MNI US Morning FX Technical Analysis

26 December 2017

By Kyle Shortland

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

http://tinyurl.com/jz5y37x

EURO-DOLLAR TECHS: Bears Need Close Below 100-DMA

*RES 4: $1.1961 High Nov 27

*RES 3: $1.1940 High Dec 1

*RES 2: $1.1918 Daily Bear channel top

*RES 1: $1.1901 High Dec 20

*PRICE: $1.1860 @ 1030GMT

*SUP 1: $1.1805 Hourly support Dec 19, 100-DMA 

*SUP 2: $1.1775 Low Dec 19 

*SUP 3: $1.1713 Low Nov 21 

*SUP 4: $1.1690 High Nov 3 now support

*COMMENTARY: Hesitation ahead of the $1.1901-61 resistance region is less than

ideal for bulls who look for a close above $1.1961 to confirm focus on tests of

2017 highs. Bulls take comfort in support emerging on dips with bears needing a

close below the 100-DMA to confirm pressure back on $1.1690. A close below

$1.1690 remains needed to shift focus to $1.1472-1.1552 where the 200-DMA and

Nov low are situated.

     CABLE TECHS: Bulls Need Close Above 21-DMA

*RES 4: $1.3519 High Dec 8 

*RES 3: $1.3462 High Dec 14 

*RES 2: $1.3418 High Dec 18 

*RES 1: $1.3398 21-DMA

*PRICE: $1.3364 @ 1030GMT

*SUP 1: $1.3329 Low Dec 21 

*SUP 2: $1.3300 Low Dec 15 

*SUP 3: $1.3277 55-DMA 

*SUP 4: $1.3214 100-DMA

*COMMENTARY: The recovery from around $1.3300 is struggling with the pair now

capped by the 21-DMA. Bulls need a close above the 21-DMA to ease pressure on

support layers and return initial focus to $1.3462 with a close above this level

to reconfirm focus on $1.3549. Bears need a close below $1.3300 to pressure

$1.3207-77 where 55 & 100-DMAs and the bull channel base are noted. Below the

100-DMA is needed to shift focus to $1.2992-1.3037.

     DOLLAR-YEN TECHS: Initial Focus On Y113.74-114.07

*RES 4: Y114.72 High Nov 6 

*RES 3: Y114.61 LT TL off 2015 High 

*RES 2: Y114.07 High Nov 9 

*RES 1: Y113.74 High Dec 12

*PRICE: Y113.29 @ 1030GMT

*SUP 1: Y113.08 High Dec 19 now support 

*SUP 2: Y112.90 55-DMA 

*SUP 3: Y112.78 21-DMA 

*SUP 4: Y111.98 Low Dec 6

*COMMENTARY: Follow through has been lacking on dips with closes above the

55-DMA seeing bulls initially focused on Y113.74-114.07. Bulls look for a close

above Y114.72 to target Y115.62 and then Y118.60 2017 highs. Bears still need a

close below the 55-DMA to ease bullish pressure and return focus to

Y110.83-111.98 where monthly lows, 100 & 200-DMAs are noted. Bears look for a

close below Y110.83 to target 2017 lows (Y107.31)

     EURO-YEN TECHS: Y133.88 Support Remains Key

*RES 4: Y136.40 High Oct 21 2015

*RES 3: Y135.84 Low Oct 21 2015 now resistance

*RES 2: Y134.88 2017 High Dec 21

*RES 1: Y134.55 Hourly resistance Dec 26

*PRICE: Y134.36 @ 1030GMT

*SUP 1: Y133.88 Hourly support Dec 20 

*SUP 2: Y133.60 Hourly support Dec 19 

*SUP 3: Y133.11 Alternating hourly support/resistance 

*SUP 4: Y132.56 Daily Bull channel base

*COMMENTARY: Recent fresh 2017 & 2+ year highs opened up for a potential move

targeting monthly highs Y139.02-141.05. The Bolli top (Y134.95) is the key

concern for bulls. Layers of support are following the pair higher with bears

needing a close below Y133.88 to ease bullish pressure and shift focus back to

the key Y130.59-132.56 support region where the 100-DMA and bull channel base

are noted. Immediate bullish focus is on Y135.84-136.40 while Y133.88 supports.

     EURO-STERLING TECHS: Bears Need Close Below Gbp0.8826

*RES 4: Gbp0.8981 High Nov 28 

*RES 3: Gbp0.8934 100-DMA 

*RES 2: Gbp0.8922 Low Nov 27 now resistance 

*RES 1: Gbp0.8890 High Dec 21

*PRICE: Gbp0.8875 @ 1030GMT

*SUP 1: Gbp0.8826 Low Dec 20 

*SUP 2: Gbp0.8780 Hourly support Dec 15 

*SUP 3: Gbp0.8759 Lows Dec 14 & 15 

*SUP 4: Gbp0.8736 Hourly resistance Dec 8 now support

*COMMENTARY: The pops above the bear channel top (Gbp0.8860) have lacked follow

through which is a concern for bulls who are currently focused on Gbp0.8922-81

where the 100-DMA is found. Bulls need a close above Gbp0.8981 to shift initial

focus to Gbp0.9048-0.9107. Layers of support remain with bears continuing to

look for a close below Gbp0.8826 to shift initial focus back to

Gbp0.8690-0.8759.

     SPOT GOLD TECHS: Pops Above Channel Top

*RES 4: $1306.1 - Monthly High Oct 16 

*RES 3: $1299.1 - Monthly High Nov 27 

*RES 2: $1289.5 - Monthly High Dec 1 

*RES 1: $1286.3 - 100-DMA

*PRICE: $1277.8 @ 1030GMT

*SUP 1: $1272.8 - Hourly support Dec 26 

*SUP 2: $1265.7 - 21-DMA 

*SUP 3: $1259.2 - Low Dec 19 

*SUP 4: $1256.5 - Hourly support Dec 18

*COMMENTARY: The recovery from Dec lows now sees the pair flirting with the

55-DMA ($1275.8) and the bear channel top ($1277.8). Bulls now look for a close

above $1289.5 to confirm breaks of the 55-DMA and bear channel top with focus

then shifting to the $1306.1-1320.0 resistance region where monthly highs are

noted. Bears still need a close below the 21-DMA to ease pressure on resistance

layers.

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

[TOPICS: MTABLE]