MNI: China CFETS Yuan Index Up 0.40% In Week of Jun 14

MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1149 Mon; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1149 MON VS 7.1151

BRIEF: EU Says Engaging With China Over EV Trade Dispute

Japan Apr Machine Orders -2.9% M/M

CHINA MAY INDUSTRIAL OUTPUT +5.6% Y/Y VS MEDIAN +5.9% Y/Y: NBS

MNI JAPAN APRIL CORE MACHINE ORDERS -2.9% M/M; MAR +2.9%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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: Continues Correction, Initially Of Gains From $1.2165
*RES 4: $1.2538 Jan 25 high
*RES 3: $1.2494 Jan 26 high
*RES 2: $1.2433 Jan 29 high
*RES 1: $1.2395/05 Hourly resistance
*PRICE: $1.2349 @0825GMT 
*SUP 1: $1.2320/23 Equality fall from $1.2494, Jan 17 high
*SUP 2: $1.2307 61.8% Fibo of $1.2165-$1.2538
*SUP 3: $1.2284 1.618 swing of $1.2364-$1.2494
*SUP 4: $1.2253 76.4% Fibo of $1.2165-$1.2538
*COMMENTARY* Rally reached the upper 2% volatility band last Thursday, before
retreating on the back of some heavily overbought conditions. The lower close
has brought about a potentially bearish 'Doji' candle on the daily chart. While
$1.2494-$1.2538 caps then the immediate risk is for lower. Initial support now
from $1.2323-$1.2307 and then more importantly $1.2284-$1.2253. Interim
resistance $1.2395-$1.2433.
CABLE TECHS: Pullback Continues, $1.3957-$1.3943 Next Area Of Interest
*RES 4: $1.4172 Hourly recovery high Jan 26 
*RES 3: $1.4120/30 Hourly congestion Jan 26-29
*RES 2: $1.4083 Jan 25 low, now resistance
*RES 1: $1.4045/55 Hourly resistance
*PRICE: $1.4002 @0840GMT
*SUP 1: $1.3957 1.618 swing of $1.4083-$1.4287
*SUP 2: $1.3943 Jan 17 high, now support
*SUP 3: $1.3902/16 50% of $1.3458-$1.4346, Jan 23 low
*SUP 4: $1.3861 1.618x $1.4346-$1.4083 from $1.4287
*COMMENTARY* Continues to pullback following the brief break of the upper 2%
volatility band last week. Support from $1.4007 the latest to come under
pressure today, leaving $1.3957-$1.3943 as the next area of note. In the
interim, $1.4045-$1.4083 provides an initial barrier to any recovery, back above
the latter needed before thoughts can turn to some further  correction of losses
from last Thursday's $1.4346 peak.
DOLLAR-YEN TECHS:  Decent Support Still Seen From Between Y108.27-Y108.22
*RES 4: Y110.19 Jan 17 low, now resistance
*RES 3: Y109.77 Jan 26 high
*RES 2: Y109.42/48 Hourly highs Jan 25-26
*RES 1: Y109.20/25 Hourly resistance
*PRICE: Y108.72 @0848GMT
*SUP 1: Y108.50 Hourly support
*SUP 2: Y108.22/27 Sep 11, Aug 29 lows
*SUP 3: Y107.72 1.618 swing of Y108.50-Y109.77, 2% vol band
*SUP 4: Y107.32 Sep 8 low
*COMMENTARY* Pushed lower last Friday, breaking below Y108.50 support, a low of
Y108.28 so far, before recovering, aided by some heavily oversold hourly
conditions. Now looking at Y109.20-Y109.25 for initial resistance
Y109.42-Y109.48 higher. There is still decent support from Y108.27-Y108.22 and
this currently protects against a further Y107.72-Y107.32 fall. Probably need a
rally through Y109.77 before any real upside belief will follow.
EURO-YEN TECHS: Key Near Term Support Noted Between Y133.82-Y133.80
*RES 4: Y135.80/85 Hourly congestion Jan 26
*RES 3: Y135.41/49 Hourly base Jan 25, hourly high Jan 26
*RES 2: Y135.00/02 Intraday high, hourly recovery Jan 29
*RES 1: Y134.80 Hourly resistance
*PRICE: Y134.36 @0855GMT
*SUP 1: Y134.19 1% volatility band
*SUP 2: Y133.82 76.4% Fibo of Y133.05-Y136.31
*SUP 3: Y133.80 6 month rising support line
*SUP 4: Y133.05 Jan 10 low
*COMMENTARY* Has slipped below the recent range base at Y134.92, thereby
allowing some further correction of the most recent Y133.05-Y136.31 rise. In
this respect, a deeper Y134.19-Y133.80 fall cannot be ruled out. Meanwhile,
resistance is noted from Y134.80 and then beneath Y135.02 but rallies will
likely require a move back through Y135.41-Y135.49 before near term upside focus
is regained and a move back towards Y135.80-Y135.85.
EURO-STERLING TECHS: Correction Continues Eyeing 61.8% Fibo Retrace At Stg0.8838
*RES 4: Stg0.8873 76.4% of Stg0.8930-Stg0.8687
*RES 3: Stg0.8870 1% volatility band
*RES 2: Stg0.8846 Jan 19 high
*RES 1: Stg0.8838 Jan 18 high, 61.8% of Stg0.8930-Stg0.8687
*PRICE: Stg0.8828 @0905GMT
*SUP 1: Stg0.8780/90 Hourly support
*SUP 2: Stg0.8767 Jan 29 low
*SUP 3: Stg0.8740/45 Congestion area Jan 25-26
*SUP 4: Stg0.8724 Jan 26 low
*COMMENTARY* The Dec 8 low at Stg0.8689 was squeezed last Thursday, a slightly
lower Stg0.8687 seen, before bouncing again. The recovery has gained momentum
this week, the latest rise now challenging towards the Jan 18 high and 61.8%
Fibo retrace level at Stg0.8838. As a consequence, support rises, the
Stg0.8790-Stg0.8767 area now anticipated to remain intact, if further gains back
up the recent range are to be contemplated.
     DOLLAR-CANADA TECHS: Recovery Still Limited To Below $1.2400
*RES 4: $1.2455 Congestion area Jan 22-23
*RES 3: $1.2435 Jan 22 low, now resistance
*RES 2: $1.2400 Jan 18-19 lows, now resistance
*RES 1: $1.2380 Intraday high
*PRICE: $1.2346 @0923GMT
*SUP 1: $1.2282/93 Jan 25, Jan 26 lows
*SUP 2: $1.2264 76.4% Fibo of $1.2061-$1.2921, 1% vol band
*SUP 3: $1.2209 1.618 swing of $1.2355-$1.2591
*SUP 4: $1.2146 2% volatility band
*COMMENTARY* The decline continued last week, leaving the Jan 5 low at $1.2355
behind, a low of $1.2282 so far, as we look to test the resolve of the lower 1%
volatility band, which by time joins the 76.4% Fibo retrace level at $1.2264
today. These offer next protection against a deeper $1.2209 fall. Meanwhile,
have seen a bounce to $ 1.2380 but likely needing to escape $1.2400 before any
correction has room to breathe.
GOLD TECHS: Correcting Lower After Rally Falters Ahead of $1367.3
*RES 4: $1375.4 July 2016 high
*RES 3: $1366.2/67.3 Jan 25, Aug 1 highs 
*RES 2: $1357.3 Jan 26 high
*RES 1: $1346.4 Hourly resistance
*PRICE: $1338.9 @0927GMT
*SUP 1: $1333.2 Jan 18 high, now support
*SUP 2: $1327.9 Jan 10 high, now support
*SUP 3: $1324.3 Jan 18 low
*SUP 4: $1320.1 76.4% Fibo of $1305.9-$1366.2
*COMMENTARY* The move above the 76.4% Fibo retrace level at $1284.5 gave the
upside the impetus it required. This makes the $1357.7-$1236.6 fall seen from
last September look like a three wave correction. The subsequent break through
$1337.1 the next upside boost, as we made our way back through the Sep 4 high at
$1357.7. This sees $1367.3-$1375.4 as next resistance ahead of the 38.2% Fibo at
$1380.3. Support moving lower now, $1333.2-$1320.1 the potential pullback area.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
To read the full story
Close
Why MNI
MNI is the leading provider
 of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        window.dataLayer.push({
    'event' : 'logedout',
    'loggedOut' : 'loggedOut'
  });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        (function appendPosts () {  
    var policyPosts = document.getElementsByClassName('policy-posts-wrapper')[0];
    var policyPostsMenu = document.querySelector('.policy-posts-span');
    policyPostsMenu.append(policyPosts);
    policyPosts.style.display = "block";
  
    var empolicyPosts = document.getElementsByClassName('em-policy-posts-wrapper')[0];
    var empolicyPostsMenu = document.querySelector('.em-policy-posts-span');
    empolicyPostsMenu.append(empolicyPosts);
    empolicyPosts.style.display = "block";

    var dataPosts = document.getElementsByClassName('data-posts-wrapper')[0];
    var dataPostsMenu = document.querySelector('.data-posts-span');
    dataPostsMenu.append(dataPosts);
    dataPosts.style.display = "block";
})();
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll(".my-mni").forEach(function(item){
  item.href="/core/users/email_login/";
  item.innerHTML="Log In";
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll("img").forEach(function (img) {
    img.addEventListener("contextmenu", function (e) {
      return false;
    });
  });
  document
    .querySelector(".site-logo img")
    .addEventListener("contextmenu", function (e) {
      return true;
    });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        
  let posts = document.querySelectorAll(".all-content-wrapper .widget:not(.stream-story-processed)");
  window.check_story_posts(posts, "streamOfPosts");
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        /*
const sidebar = document.querySelector('.left-sidebar-container');
const stickyContent = document.querySelector('.sticky-content');
const siteContent = document.querySelector('.all-posts-stream');
if (sidebar && stickyContent && siteContent) {
  if (siteContent.clientHeight > sidebar.clientHeight) {
    console.log('grater -> ', siteContent.clientHeight + ' > ' + sidebar.clientHeight);
    stickyContent.style.height = (siteContent.clientHeight - sidebar.clientHeight) + 'px';
  }
}
*/
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});