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: Back Under Pressure As Decline Continues, $1.1773

Important

*RES 4: $1.1961/66 Nov 27 high, 76.4% Fibo of $1.2093-$1.1554

*RES 3: $1.1900/10 Hourly congestion Nov 27, 28, 30 Dec 1

*RES 2: $1.1877/83 Dec 5, Nov 29 highs

*RES 1: $1.1848/58 Hourly resistance

*PRICE: $1.1821 @0905GMT 

*SUP 1: $1.1788/99 Hourly support

*SUP 2: $1.1773 Initial recovery high Nov 22, 76.4% Fibo

*SUP 3: $1.1746 1% volatility band

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

*COMMENTARY* $1.1809 support came back under assault late on Tuesday, can allow

an overshoot to $1.1799-$1.1788 but a loss of $1.1773 would concern and suggest

a deeper correction underway, with $1.1746-$1.1728 the next region of support

ahead of the Nov 21 low at $1.1713. As a result, resistance falls to

$1.1848-$1.1858 and then the $1.1877-$1.1883 region   but currently likely

needing a move back above the now pivotal $1.1900-$1.1910 for impact.

CABLE TECHS: $1.3461-$1.3483 Resistance Currently Keeps Focus On Lower

*RES 4: $1.3550/65 Dec 1 high, projection target from $1.3062

*RES 3: $1.3505/10 Hourly congestion area Nov 30-Dec 4

*RES 2: $1.3483 Hourly high Dec 4

*RES 1: $1.3461/62 Recovery high and initial low Dec 5 

*PRICE: $1.3388 @0915GMT

*SUP 1: $1.3370/74 Dec 5 low, hourly support

*SUP 2: $1.3338/45 Oct 13 high, 1.618 swing $1.3419-$1.3539

*SUP 3: $1.3314 1.618 swing of $1.3370-$1.3461

*SUP 4: $1.3299 76.4% Fibo of $1.3221-$1.3550

*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 $1.3370-$1.3374 support. Below here and the $1.3345-$1.3314 area

becomes the next focus, as we continue to correct gains from the Nov 28 low at

$1.3221. In the meantime, initial resistance remains from between

$1.3461-$1.3483, with $1.3505-$1.3510 currently of more consequence higher. 

DOLLAR-YEN TECHS: Slipping Lower, Y111.95-Y111.73 Support

*RES 4: Y113.25/33 61.8% of Y114.74-Y110.84, Nov 16 high

*RES 3: Y113.09/15 Dec 4 high, 1% volatility band

*RES 2: Y112.87 Dec 5 high

*RES 1: Y112.55/65 Hourly resistance

*PRICE: Y112.15 @0930GMT

*SUP 1: Y111.95 Hourly support

*SUP 2: Y111.73/81 Nov 30 low, hourly base Dec 1

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

*SUP 4: Y110.84 Nov 27 low

*COMMENTARY* Continues to slip after finding a cap at Y113.09 on Monday, in line

with a test to the upper 1% volatility band. Some initial support seen from

Y111.95 but the slightly lower Y111.81-Y111.73 area is currently considered of

more importance to near term direction. While above, look to Y112.55-Y112.65 for

resistance, Tuesday's Y112.87 high then the bar to fresh upside potential. Below

Y111.73 and Y111.40-Y111.38 comes back into consideration.

EURO-YEN TECHS: Falling Back Within The Well Worn Range

*RES 4: Y134.05 Dec 4 high

*RES 3: Y133.75 Dec 5 high

*RES 2: Y133.50 Hourly high Dec 5

*RES 1: Y133.22/27 Hourly highs Dec 5, Dec 4 low

*PRICE: Y132.59 @0955GMT

*SUP 1: Y132.35/39 Hourly support, initial rally high Nov 29

*SUP 2: Y131.97/99 76.4% of Y131.23-Y134.48, Nov 29 low

*SUP 3: Y131.60 1% volatility band

*SUP 4: Y131.23 Nov 23 low

*COMMENTARY* After reaching a high of Y134.38 last Friday, just shy of

Y134.41-Y134.50 resistance, has once again slipped back within the recent range,

above Y131.23-Y130.99 support. With today's latest slide below Y132.92, this

sees Y132.39-Y132.35 as protecting against a deeper Y131.99-Y131.97 fall, before

the lower 1% volatility band catches the eye at Y131.60. Consequently resistance

also falls, Y133.22-Y132.27, with Y133.50-Y133.75 higher.

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

*RES 4: Stg0.8930 Congestion area Nov 27-28

*RES 3: Stg0.8900 Hourly low Nov 28, now resistance

*RES 2: Stg0.8868/80 Dec 5 high, hourly recovery high Nov 28

*RES 1: Stg0.8847 Hourly resistance

*PRICE: Stg0.8835 @1003GMT

*SUP 1: Stg0.8780/90 Dec 5 low, 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, overcame

Stg0.8861 resistance but still has Stg0.8868-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 Held By Lower 1% Volatility Band

*RES 4: $1.2837 Nov 21 high

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

*RES 2: $1.2768 Hourly recovery high Dec 1

*RES 1: $1.2717/27 Hourly resistance, hourly high Dec 4

*PRICE: $1.2677 @1008GMT

*SUP 1: $1.2645/55 Hourly support

*SUP 2: $1.2624/25 Dec 5 low, 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* Continued to fall again on Tuesday, losing support from

$1.2666-$1.2652 in the process. So far the decline has been arrested by the

lower 1% volatility band, at $1.2625 by time today. As a result has become

oversold in the near term but will require a move back above $1.2717-$1.2727

before the impetus for a higher correction of losses from last week's $1.2909

high will be forthcoming. In the interim, $1.2655-$1.2645 becomes support.

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

*RES 4: $1292.5 Hourly base Nov 27, now resistance

*RES 3: $1289.3 Dec 1 high

*RES 2: $1283.0 Hourly resistance, hourly high Dec 4

*RES 1: $1277.6 Hourly resistance

*PRICE: $1268.2 @1010GMT

*SUP 1: $1262.3 2017 bull channel support line

*SUP 2: $1260.7 Oct 2 low

*SUP 3: $1240.9 76.4% Fibo of $1204.8-$1357.7

*SUP 4: $1232.6 1.618 swing of $1260.7-$1306.1

*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, Tuesday losing support from $1269.9 and exposing 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 $1277.6-$1283.0.

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

[TOPICS: MTABLE]