MNI US Morning FX Technical Analysis

28 December 2017

By Kyle Shortland

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

http://tinyurl.com/jz5y37x

EURO-DOLLAR TECHS: Pressure Remains On Key Resistance

*RES 4: $1.2092 2017 High Sept 8

*RES 3: $1.2033 High Sept 20

*RES 2: $1.1961 High Nov 27

*RES 1: $1.1947 Hourly resistance Dec 28

*PRICE: $1.1932 @ 1030GMT

*SUP 1: $1.1910 High Dec 27 now support 

*SUP 2: $1.1879 Hourly support Dec 27 

*SUP 3: $1.1808 100-DMA 

*SUP 4: $1.1775 Low Dec 19

*COMMENTARY: Bulls still need 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 $1.1879 to ease bullish pressure and 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 ($1.1488) and Nov low are situated.

     CABLE TECHS: Gaining Traction Above 21-DMA

*RES 4: $1.3549 High Nov 30 

*RES 3: $1.3519 High Dec 8 

*RES 2: $1.3506 Bollinger band top 

*RES 1: $1.3462 High Dec 14

*PRICE: $1.3453 @ 1030GMT

*SUP 1: $1.3429 High Dec 27 now support 

*SUP 2: $1.3388 Hourly support Dec 27 

*SUP 3: $1.3368 Low Dec 27 

*SUP 4: $1.3329 Low Dec 21

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

gaining traction above the 21-DMA ($1.3404) and looking for a close above to

ease bearish pressure and reconfirm overall focus on $1.3549 Nov highs. Bears

now need a close below $1.3388 to ease immediate bullish pressure and target a

correction back to $1.3284-1.3329 where the 55-DMA ($1.3284) is located.

     DOLLAR-YEN TECHS: Flirting With 55-DMA

*RES 4: Y114.07 High Nov 9 

*RES 3: Y113.74 High Dec 12 

*RES 2: Y113.44 High Dec 22 

*RES 1: Y113.13 Low Dec 26 now resistance

*PRICE: Y112.85 @ 1030GMT

*SUP 1: Y112.66 Hourly support Dec 28 

*SUP 2: Y111.98 Low Dec 6 

*SUP 3: Y111.64 200-DMA 

*SUP 4: Y111.35 Low Nov 29

*COMMENTARY: Bears take comfort in the dip below 21 & 55-DMAs although follow

through has been lacking. Bulls now need a close above Y113.13 to gain breathing

room and hint at a correction back to Y113.74-114.07. Bears look for a close

below the 55-DMA (Y112.94) to confirm a shift lower in focus with bears then

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

need 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: Y134.97 2017 High Dec 27

*PRICE: Y134.66 @ 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: Fresh 2017 & 2+ year highs continue, adding support for a potential

move targeting monthly highs Y139.02-141.05. The Bolli top (Y135.16) 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

Y130.59-132.67 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: Gbp0.8930 100-DMA 

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

*RES 1: Gbp0.8892 High Dec 26

*PRICE: Gbp0.8870 @ 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: Despite trading above the bear channel top (Gbp0.8855) the pair

remains capped ahead of the 100-DMA. Bulls now need a close above the 100-DMA to

add support to their case and confirm initial focus on Gbp0.8981-0.9048. O/B

daily studies remain the key concern for bulls. 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: Focus Shifts To $1306.1-1320.0

*RES 4: $1334.8 - High Sept 13 

*RES 3: $1320.0 - High Sept 18 

*RES 2: $1306.1 - Monthly High Oct 16 

*RES 1: $1299.1 - Monthly High Nov 27

*PRICE: $1292.3 @ 1030GMT

*SUP 1: $1281.5 - Low Dec 27 

*SUP 2: $1275.8 - 55-DMA 

*SUP 3: $1270.1 - 200-DMA 

*SUP 4: $1265.5 - 21-DMA

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

and bear channel top with immediate focus now on $1306.1-1320.0 following the

break of $1289.5. O.B daily studies and the Bollinger top ($1293.9) are concerns

for bulls. Bears now need a close below $1281.5 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]