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: $1.1900-$1.1915 Resistance Keeps Pressure On Downside

*RES 4: $1.2020 Equality rise from $1.1713 to $1.1554-$1.1861

*RES 3: $1.1961/66 Nov 27 high, 76.4% Fibo of $1.2093-$1.1554

*RES 2: $1.1940 Dec 1 high

*RES 1: $1.1900/15 Hourly resistance

*PRICE: $1.1850 @0850GMT 

*SUP 1: $1.1829/36 Dec 4 low, hourly support

*SUP 2: $1.1809 Nov 20 high, Nov 30 low, 61.8% Fibo

*SUP 3: $1.1773 Initial recovery high Nov 22, 76.4% Fibo

*SUP 4: $1.1728 1.618 swing of $1.1809-$1.1940

*COMMENTARY* Found support last Thursday from the Nov 20 high at $1.1809, also a

61.8% retrace of the preceding $1.1713-$1.1961 rise, seen at the end of last

month. The subsequent recovery squeezed back above the near term pivot at

$1.1925 to $1.1940 but without any real conviction. Meanwhile overbought hourly

conditions are being corrected, support from $1.1836-$1.1829 now the protection

to $1.1809 again. Beneath which $1.1773 then becomes important.

CABLE TECHS: Threatening $1.3374 Support As Correction Continues

*RES 4: $1.3505/10 Hourly congestion area Nov 30-Dec 4

*RES 3: $1.3483 Hourly high Dec 4

*RES 2: $1.3462 Initial intraday low, now resistance

*RES 1: $1.3414/19 Dec 4 low, hourly resistance

*PRICE: $1.3389 @0910GMT

*SUP 1: $1.3338/45 Oct 13 high, 1.618 swing $1.3419-$1.3539

*SUP 2: $1.3299 76.4% Fibo of $1.3221-$1.3550

*SUP 3: $1.3259 1% volatility band

*SUP 4: $1.3221 Nov 28 low

*COMMENTARY* After another attempt to move higher on Monday, the rally faltering

at $1.3539, we have seen another fall, this time below $1.3414 and lately

challenging $1.3374 support. Below here and the $1.3345-$1.3338 area becomes the

next focus, as we continue to correct gains from the Nov 28 low at $1.3221. In

the meantime, $1.3414-$1.3419 reverts to resistance, with $1.3462-$1.3483

currently of more consequence higher. 

DOLLAR-YEN TECHS: Pace Of Rally Once Again Hampered By Upper 1% Volatility Band

*RES 4: Y114.19 2% volatility band

*RES 3: Y113.82/91 76.4% of Y114.74-Y110.84, Nov 14 high

*RES 2: Y113.25/33 61.8% of Y114.74-Y110.84, Nov 16 high

*RES 1: Y113.07/09 1% volatility band, Dec 4 high

*PRICE: Y112.51 @0917GMT

*SUP 1: Y112.30/40 Hourly support

*SUP 2: Y111.81 Hourly base Dec 1

*SUP 3: Y111.38/40 Nov 29, Dec 1 lows

*SUP 4: Y110.84 Nov 27 low

*COMMENTARY* A high of Y112.88 seen earlier on Friday, before collapsing

spectacularly and correcting almost by 76.4% the recovery from last week's

Y110.84 low. Then became oversold on the day and the subsequent recovery through

Y112.55 once again switched focus to the topside. The upper 1% volatility band

at Y113.07 by time today, is currently hampering any further upside progress.

Support now Y112.40-Y112.30 with Y111.81 below. Loss would caution.

EURO-YEN TECHS: 1% Volatility Band In Way Of Renewed Upside Challenge

*RES 4: Y134.50 Oct 25 high

*RES 3: Y134.38 Dec 1 high

*RES 2: Y134.07/18 Dec 4 high, 1% volatility band

*RES 1: Y133.75/85 Intraday high, hourly resistance

*PRICE: Y133.33 @0932GMT

*SUP 1: Y133.20 Hourly support

*SUP 2: Y132.92 Dec 1 low

*SUP 3: Y132.65 Nov 30 low

*SUP 4: Y132.39 Initial rally high Nov 29, now support

*COMMENTARY* Broke above the most recent range top at Y133.89 on Friday and then

made a beeline straight towards the Oct 25 high and major range top at 134.50. A

high of Y134.38, before submitting to some heavily overbought hourly conditions

and a Y132.92 setback. Will need to regain levels back above Y134.18, the upper

1% volatility band, before once again being in a position to challenge Y134.50.

Support meanwhile rises to Y133.20 and then that Y132.92 again.

EURO-STERLING TECHS: Rallies After Test To The Swing Target At Stg0.8756

*RES 4: Stg0.8950 1% volatility band

*RES 3: Stg0.8930 Congestion area Nov 27-28

*RES 2: Stg0.8900 Hourly low Nov 28, now resistance

*RES 1: Stg0.8870/80 Hourly res, hourly recovery high Nov 28

*PRICE: Stg0.8841 @0951GMT

*SUP 1: Stg0.8780/90 Hourly support

*SUP 2: Stg0.8756 1.618 swing Stg0.8842-Stg0.8981, Dec 4 low

*SUP 3: Stg0.8745 Equality from 0.8880 to 0.8982-0.0.8847

*SUP 4: Stg0.8733 Nov 1 low

*COMMENTARY* Found a base on Monday at the swing target at Stg0.8756, this in

the midst of some congested support levels from between Stg0.8776 and Stg0.8733,

the Nov 1 low. The resultant rally aided by some oversold conditions, has

overcome Stg0.8847-Stg0.8861 resistance, now leaving Stg0.8870-Stg0.8880 as the

brake to a better Stg0.8900-Stg0.8930 recovery, as we claw back losses from the

Nov 28 high at Stg0.8982. Nearest support Stg0.8790-Stg0.8780.

     DOLLAR-CANADA TECHS: Decline Sees Congested Support Above $1.2600

*RES 4: $1.2837 Nov 21 high

*RES 3: $1.2804 Hourly low Nov 29, now resistance

*RES 2: $1.2750 Hourly resistance

*RES 1: $1.2727 Hourly recovery high Dec 4

*PRICE: $1.2664 @1007GMT

*SUP 1: $1.2652 Intraday low

*SUP 2: $1.2625 1% volatility band

*SUP 3: $1.2614/18 Oct 23 low, 61.8% of $1.2433-$1.2917

*SUP 4: $1.2600 Oct 6 high, now support

*COMMENTARY* The congested $1.2909-$1.2938 area proved a bridge too far for the

recovery last week. The first sign of weakness was the slip back below $1.2837,

this suggested that we were ready for a correction of gains from at least last

week's $1.2673 low. The further loss of $1.2715 then caused further concerns,

once again exposing the $1.2666 area. Sustained loss here would switch focus

back on $1.2600-$1.2547. Back above $1.2727-50 needed to provide some relief.

GOLD TECHS: Overall Focus Returns To Key Support Between $1262.3-$1260.7

*RES 4: $1299.3 Nov 27 high

*RES 3: $1292.5 Hourly base Nov 27, now resistance

*RES 2: $1289.3 Dec 1 high

*RES 1: $1285.0 Hourly resistance

*PRICE: $1275.8 @1023GMT

*SUP 1: $1269.9 Nov 14 low

*SUP 2: $1262.3 2017 bull channel support line

*SUP 3: $1260.7 Oct 2 low

*SUP 4: $1240.9 76.4% Fibo of $1204.8-$1357.7

*COMMENTARY* Unable to make a break through the top of the recent range, being

capped by $1299.3-$1299.7 resistance. The subsequent fall back within the range

has been swift, leaving $1269.9 as the protection to the 2017 bull channel base

at $1262.3 and the Oct 2 low at $1260.7. Have to hold the latter or overall bias

will swing back to the downside and further corrections of gains initially from

$1204.8 and potentially from $1122.6. Resistance $1285.0-$1292.5.

--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com

[TOPICS: MTABLE]