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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: $1.1795 Resistance Bars Way To Greater Recovery
*RES 4: $1.1880 Oct 12 high
*RES 3: $1.1858 Oct 19-Oct 20 highs
*RES 2: $1.1826/27 Hourly low Oct 19, hourly high Oct 20
*RES 1: $1.1793/95 Oct 24 high, hourly resistance
*PRICE: $1.1766 @0823GMT 
*SUP 1: $1.1725/30 Oct 23, Oct 18 lows
*SUP 2: $1.1705 Congestion area Oct 5-6
*SUP 3: $1.1671 1% volatility band
*SUP 4: $1.1649/51 Oct 6 low, 1.618 swing $1.1730-$1.1858
*COMMENTARY* Pressure back on the base of the recent consolidation, a low of
$1.1725 on Monday. The subsequent bounce helps to remove some of the resultant
oversold conditions but requires a move back through $1.1795 before any real
impetus will follow. Below $1.1725 and focus will switch to $1.1705 next, this
the protection to the lower 1% volatility band at $1.1671 and dual support
between $1.1651-$1.1649.
CABLE TECHS: Sustained $1.3165 Break Needed To Increase Correction Hopes
*RES 4: $1.3240/45 Congestion area Oct 16-17
*RES 3: $1.3228/29 Intraday, Oct 19 highs
*RES 2: $1.3204 Intraday hourly recovery high
*RES 1: $1.3165 Hourly resistance
*PRICE: $1.3160 @0840GMT
*SUP 1: $1.3088 Oct 20 low
*SUP 2: $1.3070 1% volatility band
*SUP 3: $1.3027/30 Oct 6 low, Jun 30 high
*SUP 4: $1.3001 1.618 swing of $1.3088-$1.3228
*COMMENTARY* Rallies have been shallow so far this week, currently needing to
sustain a move back above 1.3165, before the chance of a better correction of
losses from the the Oct 19 high at $1.3229. This would allow a higher $1.3204
rise next, back above the latter would once again bring the $1.3228-$1.3229
region back into focus. Beneath the day's $1.3110 low, the Oct 20 low at $1.3088
is the protection to the lower 1% volatility band and perhaps $1.3030-$1.3001.
DOLLAR-YEN TECHS: Support From Above Y113.15 Keeps Immediate Outlook Higher
*RES 4: Y115.21 2% volatility band
*RES 3: Y114.66 1.618 swing of Y113.51-Y111.65
*RES 2: Y114.33 61.8% Fibo of Y118.67-Y107.32
*RES 1: Y114.10 Oct 20 high
*PRICE: Y113.92 @0848GMT
*SUP 1: Y113.40/50 Hourly support
*SUP 2: Y113.15/24 Oct 19 high, Oct 23 low
*SUP 3: Y112.88 Hourly basing area Oct 18
*SUP 4: Y112.55/60 Hourly congestion area Oct 19
*COMMENTARY* Still in consolidation below last Friday's Y114.10 high and the
upper 1% volatility band at the same level today. However, we so far remain
without a test to the next upside obstacle, the 61.8% Fibo retrace level at
Y114.33. This then the key to a higher Y114.66 and perhaps Y115.21 rise. In the
meantime, Y113.50-Y113.40 provides support to the key Y113.15 level. Loss here
would concern now.
EURO-YEN TECHS: Still Eyeing The Chance For A Fresh Y134.41 Challenge
*RES 4: Y135.70 4 month rising resistance line
*RES 3: Y134.77 1.618 swing of Y134.13-Y133.10
*RES 2: Y134.64 1.618 swing of Y133.50-Y131.66
*RES 1: Y134.41 Sep 22 high, 61.8% Fibo of Y149.80-Y109.51
*PRICE: Y134.27 @0903GMT
*SUP 1: Y133.85/95 Hourly support
*SUP 2: Y133.75 Intraday low
*SUP 3: Y133.35 Initial rally high Oct 24, now support
*SUP 4: Y133.10 Hourly basing area Oct 19, Oct 23 low
*COMMENTARY* The Y134.41 Fibo level remains the key to a continued rise, that
said, there is still the Y134.64-Y13.77 area to negotiate, before the upside
becomes free for an eventual challenge to the 4 month rising resistance line at
Y135.70. As a result, support moves higher, the Y133.95-Y133.75 range should now
be able to deal with any setbacks, if the rally is to continue at this stage.
Loss would disappoint now and put pressure back on Y133.35-Y133.10.
EURO-STERLING TECHS: Unable As Yet To Challenge Stg0.8980-Stg0.8994 Resistance
*RES 4: Stg0.9032 Oct 12 high
*RES 3: Stg0.9014/22 1% volatility band, Oct 20 high
*RES 2: Stg0.8994 Hourly high Oct 20
*RES 1: Stg0.8976/80 Oct 24 high, hourly recovery high Oct 20
*PRICE: Stg0.8933 @0911GMT
*SUP 1: Stg0.8820 Hourly support
*SUP 2: Stg0.8908 Initial recovery high Oct 23, now support
*SUP 3: Stg0.8886/97 Oct 23, Oct 18 lows
*SUP 4: Stg0.8855/56 61.8% Stg0.8746-Stg0.9032, Oct 16 low
*COMMENTARY* Still unable as yet to find the strength for a return to the recent
Stg0.9022-Stg0.9032 highs. The recovery faltered at the earlier Stg0.8976 level
on Tuesday, keeping us also below the upper 1% volatility band at Stg0.9014 by
time today. The subsequent setback is likely to find support from between
Stg0.8920-Stg0.8908. The latter should hold now, or near term risk reverts to
the downside and then Stg0.8886-Stg0.8855 protect Stg0.8831.
     DOLLAR-CANADA TECHS: Continues Higher, $1.2703-$1.2723 Next Target Zone
*RES 4: $1.2808 2% volatility band
*RES 3: $1.2779 Aug 15 high
*RES 2: $1.2723 38.2% Fibo of $1.3794-$1.2061
*RES 1: $1.2703 1.618 swing of $1.2600-$1.2433
*PRICE: $1.2690 @0921GMT
*SUP 1: $1.2639 Hourly pullback low Oct 24
*SUP 2: $1.2622 Oct 24 low
*SUP 3: $1.2591 Oct 17 high, now support
*SUP 4: $1.2520 Initial recovery high Oct 20, now support
*COMMENTARY* Continues to creep higher, latterly moving through $1.2685. This
suggests the scope for a look at the swing target at $1.2703 next and
potentially the 38.2% Fibo retrace level at the slightly higher $1.2723. Support
rises in the meantime, $1.2639 and then yesterday's $1.2622 low should now be
able to deal with any setbacks, else we are due a deeper correction of recent
gains from $1.2451. Above $1.2723 and the Aug 15 high at $1.2779 next.
GOLD TECHS: Downside Back Under Pressure Again, $1260.7 Remains Key
*RES 4: $1299.0 Congestion area Oct 13-Oct 16
*RES 3: $1291.5 Oct 18 high
*RES 2: $1286.1 Oct 23 high
*RES 1: $1281.4 Hourly resistance
*PRICE: $1271.8 @0932GMT
*SUP 1: $1271.4 Hourly support
*SUP 2: $1260.7 Oct 9 low
*SUP 3: $1251.7 Aug 8 low
*SUP 4: $1245.9 2017 bull channel base
*COMMENTARY* The $1271.4 support level is coming under pressure, below which
there is some minor support from around $1264.3 to consider next. Loss here will
once again put the key Oct 9 low at $1260.7 back under pressure. As a result,
resistance now comes from $1281.4 and then the Oct 23 high at $1286.1. Need back
above the latter before the near term outlook can improve. Below $1260.7 would
caution and suggest there is eventual scope for a deeper $1245.9-$1240.9 fall.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
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