $1.3159 Hourly resistance Sept 8 now support
*COMMENTARY: Fresh 2017 and 15mth highs lacked follow through Wednesday with the
correction seeing bearish focus now on the $1.3314-1.3343 support region. Bears
need a close below the 21-DMA to end bullish hopes and shift focus back to
$1.3158. Bulls now need a close above $1.3463 to gain breathing room and above
$1.3514 to shift focus back to $1.3595-1.3657.
     DOLLAR-YEN TECHS: Below 200-DMA To Ease Bullish Pressure
*RES 4: Y113.72 Bollinger band top 
*RES 3: Y113.70 Low July 11 now resistance 
*RES 2: Y113.26 High Sept 27 
*RES 1: Y112.86 Hourly resistance Sept 28
*PRICE: Y112.43 @ 0830GMT
*SUP 1: Y112.25 Hourly support Sept 29 
*SUP 2: Y112.02 200-DMA 
*SUP 3: Y111.92 Hourly support Sept 26 
*SUP 4: Y111.48 Low Sept 25
*COMMENTARY: Topside follow through above Y112.85 has been a little lacking
which is a concern with daily studies at O/B levels, momentum divergence and the
Bollinger top capping. Bulls have shifted focus to tests of July highs with
above Y113.70 to add support to their case. Bears continue to look for a close
below the 200-DMA to ease bullish pressure and below Y111.48 to confirm a shift
in focus to key DMAs Y110.52-111.04.
     EURO-YEN TECHS: Supported Ahead Of 21-DMA
*RES 4: Y134.25 High Sept 25
*RES 3: Y133.49 Hourly resistance Sept 25
*RES 2: Y133.01 Hourly support Sept 25 now resistance
*RES 1: Y132.89 High Sept 28
*PRICE: Y132.70 @ 0830GMT
*SUP 1: Y132.07 Low Sept 27 
*SUP 2: Y131.91 21-DMA 
*SUP 3: Y131.83 Daily Bull channel base 
*SUP 4: Y131.74 Low Sept 26
*COMMENTARY: Repeated rejections ahead of the Y134.59 resistance took their toll
with a sell-off and bearish close Monday that saw pressure back on
Y130.47-131.89 where the bull channel base, 21 & 55-DMAs & 200-WMA are located.
Bears need a close below the channel base to add weight to the case for a test
of Y127.42-128.38 with below the 200-WMA to confirm. Bulls still need a close
above Y133.49 to shift focus back to Y134.25-59.
     EURO-STERLING TECHS: Gbp0.8816-0.8920 Resistance Region Key
*RES 4: Gbp0.8907 High Sept 15
*RES 3: Gbp0.8886 High Sept 22
*RES 2: Gbp0.8839 Hourly resistance Sept 22
*RES 1: Gbp0.8816 Hourly resistance Sept 25
*PRICE: Gbp0.8808 @ 0830GMT
*SUP 1: Gbp0.8787 Hourly resistance Sept 28 now support 
*SUP 2: Gbp0.8758 Hourly support Sept 27 
*SUP 3: Gbp0.8746 Low Sept 27 
*SUP 4: Gbp0.8741 Monthly Low July 14
*COMMENTARY: As daily studies correct from O/S, continued hesitation ahead of
the 55-WMA (Gbp0.8711) and 200-DMA is a concern for bears and hints at a
correction. Bulls continue to look for a close above Gbp0.8816 to ease bearish
pressure and above Gbp0.8920 to shift initial focus back to 21 & 55-DMAs
(Gbp0.8940-0.9011). Bears continue to look for a close below the 55-WMA to shift
focus to Gbp0.8523.
     SPOT GOLD TECHS: Overall Focus On $1236.9-1250.0
*RES 4: $1313.6 - High Sept 26 
*RES 3: $1304.6 - Alternating daily support/resistance 
*RES 2: $1296.4 - High Sept 27 
*RES 1: $1289.5 - Alternating daily support/resistance, 55-DMA
*PRICE: $1287.5 @ 0830GMT
*SUP 1: $1281.8 - Hourly support Sept 28 
*SUP 2: $1277.6 - Low Sept 28 
*SUP 3: $1275.0 - Low Aug 25 
*SUP 4: $1271.6 - 100-DMA
*COMMENTARY: Bears take comfort in consolidation below the 55-DMA although the
bounce from Thurs lows combined with studies looking to correct from O/S is less
than ideal. Bulls now need a close above $1296.4 to gain breathing room and
above $1320.0 to shift focus higher. While $1296.4 caps bears remain focused on
$1265.3-1275.0 where the 100-DMA is noted. Below $1265.3 is needed to confirm
focus on $1236.9-1250.0 where the 200-DMA and bull channel base are situated.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]