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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: Recovery Still Requires $1.1835-$1.1845 Break
*RES 4: $1.1940 Dec 1 high, 1.618 swing $1.1863-$1.1738 
*RES 3: $1.1903 76.4% Fibo of $1.1961-$1.1717, 1% vol band
*RES 2: $1.1863/68 Dec 14 high, 61.8% Fibo of $1.1961-$1.1717
*RES 1: $1.1835/45 Hourly congestion area Dec 14
*PRICE: $1.1810 @0830GMT 
*SUP 1: $1.1760/70 Hourly support
*SUP 2: $1.1738 Dec 15 low
*SUP 3: $1.1709/13 61.8% of $1.1554-$1.1961, Nov 21 low
*SUP 4: $1.1694 1.618x 1.1961-$1.1809 from $1.1940
*COMMENTARY* A deeper setback than anticipated on Friday, the loss of $1.1763
seeing a further dip to $1.1738 before encountering some oversold hourly
conditions. This still leaves the congested $1.1713-$1.1694 support area intact.
The subsequent recovery has risen above $1.1800-$1.1813 but likely requiring a
move back through $1.1835-45, before once again being in a position to challenge
the Dec 14 high and 61.8% Fibo retrace level at $1.1863-68 and perhaps higher.
CABLE TECHS: Rally Halted By $1.3420-$1.3430 Resistance
*RES 4: $1.3520 1% volatility band
*RES 3: $1.3492 76.4% Fibo of $1.3550-$1.3303
*RES 2: $1.3460/70 Pivotal highs/lows early December
*RES 1: $1.3420/30 Hourly congestion Dec 14-15
*PRICE: $1.3392 @0838GMT
*SUP 1: $1.3335/45 Hourly support
*SUP 2: $1.3298/03 76.4% of $1.3221-$1.3549, Dec 15 low
*SUP 3: $1.3252 1% volatility band
*SUP 4: $1.3221/27 Nov 28 low, 61.8% of $1.3027-$1.3550, 
*COMMENTARY* The $1.3303-$1.3298 area once again came to the rescue on Friday.
The sharp decline from last week's $1.3467 high was arrested at $1.3302, before
finding some respite on the back of some near term oversold conditions. The
subsequent rally through $1.3380-90, now faces resistance from $1.3420-30. Will
ultimately need back through here to renew upside potential and stave off
further downside probing. In the interim, support moves to $1.3345-$1.3335.
DOLLAR-YEN TECHS: Y111.99-Y111.95 Support Again Holds Off Pressure
*RES 4: Y113.75/82 Dec 12 high, 76.4% of Y114.74-Y110.84
*RES 3: Y113.37 Dec 12 low, now resistance
*RES 2: Y113.09/13 Hourly congestion Dec 13
*RES 1: Y112.84/89 Dec 18, Dec 14 highs
*PRICE: Y112.59 @0842GMT
*SUP 1: Y112.20/25 Hourly support
*SUP 2: Y111.95/99 61.8% Fibo of Y110.84-Y113.75, Dec 6 low
*SUP 3: Y111.79/85 1% volatility band, 4 month support line
*SUP 4: Y111.53 76.4% Fibo of Y110.84-Y113.75
*COMMENTARY* Unable to make an impression on the 76.4% Fibo retrace level at
Y113.82 last week. Tuesday's rally pulling up shy at Y113.75. The subsequent
fall and break below Y113.13-Y113.09, began a correction, which with the further
loss of Y112.46-Y112.38, once again put the spotlight on Y111.99-Y111.95
support. This currently protecting against a further Y111.85-Y111.53 fall. In
the interim, resistance from Y112.89-Y113.37 bars the way to a recovery.
EURO-YEN TECHS: Y133.13-Y133.35 Still In The Way Of Further Gains
*RES 4: Y134.38 Dec 1 high, 1% volatility band
*RES 3: Y133.76/89 Dec 14, Dec 11 highs
*RES 2: Y133.35 Hourly congestive highs Dec 12-14
*RES 1: Y133.13 Initial low Dec 14, now resistance
*PRICE: Y132.98 @0851GMT
*SUP 1: Y132.55 Dec 18 low
*SUP 2: Y132.25/30 Congestion area Dec 14-15
*SUP 3: Y132.05 Dec 15 low
*SUP 4: Y131.77 Equality fall from Y133.89 to Y134.38-Y132.26
*COMMENTARY* The failure to deal with pivotal Fibo resistance at Y133.88 last
week, was the catalyst for the swift move back down the recent range. This sees
Y132.05-Y131.77 as protecting against further losses towards Y131.25-Y131.17.
The latter the base of the Y134.50-Y131.17 range that has been in effect since
mid September this year. In the interim, the move back above Y132.85 helps but
still faces resistance from Y133.13-Y133.35, ahead of Y133.76-Y133.89 again.
EURO-STERLING TECHS: Stg0.8868-Stg0.8885 Presents Next Barrier To Recovery
*RES 4: Stg0.8915 Hourly base Nov 28, now resistance
*RES 3: Stg0.8900 1.618 swing of Stg0.8846-Stg0.8761
*RES 2: Stg0.8880/85 Hourly high Nov 28, 1% volatility band
*RES 1: Stg0.8868 Dec 5 high 
*PRICE: Stg0.8823 @0855GMT
*SUP 1: Stg0.8785/95 Hourly support
*SUP 2: Stg0.8761 Dec 14 low
*SUP 3: Stg0.8725 Initial high Dec 8, now support
*SUP 4: Stg0.8687/89 1.618 swing 0.8756-0.8868, Dec 8 low
*COMMENTARY* Found the strength for a move through Stg0.8850-54 on Friday but
for the time being the rally has stalled below the base of the next
Stg0.8868-Stg0.8885 resistance area. Will now need to see a move through here,
if the correction of losses from the late November high at Stg0.8982 is to
continue, with Stg0.8900-Stg0.8915 then of interest higher. Support from
Stg0.8795-Stg0.8785, last Thursday's Stg0.8761 low now important below.
     DOLLAR-CANADA TECHS: Recovery Once Again Faces $1.2893-$1.2917 Resistance
*RES 4: $1.2969/73 Jan 31 low, 1% volatility band
*RES 3: $1.2927 50% Fibo of $1.3794-$1.2061
*RES 2: $1.2909/17 Nov 30, Oct 27 highs
*RES 1: $1.2893/95 Dec 12, Dec 15 highs
*PRICE: $1.2857 @0910GMT
*SUP 1: $1.2843 Dec 18 low
*SUP 2: $1.2816 Initial recovery high Dec 14, now support
*SUP 3: $1.2786 Hourly high Dec 15, now support
*SUP 4: $1.2739 Dec 15 low
*COMMENTARY* Found support from $1.2714 last week. This and the $1.2687-$1.2665
area present important support now. In the interim, the subsequent rally on
Friday through firstly $1.2816 and then $1.2855, has once again brought us
toward $1.2893-$1.2917, an area that has capped rallies since late October.
These and the 50% Fibo retrace at $1.2927 are the bar to a higher
$1.2958-$1.3004 rise. Meanwhile, $1.2843 protects against any corrective action.
GOLD TECHS: Broken 2017 Bull Channel Base Now Features As Resistance
*RES 4: $1284.5 76.4% Fibo of $1299.3-$1236.6
*RES 3: $1275.3 61.8% Fibo of $1299.3-$1236.6
*RES 2: $1270.4 Nov 30 low, now resistance
*RES 1: $1267.8 Underside broken 2017 bull channel
*PRICE: $1263.8 @0915GMT
*SUP 1: $1247.6 Hourly support
*SUP 2: $1236.6 Dec 12 low
*SUP 3: $1232.6 1.618 swing of $1260.7-$1306.1
*SUP 4: $1230.9 1.618x $1306.1-$1263.8 from $1299.3
*COMMENTARY* A low of $1236.6 last Tuesday, above the next targeted support area
from between $1232.6-$1230.9. The subsequent bounce, aided by some heavily
oversold conditions as a result of this month's decline from $1299.3 and with
the break above $1260.7, now faces resistance from the base of the broken 2017
bull channel at $1267.8. Will need back above here, before any real upside
interest will appear. Nearest support in the meantime, rises to $1247.6.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
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