MNI US Morning FX Technical Analysis

27 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: $1.1915 Daily Bear channel top

*RES 1: $1.1901 High Dec 20

*PRICE: $1.1889 @ 1030GMT

*SUP 1: $1.1807 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

($1.1482) and Nov low are situated.

CABLE TECHS: Bullish Confidence Growing

*RES 4: $1.3549 High Nov 30 

*RES 3: $1.3519 High Dec 8 

*RES 2: $1.3462 High Dec 14 

*RES 1: $1.3418 High Dec 18

*PRICE: $1.3407 @ 1030GMT

*SUP 1: $1.3368 Hourly support Dec 27 

*SUP 2: $1.3329 Low Dec 21 

*SUP 3: $1.3300 Low Dec 15 

*SUP 4: $1.3280 55-DMA

*COMMENTARY: The recovery from around $1.3300 has received a boost with the pair

flirting with the 21-DMA ($1.3402) and looking for a close above to ease bearish

pressure and shift initial focus to $1.3462 and overall focus back to $1.3549.

Bears need a close below $1.3300 to pressure $1.3207-80 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: 55-DMA Remains Key Support

*RES 4: Y114.61 LT TL off 2015 High 

*RES 3: Y114.07 High Nov 9 

*RES 2: Y113.74 High Dec 12 

*RES 1: Y113.44 High Dec 22

*PRICE: Y113.21 @ 1030GMT

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

*SUP 2: Y112.92 55-DMA 

*SUP 3: Y112.86 21-DMA 

*SUP 4: Y111.98 Low Dec 6

*COMMENTARY: Follow through was lacking on dips last week 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: Y139.02 Monthly High Aug 2015

*RES 3: Y136.40 High Oct 21 2015

*RES 2: Y135.84 Low Oct 21 2015 now resistance

*RES 1: Y134.88 2017 High Dec 21

*PRICE: Y134.60 @ 1030GMT

*SUP 1: Y134.28 Hourly support Dec 27 

*SUP 2: Y133.88 Hourly support Dec 20 

*SUP 3: Y133.60 Hourly support Dec 19 

*SUP 4: Y133.11 Alternating hourly support/resistance

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

targeting monthly highs Y139.02-141.05. The Bolli top (Y135.01) is the key

concern for bulls. Layers of support followed the pair higher with bears needing

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

Y130.59-132.61 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: Gbp0.8932 100-DMA 

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

*RES 1: Gbp0.8892 High Dec 26

*PRICE: Gbp0.8865 @ 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 (Gbp0.8855) 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: Closes 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: $1286.6 - 100-DMA

*PRICE: $1285.1 @ 1030GMT

*SUP 1: $1272.8 - Hourly support Dec 26 

*SUP 2: $1265.5 - 21-DMA 

*SUP 3: $1259.2 - Low Dec 19 

*SUP 4: $1256.5 - Hourly support Dec 18

*COMMENTARY: The recovery from Dec lows has resulted in closes above the 55-DMA

($1275.8) and bear channel top ($1276.7) with immediate focus on $1289.5 today.

Bulls look for a close above this level to hint at a move back to the

$1306.0-1320.0 region. Daily studies have a little room to move before O/B

becomes an issue. Bears now need a close below $1272.8 to ease bullish pressure

and below $1259.2 to shift focus back to $1235.9.

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

[TOPICS: MTABLE]