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Free AccessMNI US Morning FX Technical Analysis
9 October 2017
By Kyle Shortland
Click below for today's MNI US Morning FX Technical Analysis Report -
http://tinyurl.com/jz5y37x
EURO-DOLLAR TECHS: $1.1862 Resistance Key This Week
*RES 4: $1.1847 21-DMA
*RES 3: $1.1835 55-DMA
*RES 2: $1.1788 High Oct 4
*RES 1: $1.1746 Hourly support Oct 4 now resistance
*PRICE: $1.1741 @ 0930GMT
*SUP 1: $1.1716 Hourly resistance Oct 6 now support
*SUP 2: $1.1661 Low Aug 17
*SUP 3: $1.1651 Daily Bear channel base
*SUP 4: $1.1611 Low July 26
*COMMENTARY: Follow through was lacking on fresh lows for the week Friday with
the pair finding support and bouncing ahead of the daily bear channel base and
layers of support $1.1583-1.1661. Below $1.1583 is needed to see bears shift
focus to $1.1477. Bulls now need a close above $1.1746 to gain breathing room
and above $1.1788 to hint at a correction back to $1.1835-62 where 21 & 55-DMAs
are noted.
CABLE TECHS: $1.2995 Support Key This Week
*RES 4: $1.3297 Hourly resistance Oct 2
*RES 3: $1.3222 Low Oct 3 now resistance
*RES 2: $1.3164 Hourly support Oct 5 now resistance
*RES 1: $1.3133 55-DMA
*PRICE: $1.3119 @ 0930GMT
*SUP 1: $1.3074 Hourly support Oct 9
*SUP 2: $1.3036 Bollinger band base
*SUP 3: $1.3025 Low Oct 6
*SUP 4: $1.3016 100-DMA
*COMMENTARY: The new week sees the 100-DMA supporting and the 55-DMA capping as
daily studies look to correct from O/S. The $1.2995 support remains key this
week. Bears need a close below $1.2995 to shift focus to $1.2770-72 where the
200-DMA is located. Bulls continue to look for a close above $1.3164 to ease
immediate bearish pressure and above $1.3224 to shift focus back to the 21-DMA
($1.3351). The Bollinger base and O/S studies are the key concern for bears.
DOLLAR-YEN TECHS: Y113.44-70 Resistance Region Key
*RES 4: Y113.70 Low July 11 now resistance
*RES 3: Y113.44 High Oct 6
*RES 2: Y113.18 Hourly support Oct 6 now resistance
*RES 1: Y112.89 Hourly resistance Oct 6
*PRICE: Y112.61 @ 0930GMT
*SUP 1: Y112.33 Low Oct 4 & Hourly support Oct 9
*SUP 2: Y112.22 Low Sept 29
*SUP 3: Y111.90 200-DMA
*SUP 4: Y111.86 21-DMA
*COMMENTARY: The lack of topside follow through continued Friday with the break
of Y113.26 capped ahead of Y113.70. Bulls need a close above 113.70 to confirm
focus on July highs (Y114.49). There is an increased risk of dips back to the
Y111.86-112.33 region with below the 21-DMA now needed to add weight to the case
for a test of Y110.62-111.09 where 55 & 100-DMAs are noted. Below the 55-DMA
(Y110.62) is needed hint at a move to 2017 lows with below Y109.52 confirming.
EURO-YEN TECHS: Immediate Pressure On Y131.74 Support
*RES 4: Y133.11 High Sept 29
*RES 3: Y132.88 High Oct 3
*RES 2: Y132.43 Hourly support Oct 6 now resistance
*RES 1: Y132.27 Hourly resistance Oct 6
*PRICE: Y132.20 @ 0930GMT
*SUP 1: Y131.97 Hourly support Oct 9
*SUP 2: Y131.74 Low Sept 26
*SUP 3: Y130.93 55-DMA
*SUP 4: Y130.59 Low Sept 15
*COMMENTARY: Pressure on the 21-DMA (Y132.53) and daily bull channel base took
its toll with closes below the 21-DMA seeing immediate pressure on the Y131.74
support. Bears need a close below to shift immediate focus to Y130.38-93 where
the 55-DMA & 200-WMA are noted. Layers of resistance accumulating are adding
weight to the bearish case. Bulls again look for a close above Y132.40 to gain
breathing room and above Y133.49 to shift focus back to Y134.25-41.
EURO-STERLING TECHS: Gbp0.8872-0.8920 Support Key
*RES 4: Gbp0.9047 Bollinger band top
*RES 3: Gbp0.9045 High Sept 14
*RES 2: Gbp0.9011 55-DMA
*RES 1: Gbp0.8992 High Oct 6
*PRICE: Gbp0.8950 @ 0930GMT
*SUP 1: Gbp0.8920 Hourly support Oct 5
*SUP 2: Gbp0.8907 High Sept 15, now support
*SUP 3: Gbp0.8886 High Sept 22 now support
*SUP 4: Gbp0.8870 21-DMA
*COMMENTARY: The recovery from Sept lows saw the pair close above Gbp0.8920 with
bulls now needing a close above Gbp0.9045 to confirm a break of the 55-DMA, hint
at a move back to Gbp0.8213-0.9306 and above Gbp0.9107 to confirm. Layers of
support remain with bears now needing a close below the 21-DMA (Gbp0.8870) to
end bullish hopes and shift focus back to Gbp0.8717-57 where the 200-DMA &
55-WMA are found.
SPOT GOLD TECHS: O/S Daily Studies Correcting
*RES 4: $1296.7 - 21-DMA
*RES 3: $1296.4 - High Sept 27
*RES 2: $1292.8 - 55-DMA
*RES 1: $1290.3 - High Sept 29
*PRICE: $1282.4 @ 0930GMT
*SUP 1: $1277.6 - Hourly resistance Oct 6 now support
*SUP 2: $1270.7 - Hourly support Oct 6
*SUP 3: $1266.3 - Hourly resistance Oct 6 now support
*SUP 4: $1260.5 - Low Oct 6
*COMMENTARY: The lack of follow through on fresh 2mth lows Friday was less than
ideal given daily studies looking to correct from O/S adding support to the case
for a correction. Bulls now look for a close above the 21-DMA ($1296.7) to shift
initial focus back to $1313.6-1320.0. Initial support is noted at $1277.6 with
bears needing a close below to retain focus on $1240.9-1253.7 where the bull
channel base and 200-DMA are situated.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.