MNI US Morning FX Technical Analysis

9 February 2018

By Kyle Shortland

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

http://tinyurl.com/jz5y37x

EURO-DOLLAR TECHS: Focus Shifts To $1.2092-1.2156

*RES 4: $1.2406 High Feb 7

*RES 3: $1.2363 Hourly support Feb 7 now resistance

*RES 2: $1.2323 21-DMA

*RES 1: $1.2295 High Feb 8

*PRICE: $1.2262 @ 0930GMT

*SUP 1: $1.2210 Low Feb 8 

*SUP 2: $1.2156 Hourly resistance Jan 12 now support 

*SUP 3: $1.2092 High Jan 4 now support 

*SUP 4: $1.2052 55-DMA

*COMMENTARY: Pressure on the 21-DMA resulted in closes below and confirms

bearish focus on $1.2092-1.2156. Daily studies have room to move before O/S is

an issue. Layers of resistance accumulating also adds weight to the bearish

case. Bulls now look for a close above the 21-DMA to gain breathing room and

above $1.2433 to return focus to 2018 highs and then the weekly bear channel top

($1.2670).

     CABLE TECHS: $1.3834 & $1.4081 Levels Key Today

*RES 4: $1.4286 High Jan 26 

*RES 3: $1.4188 Hourly support Feb 1 now resistance 

*RES 2: $1.4081 Hourly support Feb 5 now resistance 

*RES 1: $1.3994 21-DMA

*PRICE: $1.3925 @ 0930GMT

*SUP 1: $1.3868 Hourly support Feb 8 

*SUP 2: $1.3834 Low Feb 6 

*SUP 3: $1.3720 Low Jan 15 

*SUP 4: $1.3656 High Sept 20 now support

*COMMENTARY: Bulls take comfort in the $1.3834 support holding firm for the

moment although the lack of follow through on Thursday's spike and rejection

ahead of $1.4081 is a concern. Bears need a close below $1.3834 to add weight to

the case for tests of $1.3585-1.3720 where the 55-DMA ($1.3649) is located.

Bulls now look for a close above $1.4081 to shift focus back to 2018 highs.

     DOLLAR-YEN TECHS: Remains Capped On Approach To 21-DMA

*RES 4: Y111.23 High Jan 22 

*RES 3: Y110.47 High Feb 2 

*RES 2: Y109.78 High Feb 8, 21-DMA 

*RES 1: Y109.29 Hourly resistance Feb 9

*PRICE: Y109.04 @ 0930GMT

*SUP 1: Y108.40 Low Jan 30 

*SUP 2: Y108.27 Low Jan 26 

*SUP 3: Y108.12 Low Sept 11 

*SUP 4: Y107.80 Weekly Triangle base

*COMMENTARY: The pair remains capped ahead of the 21-DMA which retains immediate

focus on the break of Y108.12 needed to initially target Y107.31-80 where the

rising weekly triangle base and 2017 lows are situated. Bulls still need a close

above the 21-DMA to ease bearish pressure and above Y110.47 to initially target

Y111.22-112.49 where key DMAs and the bear channel top are noted. Daily studies

at more neutral levels are well placed for a fresh leg lower.

     EURO-YEN TECHS: Lacking Follow Through Below Y133.04

*RES 4: Y135.95 Hourly support Feb 1 now resistance

*RES 3: Y135.09 Alternating hourly support/resistance

*RES 2: Y134.79 High Feb 8

*RES 1: Y134.15 Hourly resistance Feb 9

*PRICE: Y133.79 @ 0930GMT

*SUP 1: Y132.93 2018 Low Feb 8 

*SUP 2: Y132.03 Monthly Low Dec 13 

*SUP 3: Y131.15 Monthly Low Nov 20 

*SUP 4: Y130.80 200-DMA

*COMMENTARY: The correction from 2018 highs resulted in closes below the 21-WMA

(Y133.72) and 100-DMA (Y133.60) but follow through below Y133.04 has been

lacking courtesy of the Bollinger base (Y133.45). Bulls need a close above

Y135.09 to ease bearish pressure and above Y135.95 to shift focus back to 2018

highs (Y137.50). While Y135.09 caps immediate focus shifts to Y130.59-132.03

where monthly lows and 200-DMA are noted.

     EURO-STERLING TECHS: Volatile Trading Likely To Continue

*RES 4: Gbp0.8909 High Feb 6 

*RES 3: Gbp0.8862 200-DMA 

*RES 2: Gbp0.8849 Hourly resistance Feb 7 

*RES 1: Gbp0.8821 Hourly resistance Feb 8

*PRICE: Gbp0.8812 @ 0930GMT

*SUP 1: Gbp0.8754 Hourly resistance Feb 8 now support 

*SUP 2: Gbp0.8730 Low Feb 8 

*SUP 3: Gbp0.8714 Low Feb 1 

*SUP 4: Gbp0.8685 2018 Low Jan 25

*COMMENTARY: Topside follow through was lacking earlier in the week and bears

take comfort in a lack of downside follow through Thursday. Bears continue to

look for a close below Gbp0.8685 to shift immediate focus to the 100-WMA

(Gbp0.8589). Bulls now look for a close above the 200-DMA to ease bearish

pressure and above Gbp0.8928 to end bearish hopes and initially target

Gbp0.9048.

     AUSSIE TECHS: Close Below $0.7729 Targets Dec Low

*RES 4: $0.7954 - High Feb 5

*RES 3: $0.7911 - High Feb 6

*RES 2: $0.7843 - High Feb

*RES 1: $0.7808 - Low Jan 9 now resistance

*PRICE: $0.7797 @ 0930GMT

*SUP 1: $0.7753 - 200-DMA 

*SUP 2: $0.7729 - High Dec 25 now support 

*SUP 3: $0.7625 - Low Dec 14 

*SUP 4: $0.7615 - 100-WMA

*COMMENTARY: Hesitation ahead of $0.8135-62 took its toll with bearish focus

currently on the $0.7729-53 region where key DMAs are clustered. The Bollinger

base ($0.7777) is the key concern for bears. Bulls now need a close above

$0.7843 to ease bearish pressure and above the 21-DMA to shift focus back to

2018 highs. Bears need a close below $0.7729 confirm breaks of DMA & WMAS & to

shift focus back to $0.7500 Dec lows.

DOLLAR-CANADA TECHS: Bulls Need Close Above $1.2628

*RES 4: $1.2839 - High Dec 21

*RES 3: $1.2756 - 200-DMA

*RES 2: $1.2628 - Low Dec 27 now resistance

*RES 1: $1.2617 - 100-DMA

*PRICE: $1.2597 @ 0930GMT

*SUP 1: $1.2548 - Low Feb 8 

*SUP 2: $1.2492 - Low Feb 6 

*SUP 3: $1.2452 - High Feb 2 now support 

*SUP 4: $1.2399 - Low Feb 5

*COMMENTARY: The recovery from 2018 lows is now hesitating ahead of the

$1.2617-1.2628 resistance region where the 100-DMA is located. Bulls need a

close above $1.2628 to confirm a break of the 100-DMA and an end to bearish

hopes. Focus then shifts to $1.2756-1.2915 where the 200-DMA ($1.2756) is found.

Bears now need a close below $1.2548 to ease bullish pressure and below $1.2399

to shift initial focus back to 2018 lows.

SPOT GOLD TECHS: Bears Need Close Below 55-DMA

*RES 4: $1352.3 - High Jan 29 

*RES 3: $1339.0 - Hourly support Feb 6 now resistance 

*RES 2: $1332.6 - High Feb 7 

*RES 1: $1325.6 - Hourly resistance Feb 7

*PRICE: $1316.4 @ 0930GMT

*SUP 1: $1305.9 - Low Jan 4 

*SUP 2: $1302.5 - Low Jan 2, 55-DMA 

*SUP 3: $1293.2 - 100-DMA 

*SUP 4: $1280.4 - 200-DMA

*COMMENTARY: The correction lower from 2018 highs continues and has seen a dip

back towards $1302.5-1305.9 where the 55-DMA is located only to bounce

aggressively which is less than ideal for bears. Bulls still need a close above

$1332.6 to ease bearish pressure and above $1374.9 to confirm focus on

$1391.8-1433.3. Bears now look for a close below the 55-DMA to add weight the

case for a test of the 200-DMA.

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

[TOPICS: MTABLE]