MNI BRIEF: Economy To Drive Future Rate Hike Path - BOJ's Ueda

MNI BRIEF: BOJ Tweaks Economic Assessment, Notes Some Weakness

MNI BRIEF: RBA Holds, Drops Future Cash Rate Hike Language

MNI: PBOC Drains Net CNY5 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0985 Tues; -4.47% Y/Y

CHINA PBOC INJECTS CNY5 BILLION VIA 7-DAY REVERSE REPOS TUES

UK Timeline of Key Events (All Times in GMT)

Eurozone Timeline of Key Events (Times GMT)

Indonesian Sovereign Debt Steady, BI Rate Decision Wednesday

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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: $1.1644-$1.1680 The Bar To Any Further Recovery Hopes
*RES 4: $1.1753 Oct 25 low, now resistance
*RES 3: $1.1725/30 Oct 23, Oct 18 lows, now resistance
*RES 2: $1.1675/80 Hourly highs Oct 26
*RES 1: $1.1644 Oct 27 high
*PRICE: $1.1633 @0945GMT 
*SUP 1: $1.1574 Oct 27 low
*SUP 2: $1.1531 5 week bear channel base projection
*SUP 3: $1.1506 1.618 swing of $1.1649-$1.1880, 2% vol band
*SUP 4: $1.1446 Jun 29 high, now support
*COMMENTARY* In the slightly bigger picture, the failure to regain the head and
shoulders neckline, at $1.1903 by time today, over the last month, has finally
conspired to send us lower. The loss of the Oct 6 low at $1.1649 and also the
1.618 projection target at $1.1615, now sees Friday's $1.1574 low as protection
against a fall into the lower $1.15's. As a result, resistance also falls,
$1.1644-$1.1680 initially, then from the recent $1.1725-$1.1730 lows.
CABLE TECHS: $1.3179 Break Needed To Continue The Recovery
*RES 4: $1.3280 Oct 26 high
*RES 3: $1.3236 Hourly high Oct 26
*RES 2: $1.3200 Hourly recovery high Oct 26
*RES 1: $1.3179 Hourly base Oct 26, now resistance
*PRICE: $1.3163 @0955GMT
*SUP 1: $1.3095/05 Hourly support
*SUP 2: $1.3070 Oct 27 low
*SUP 3: $1.3046 1% volatility band
*SUP 4: $1.3027 Oct 6 low
*COMMENTARY* Found support from $1.3070 on Friday, just above the lower 1%
volatility band, which has moved lower to $1.3046, by time today. Had become
oversold in the near term and now correcting the most recent losses from the Oct
26 high at $1.3280. In this respect, $1.3179 presents the initial barrier to the
recovery, $1.3200-$1.3236 on any break higher. Support also rises,
$1.3105-$1.3095 now the protection against a return lower.
DOLLAR-YEN TECHS: Y113.50 Currently Protects Key Y113.34-Y113.24 Support
*RES 4: Y114.81 1.618 swing of Y114.25-Y113.34
*RES 3: Y114.66 1.618 swing of Y113.51-Y111.65
*RES 2: Y114.45/55 Oct 27 high, 1% volatility band
*RES 1: Y114.10/20 Hourly resistance
*PRICE: Y113.60 @1005GMT
*SUP 1: Y113.50/55 Hourly support
*SUP 2: Y113.24/34 Oct 23, Oct 26 lows
*SUP 3: Y113.07 Hourly basing area Oct 20
*SUP 4: Y112.70 Initial recovery high Oct 19, now support
*COMMENTARY* The break above Y114.33 on Friday, yielded a brief spike to the
upper 1% volatility band, at Y114.45 at the time, before once again retreating
into the recent range. Still looking to support from around Y113.50-55 to hold,
if we are to regroup for another upside foray. Above Y114.45 and there are still
several resistances between Y114.55-Y114.81 to negotiate next. Below Y113.50
will put key Y113.34-Y113.24 under pressure.
EURO-YEN TECHS: Finds Near Term Support Within The Y131.85-Y131.66 Zone
*RES 4: Y133.46 Hourly highs Oct 26
*RES 3: Y132.96 Oct 27 high
*RES 2: Y132.80 Hourly congestion Oct 26-27
*RES 1: Y132.60/65 Hourly resistance
*PRICE: Y132.17 @1015GMT
*SUP 1: Y131.66/75 Oct 16, Oct 27 lows
*SUP 2: Y131.41 Aug 2 high, now support
*SUP 3: Y131.03/09 38.2% of Y127.56-Y134.50, Sep 7 high
*SUP 4: Y130.48 2% volatility band
*COMMENTARY* Unable to sustain a move above the Y134.41 Fibo level last week and
paying the price for spurning this opportunity. The fall has been compounded
again by the loss of Y132.47-Y132.33 and has subsequently dipped into the next
area of support from between Y131.85-Y131.66. Meanwhile, Y132.60-Y132.96
provides initial resistance and the bar to any further upside corrective
opportunity. Below Y131.66 and Y131.09-Y131.03 is the next support of note.
EURO-STERLING TECHS: Lower 1% Volatility Band Protects Key Stg0.8813 Fibo Level
*RES 4: Stg0.8925 Series highs Oct 23, Oct 25
*RES 3: Stg0.8902 Oct 27 high
*RES 2: Stg0.8880/86 Oct 25, Oct 23 lows, now resistance
*RES 1: Stg0.8856 Oct 16 low, now resistance
*PRICE: Stg0.8841 @1030GMT
*SUP 1: Stg0.8826 Oct 27 low
*SUP 2: Stg0.8813/17 76.4% Stg0.8746-Stg0.9032, 1% vol band
*SUP 3: Stg0.8746 Sep 27 low
*SUP 4: Stg0.8737 1.618x Stg0.9032-Stg0.8856 from Stg0.9022
*COMMENTARY* With rallies having continued to falter within the key near term
Stg0.8970-Stg0.8994 resistance area, at the beginning of last week. We have
gradually seen recent gains eroded, culminating in a test to the lower 1%
volatility band last Friday. This at the time protecting the next level of note
the 76.4% Fibo retrace at Stg0.8813. In the interim, Stg0.8856 provides initial
resistance, Stg0.8880-Stg0.8886 above.
     DOLLAR-CANADA TECHS: $1.2807-$1.2781 Provides Key Near Term Support
*RES 4: $1.3015/16 Jul 5, Jul 3 highs
*RES 3: $1.2969 Jan 31 low, now resistance
*RES 2: $1.2917/27 Oct 27 high, 50% Fibo of $1.3794-$1.2061
*RES 1: $1.2880/90 Hourly resistance
*PRICE: $1.2827 @1040GMT
*SUP 1: $1.2807 23.6% Fibo of $1.2451-$1.2917
*SUP 2: $1.2781 Oct 26 low
*SUP 3: $1.2739 38.2% Fibo of $1.2451-$1.2917
*SUP 4: $1.2684 50% Fibo of $1.2451-$1.2917
*COMMENTARY* Friday saw a brief spike above the upper 2% volatility band, at
$1.2923 by time today, as the upside moved to chase down the 50% Fibo retrace
level at $1.2927. A high of $1.2917 before succumbing to some overbought hourly
conditions. Now looking to $1.2807-$1.2781 support for next clues. While above,
look to $1.2880-90 for resistance now, Loss however will caution and signal that
a deeper correction of gains from the Oct 19 low at $1.2451, is required.
GOLD TECHS: Fall Holding Above Key $1260.7 Support
*RES 4: $1291.5 Oct 18 high
*RES 3: $1286.1 Oct 23 high
*RES 2: $1282.6 Oct 26 high
*RES 1: $1278.2 Hourly resistance
*PRICE: $1271.9 @1045GMT
*SUP 1: $1263.8 Oct 27 low
*SUP 2: $1260.7 Oct 9 low
*SUP 3: $1251.7 Aug 8 low
*SUP 4: $1248.6 2017 bull channel base
*COMMENTARY* The $1271.4 support level gave way last week, resulting in a low of
$1263.8 on Friday, just ahead of the next key level, the Oct 9 low at $1260.7.
As a result, resistance now comes from $1278.2 and then Thursday's $1282.6 high.
Still need back above the latter before the near term outlook can improve. Below
$1260.7 would suggest there is eventual scope for a deeper $1248.6-$1240.9 fall.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
To read the full story
Close
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.

    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        window.dataLayer.push({
    'event' : 'logedout',
    'loggedOut' : 'loggedOut'
  });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        (function appendPosts () {  
    var policyPosts = document.getElementsByClassName('policy-posts-wrapper')[0];
    var policyPostsMenu = document.querySelector('.policy-posts-span');
    policyPostsMenu.append(policyPosts);
    policyPosts.style.display = "block";
  
    var empolicyPosts = document.getElementsByClassName('em-policy-posts-wrapper')[0];
    var empolicyPostsMenu = document.querySelector('.em-policy-posts-span');
    empolicyPostsMenu.append(empolicyPosts);
    empolicyPosts.style.display = "block";

    var dataPosts = document.getElementsByClassName('data-posts-wrapper')[0];
    var dataPostsMenu = document.querySelector('.data-posts-span');
    dataPostsMenu.append(dataPosts);
    dataPosts.style.display = "block";
})();
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll(".my-mni").forEach(function(item){
  item.href="/core/users/email_login/";
  item.innerHTML="Log In";
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll("img").forEach(function (img) {
    img.addEventListener("contextmenu", function (e) {
      return false;
    });
  });
  document
    .querySelector(".site-logo img")
    .addEventListener("contextmenu", function (e) {
      return true;
    });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        
  let posts = document.querySelectorAll(".all-content-wrapper .widget:not(.stream-story-processed)");
  window.check_story_posts(posts, "streamOfPosts");
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        /*
const sidebar = document.querySelector('.left-sidebar-container');
const stickyContent = document.querySelector('.sticky-content');
const siteContent = document.querySelector('.all-posts-stream');
if (sidebar && stickyContent && siteContent) {
  if (siteContent.clientHeight > sidebar.clientHeight) {
    console.log('grater -> ', siteContent.clientHeight + ' > ' + sidebar.clientHeight);
    stickyContent.style.height = (siteContent.clientHeight - sidebar.clientHeight) + 'px';
  }
}
*/
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});