MNI US Morning FX Technical Analysis

18 October 2017

By Kyle Shortland

Click below for today's MNI US Morning FX Technical Analysis Report -

http://tinyurl.com/jz5y37x

EURO-DOLLAR TECHS: $1.1800-80 Resistance Region Key

*RES 4: $1.1880 High Oct 12 

*RES 3: $1.1849 Hourly resistance Oct 13a 

*RES 2: $1.1826 Hourly resistance Oct 13 

*RES 1: $1.1800 21-DMA

*PRICE: $1.1744 @ 0930GMT

*SUP 1: $1.1731 Hourly support Oct 18 

*SUP 2: $1.1716 Hourly resistance Oct 6 now support 

*SUP 3: $1.1669 Low Oct 6 

*SUP 4: $1.1661 Low Aug 17

*COMMENTARY: The break of the $1.1862 resistance lacked follow through with the

pair capped around the daily bear channel top Thursday. Pressure on $1.1795 has

resulted in a break with bears again focused on a move back to the

$1.1583-1.1669 region where the channel base and 100-DMA are noted. Layers of

resistance remain with bulls needing a close above the 21-DMA to gain breathing

room and above $1.1880 to shift focus higher.

CABLE TECHS: $1.3121 Support Key Today

*RES 4: $1.3306 21-DMA 

*RES 3: $1.3291 Hourly resistance Oct 17 

*RES 2: $1.3226 Alternating daily support/resistance 

*RES 1: $1.3211 Hourly resistance Oct 18

*PRICE: $1.3167 @ 0930GMT

*SUP 1: $1.3145 55-DMA 

*SUP 2: $1.3121 Low Oct 12 

*SUP 3: $1.3041 100-DMA 

*SUP 4: $1.3028 Low Oct 6

*COMMENTARY: Topside failures ahead of the 21-DMA took their toll with a close

below $1.3226 that sees immediate focus back to $1.3121-45 where the 55-DMA is

located. Bears now need a close below $1.3121 to shift focus to $1.2995-1.3041.

Daily studies are well placed for a fresh leg lower having corrected to neutral

levels. Bulls now need a close above $1.3226 to gain breathing room and above

$1.3343 to confirm a break of the 21-DMA and initially target $1.3461.

DOLLAR-YEN TECHS: Bulls Need Close Above Y112.89

*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: Y112.72 @ 0930GMT

*SUP 1: Y112.48 High Oct 17 now support 

*SUP 2: Y112.04 Hourly support Oct 17 

*SUP 3: Y111.65 Low Oct 16 

*SUP 4: Y111.48 Low Sept 25

*COMMENTARY: The pair found support on dips below the 200-DMA (Y111.76) this

week with bulls taking comfort in a break back above the 21-DMA (Y112.42) and

Tuesday's high with focus now on Y112.89 with bulls needing a close above to

shift immediate focus back to Y113.44-70. Failure to close above Y112.48 would

be less than ideal and see pressure back on the Y111.65-112.04 support region.

Below the 55-DMA (Y110.81) is needed to shift focus back to 2017 lows.

DOLLAR-CAD TECHS: C$1.2418 & C$1.2594 Levels Remain Key

*RES 4: C$1.2700 - 100-DMA 

*RES 3: C$1.2662 - High Aug 31 

*RES 2: C$1.2594 - High Oct 9 

*RES 1: C$1.2555 - Hourly support Oct 17 now resistance

*PRICE: C$1.2527 @ 0930GMT

*SUP 1: C$1.2489 - Hourly support Oct 18 

*SUP 2: C$1.2466 - 55-DMA 

*SUP 3: C$1.2465 - Daily Bull channel base 

*SUP 4: C$1.2464 - 21-DMA

*COMMENTARY: Pressure on the bull channel base and 21-DMA failed to produce a

break lower with the pair rallying only to remain capped ahead of C$1.2594.

Bulls still need a close above C$1.2594 to target C$1.2662-1.2724. Layers of

support are tightly clustered C$1.2464-66 but bears need a close below C$1.2418

to end bullish hopes and shift focus to C$1.2232.

EURO-YEN TECHS: Bulls Need Close Above 21-DMA

*RES 4: Y133.49 Hourly resistance Sept 25 & High Oct 12

*RES 3: Y133.27 Hourly resistance Oct 12

*RES 2: Y132.95 Hourly resistance Oct 13

*RES 1: Y132.67 21-DMA

*PRICE: Y132.43 @ 0930GMT

*SUP 1: Y131.95 Hourly support Oct 18 

*SUP 2: Y131.65 Low Oct 16 

*SUP 3: Y131.50 Bollinger band base 

*SUP 4: Y131.21 55-DMA

*COMMENTARY: The sell-off from last week's Y133.49 topside failure resulted in a

break of Y131.74 but follow through has so far been lacking. Focus has shifted

to the Y130.59-131.18 region where the 55-DMA is noted with a close below

Y130.59 to shift pressure to the 100-DMA (Y129.43). Layers of resistance remain

with bulls needing a close above the 21-DMA to gain breathing room and above

Y133.49 to shift focus to Y134.25-59 where 2017 and monthly highs are situated.

EURO-STERLING TECHS: Bulls Need Close Above Gbp0.8948

*RES 4: Gbp0.9008 55-DMA

*RES 3: Gbp0.8987 Hourly support Oct 12 now resistance

*RES 2: Gbp0.8948 Alternating hourly support/resistance

*RES 1: Gbp0.8931 Hourly resistance Oct 13a

*PRICE: Gbp0.8919 @ 0930GMT

*SUP 1: Gbp0.8908 Hourly support Oct 17 

*SUP 2: Gbp0.8856 Low Oct 16 

*SUP 3: Gbp0.8801 Low Oct 2 

*SUP 4: Gbp0.8746 Monthly Low Sept 27

*COMMENTARY: The rejection above the 55-DMA last week left the pair looking

heavy and flirting with the 21-DMA (Gbp0.8867). Bulls take comfort on support

emerging on dips below the 21-DMA with pressure having returned to Gbp0.8931-48

where the 100-DMA is noted. Bulls need a close above Gbp0.8948 to return focus

to Gbp0.8987-0.9048 where the 55-DMA is located. Correcting O/B daily studies

are seen weighing at present and remain the key concern for bears.

SPOT GOLD TECHS: Bears Need Close Below $1277.6

*RES 4: $1307.9 - Bollinger band top 

*RES 3: $1306.0 - High Oct 16 

*RES 2: $1298.3 - Alternating hourly support/resistance 

*RES 1: $1290.8 - Hourly resistance Oct 17

*PRICE: $1280.0 @ 0930GMT

*SUP 1: $1277.6 - Hourly resistance Oct 6 now support 

*SUP 2: $1275.7 - 100-DMA 

*SUP 3: $1270.7 - Hourly support Oct 6 

*SUP 4: $1266.3 - Hourly resistance Oct 6 now support

*COMMENTARY: Bulls have so far failed to gain traction above 21 & 55 ($1286.9 &

1296.6) DMAs with the sell-off continuing to work through support layers. The

$1277.6 support remains key with a close below needed to shift bearish focus

back to $1244.8-1260.5 where the 200-DMA ($1257.7) and bull channel base are

situated. Bulls now need a close above $1298.3 to retain focus on

$1306.0-1320.0.

--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com

[TOPICS: MTABLE]