MNI US Morning FX Technical Analysis

24 November 2017

By Kyle Shortland

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

http://tinyurl.com/jz5y37x

EURO-DOLLAR TECHS: Above $1.1880 To Target 1.2033-92

*RES 4: $1.2092 2017High Sept 8

*RES 3: $1.2033 High Sept 20

*RES 2: $1.2004 High Sept 22

*RES 1: $1.1880 High Oct 12

*PRICE: $1.1868 @ 1030GMT

*SUP 1: $1.1837 Hourly support Nov 24 

*SUP 2: $1.1813 Hourly support Nov 23 

*SUP 3: $1.1800 Hourly resistance Nov 22 now support 

*SUP 4: $1.1772 Hourly support Nov 22

*COMMENTARY: Bulls take comfort in support emerging ahead of the key 21-DMA

($1.1699) with closes above the 55-DMA ($1.1777) adding support to the case for

a test of the key $1.1880 resistance. Bulls need a close above $1.1880 to shift

focus to $1.2033. Support layers are building with bears needing a close below

$1.1772 to ease immediate bullish pressure. Below the 21-DMA remains needed to

target $1.1554.

CABLE TECHS: Bulls Need Close Above $1.3343

*RES 4: $1.3514 High Sept 26 

*RES 3: $1.3470 LT Weekly Bear channel top 

*RES 2: $1.3461 High Sept 27 now support 

*RES 1: $1.3343 Low Sept 28 now resistance

*PRICE: $1.3326 @ 1030GMT

*SUP 1: $1.3277 Hourly support Nov 22a 

*SUP 2: $1.3259 55-DMA 

*SUP 3: $1.3208 Low Nov 21 

*SUP 4: $1.3170 Low Nov 17

*COMMENTARY: The $1.3343 resistance confirmed significance having capped the

recovery so far from the lower end of the broad $1.3024-1.3343 range that has

defined since early Oct. Bears look for a close below the 55-DMA to ease bullish

pressure and shift immediate focus back to $1.3136-1.3208 where 21 & 100-DMAs

are situated. Bulls need a close above $1.3343 to end sideways trading and shift

immediate focus to $1.3461-70.

DOLLAR-YEN TECHS: Bulls Need Close Above 200-DMA

*RES 4: Y112.18 Hourly resistance Nov 22 

*RES 3: Y111.87 Low Nov 20 now resistance 

*RES 2: Y111.72 200-DMA 

*RES 1: Y111.66 100-DMA

*PRICE: Y111.45 @ 1030GMT

*SUP 1: Y110.87 Low Sept 18 

*SUP 2: Y110.31 100-WMA 

*SUP 3: Y109.52 Low Sept 15 

*SUP 4: Y108.47 High Sept 8 now support

*COMMENTARY: Remaining capped at Y112.72 recently left the pair looking heavy

with bears gaining confidence in consolidation below 100 (Y111.66) & 200

(Y111.72) DMAs that sees immediate focus on Y110.31-87 where the 100-WMA is

located. A close below Y110.87 hints at a move back to Y107.31 with below the

100-WMA confirming. Bulls need a close above the 200-DMA to ease bearish

pressure and above Y112.72 to shift focus to Y113.11-33.

EURO-YEN TECHS: 55-DMA & Y131.17 Levels Remain Key

*RES 4: Y133.88 High Nov 14

*RES 3: Y133.66 Hourly support Oct 24

*RES 2: Y133.18 High Nov 17

*RES 1: Y132.57 55-DMA

*PRICE: Y132.33 @ 0530GMT

*SUP 1: Y131.93 Hourly support Nov 24 

*SUP 2: Y131.64 Hourly support Nov 23 

*SUP 3: Y131.36 100-DMA 

*SUP 4: Y131.17 Hourly support Nov 20

*COMMENTARY: Despite looking heavy recently bears failed to take out the

100-DMA. Bears look for a close below Y131.17 to confirm a break of the 100-DMA

and hint at a move back to Y127.42 with below Y130.59 to add weight to their

case. The Bollinger base is noted at Y131.28 and is the key concern. Bulls look

for a close above the 55-DMA to shift focus back to Y133.88-134.50. While the

55-DMA caps bears retain focus on the 100-DMA.

EURO-STERLING TECHS: Bulls Need Close Above Channel Top

*RES 4: Gbp0.9022 High Oct 20 

*RES 3: Gbp0.8975 Daily Bear channel top, Bollinger top 

*RES 2: Gbp0.8968 High Now 16 

*RES 1: Gbp0.8953 100-DMA

*PRICE: Gbp0.8908 @ 1030GMT

*SUP 1: Gbp0.8892 Hourly support Nov 23 

*SUP 2: Gbp0.8854 Low Nov 22 

*SUP 3: Gbp0.8837 Low Nov 13 

*SUP 4: Gbp0.8789 Low Nov 7

*COMMENTARY: Bulls take comfort in the sequence of higher daily highs and lows

with focus having returned to the Gbp0.8953-75 region where the bear channel

top, Bollinger top and 100-DMA are situated. Bulls need a close above Gbp0.8975

to ease bearish pressure and shift initial focus to Gbp0.9022-48. Initial

support is noted at Gbp0.8892 with a close below to ease immediate bullish

pressure and below Gbp0.8837 to return pressure to Gbp0.8718-89.

DOLLAR-CANADA TECHS: Bulls Need Close Above 21-DMA

*RES 4: C$1.2879 - Bollinger band top

*RES 3: C$1.2836 - High Nov 21

*RES 2: C$1.2821 - Daily Bear channel top

*RES 1: C$1.2767 - 21-DMA

*PRICE: C$1.2740 @ 1030GMT

*SUP 1: C$1.2661 - Low Oct 25 

*SUP 2: C$1.2655 - Bollinger band base 

*SUP 3: C$1.2612 - Daily Bear channel base 

*SUP 4: C$1.2594 - High Oct 6 now support

*COMMENTARY: Consolidation below the 21-DMA provides bears with confidence but a

close below C$1.2662 is needed to confirm focus on layers of support

C$1.2533-1.2612 where the 55 & 100-DMAs and daily bear channel base are located.

The 21-DMA remains initial resistance with bulls needing a close above to ease

bearish pressure and above C$1.2836 to shift immediate focus to C$1.2914 and

overall focus to the 200-DMA (C$1.2978).

SPOT GOLD TECHS: Bulls Need Close Above $1297.0

*RES 4: $1320.0 - High Sept 18 

*RES 3: $1313.6 - High Sept 26 

*RES 2: $1306.0 - High Oct 16 

*RES 1: $1297.0 - Hourly Nov 17

*PRICE: $1290.4 @ 1030GMT

*SUP 1: $1286.6 - Hourly support Nov 22 

*SUP 2: $1279.0 - Low Nov 22 

*SUP 3: $1274.9 - Low Nov 20 

*SUP 4: $1269.9 - Low Nov 14

*COMMENTARY: Bulls took comfort in the bounce from $1274.9 returning pressure to

$1297.0. Bulls continue to look for a close above $1297.0 to confirm a break of

the 55-DMA ($1287.9) and confirm focus on $1306.0-1320.0. Bears need a close

below $1286.6 to ease pressure on $1297.0 and below $1274.9 to shift pressure

back to $1259.8-1265.7 where the bull channel base and 200-DMA are noted.

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

[TOPICS: MTABLE]