MNI US Morning FX Technical Analysis

29 December 2017

By Kyle Shortland

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

http://tinyurl.com/jz5y37x

EURO-DOLLAR TECHS: Above $1.1961 Targets 2017 High

*RES 4: $1.2371 Low Dec 11 2014 now resistance

*RES 3: $1.2254 High Dec 25 2014

*RES 2: $1.2092 2017 High Sept 8

*RES 1: $1.2033 High Sept 20

*PRICE: $1.1981 @ 1030GMT

*SUP 1: $1.1961 High Nov 27 now support 

*SUP 2: $1.1910 High Dec 27 now support 

*SUP 3: $1.1879 Hourly support Dec 27 

*SUP 4: $1.1810 100-DMA

*COMMENTARY: Bulls still need a close above $1.1961 to confirm focus on tests of

2017 highs and fresh 2017 highs to target $1.2254. 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

($1.1494) and Nov low are situated.

     CABLE TECHS: Bulls Targeting 2017 High

*RES 4: $1.3656 2017 High Sept 20 

*RES 3: $1.3595 High Sept 22 

*RES 2: $1.3549 High Nov 30 

*RES 1: $1.3519 High Dec 8

*PRICE: $1.3503 @ 1030GMT

*SUP 1: $1.3473 Hourly breakout level Dec 29 

*SUP 2: $1.3429 High Dec 27 now support 

*SUP 3: $1.3388 Hourly support Dec 27 

*SUP 4: $1.3368 Low Dec 27

*COMMENTARY: Bulls now look for a close above $1.3549 to add support to their

case for a move targeting 2017 highs. Since closing above the 21-DMA the pair

has gained support with bears now needing a close below $1.3388 to ease bullish

pressure and target a correction back to $1.3286-1.3329 where the 55-DMA

($1.3286) is located. Daily studies are well placed for gains.

     DOLLAR-YEN TECHS: Bears Focusing On Y110.83-111.98

*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: Y112.56 @ 1030GMT

*SUP 1: Y111.98 Low Dec 6 

*SUP 2: Y111.64 200-DMA 

*SUP 3: Y111.35 Low Nov 29 

*SUP 4: Y110.83 Monthly Low Nov 27

*COMMENTARY: Bears take comfort in consolidation below 21 & 55-DMAs and the bull

channel base. Bulls now need a close above Y113.13 to gain breathing room and

hint at a correction back to Y113.74-114.07. The marginal close below the 55-DMA

(Y112.94) confirmed a shift lower in focus with bears now 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: Y134.98 2017 High Dec 28

*PRICE: Y134.80 @ 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  targeting

monthly highs Y139.02-141.05. The Bolli top (Y135.25) & O/B studies are key

concerns 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 Y132.03-132.72 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: Gbp0.8826 & 100-DMA Key Levels

*RES 4: Gbp0.8981 High Nov 28 

*RES 3: Gbp0.8928 100-DMA 

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

*RES 1: Gbp0.8893 High Dec 28

*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 55-DMA (Gbp0.8862) the pair remains

capped ahead of the 100-DMA. Bulls still 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 looking to correct 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: Bulls Focused On $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: $1296.9 @ 1030GMT

*SUP 1: $1286.8 - 100-DMA 

*SUP 2: $1281.5 - Low Dec 27 

*SUP 3: $1275.4 - 55-DMA 

*SUP 4: $1270.5 - 200-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 ($1297.8) are concerns

for bulls. Bears now need a close below the 100-DMA to ease immediate bullish

pressure and below the 21-DMA ($1266.4) to hint at a move back to Dec lows.

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

[TOPICS: MTABLE]