MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

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

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

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: Retreat Continues, $1.2301-$1.2276 Next Support
*RES 4: $1.2511 Feb 15 high
*RES 3: $1.2470/75 Hourly congestion Feb 14-15
*RES 2: $1.2435 Feb 19 high
*RES 1: $1.2390/95 Hourly resistance
*PRICE: $1.2343 @1650GMT 
*SUP 1: $1.2320 Hourly support
*SUP 2: $1.2301 3 month bull channel base
*SUP 3: $1.2276 Feb 14 low
*SUP 4: $1.2234 1% volatility band
*COMMENTARY* $1.2556 was enough for last week, unable to go on and test the
61.8% Fibo retrace level at $1.2598. As a result, has bowed to some overbought
hourly conditions and begun a pullback and some correction of gains seen since
the $1.2206 low from Feb 9. In this respect, with $1.2340 now lost, the next
area of support becomes $1.2301-$1.2276. The former the 3 month bull channel
base. Meanwhile, $1.2390-$1.2435 is now nearest resistance.
CABLE TECHS: Continued Fall Looks To $1.3925-$1.3902 For Next Guidance
*RES 4: $1.4145 Feb 16 high, 4 week falling res line
*RES 3: $1.4110/15 Hourly basing area Feb 16, now res'tce
*RES 2: $1.4050 Feb 19 high
*RES 1: $1.4015/20 Hourly resistance
*PRICE: $1.4007 @1653GMT
*SUP 1: $1.3921/25 Feb 13 high, hourly high Feb 14
*SUP 2: $1.3902/10 Equality fall tgt, 61.8% $1.3765-$1.4145
*SUP 3: $1.3876 Feb 12 high, now support
*SUP 4: $1.3855 76.4% Fibo of $1.3765-$1.4145
*COMMENTARY* Still falling after losing the confrontation with resistance from
the Feb 5 high at $1.4151 and the 76.4% Fibo retrace level at $1.4158 last week.
Could only manage a $1.4145 high, before accepting some correction of recent
gains. In this respect and with yesterday's loss of $1.4000, now looking at the
prospect of a further $1.3925-$1.3902 fall. Resistance dips to $1.4015-$1.4020
but likely requires back above $1.4050 for real assistance.
DOLLAR-YEN TECHS:  Continues It's Near Term Recovery
*RES 4: Y108.28 Jan 26 low, now resistance
*RES 3: Y108.05 Feb 9 low, now resistance
*RES 2: Y107.55/65 Congestion area Feb 13-14
*RES 1: Y107.38 Intraday high
*PRICE: Y107.23 @1657GMT
*SUP 1: Y106.65/70 Hourly support
*SUP 2: Y106.35/45 Hourly lows/highs Feb 16-19
*SUP 3: Y105.92 Hourly base Feb 16 
*SUP 4: Y105.44/55 Jan 2014, Oct 3 2016 highs, Feb 16 low
*COMMENTARY* The recovery continues, moving us safely away from the lower 2%
volatility band, which out of interest is at Y105.44 by time today. The move
through Y107.17-Y107.21 now allows a next leg higher towards Y107.55-Y107.65.
Main resistance to this rise will likely be seen from two recent Y108.05-Y108.28
lows. In the interim, support moves up to Y106.70-Y106.65 but more important
from the lower Y106.45-Y106.35 area.
EURO-YEN TECHS: No Change While 132.52-132.60 Continues To Cap Rallies
*RES 4: Y133.80/86 Feb 12 high, 38.2% of Y137.51-Y131.61
*RES 3: Y133.39 Feb 14 high 
*RES 2: Y133.11 Feb 16 high 
*RES 1: Y132.52/60 Feb 15 low, hourly resistance
*PRICE: Y132.42 @1700GMT
*SUP 1: Y131.81 Feb 16 low
*SUP 2: Y131.61 Feb 14 low
*SUP 3: Y131.45 Hourly support
*SUP 4: Y131.17 Nov 17 low
*COMMENTARY* The lower 2% volatility band came under pressure last Wednesday. A
low of Y131.61, before the weight of some heavily oversold hourly conditions
came to the near term rescue. The resultant lift faltered at Y133.39 and has
subsequently lost ground again since. Y132.52-Y132.60 and then Y133.11 now in
the way of a fresh attempt higher. Meanwhile, support from Y131.81 now protects
against a Y131.61-Y131.45 return and possibly a further Y131.17 fall.
EURO-STERLING TECHS: Pullback From Recent Range Top Continues Today
*RES 4: Stg0.8920/26 Feb 14, Jan 12 highs
*RES 3: Stg0.8890 Feb 16 high
*RES 2: Stg0.8870/75 Feb 19 high, Feb 14 low
*RES 1: Stg0.8845/55 Hourly resistance
*PRICE: Stg0.8808 @1702GMT
*SUP 1: Stg0.8805 61.8% Fibo of Stg0.8732-Stg0.8920
*SUP 2: Stg0.8776/79 76.4% of Stg0.8732-Stg0.8920, Feb 9 low
*SUP 3: Stg0.8766 1% volatility band
*SUP 4: Stg0.8732/42 Feb 8 low, 76.4% of Stg0.8687-Stg0.8920
*COMMENTARY* Continues to lose ground following the failure to deal with range
top resistance at Stg0.8926 last week. Today's loss of Stg0.8843-Stg0.8841
support now sees the first of two dual Fibo support levels at Stg0.8805 as the
next potential target. Any lower and the second dual support from Stg0.8776 then
comes into play. Meanwhile, Stg0.8845-Stg0.8855 becomes resistance,
Stg0.8870-Stg0.8875 currently more important above.
     AUSSIE TECHS: $0.7890 Break Opens Up Deeper Corrective Potential
*RES 4: $0.8041/47 Feb 2 high, 76.4% Fibo of $0.8136-$0.7759
*RES 3: $0.7987/92 Feb 1 low, 61.8% Fibo of $0.8136-$0.7759
*RES 2: $0.7966 Feb 15 high
*RES 1: $0.7936/40 Feb 19 high, hourly resistance
*PRICE: $0.7901 @1703GMT 
*SUP 1: $0.7877/80 Feb 13 high, intraday low
*SUP 2: $0.7845 Congestion area Feb 12-Feb 13
*SUP 3: $0.7810/15 Hourly basing area Feb 9-Feb 12
*SUP 4: $0.7795 1% volatility band
*COMMENTARY* The inability to deal with $0.7936-$0.7940 resistance over the last
couple of days has seen risk return lower and a break below $0.7893-$0.7890
support. Loss here will open up deeper corrective opportunities of recent
$0.7759-$0.7989 gains. The Feb 13 high at $0.7877 then the brake to a deeper
$0.7845-$0.7810 fall. A move through that $0.7936-$0.7940 area needed to
alleviate pressure.
     DOLLAR-CANADA TECHS: $1.2633-$1.2650 Within Sight As Rally Continues
*RES 4: $1.2762 76.4% Fibo of $1.2921-$1.2249
*RES 3: $1.2689 1% volatility band, Feb 9 high
*RES 2: $1.2650 Feb 14 high
*RES 1: $1.2633 76.4% Fibo of $1.2689-$1.2450
*PRICE: $1.2608 @1710GMT
*SUP 1: $1.2575/85 Hourly support
*SUP 2: $1.2557 Hourly base Feb 19 
*SUP 3: $1.2523/28 Hourly base Feb 16, Feb 19 low
*SUP 4: $1.2490 Initial recovery high Feb 16, now support
*COMMENTARY* The bearish 'Doji' candle close on Feb 9 produced a $1.2689-$1.2450
setback over the course of the last week, before some near term oversold
conditions have appeared and allowed some recovery. The latest rise through
$1.2605 now sees the 76.4% Fibo retrace at 1.2633 as the next barrier ahead of
the Feb 14 high at $1.2650. Meanwhile, $1.2585-$1.2557 provides a decent near
term support pillow, only below the latter will concern again.
GOLD TECHS: Correction Of This Month's Gains Continues
*RES 4: $1366.2 Jan 25 high
*RES 3: $1361.8 Feb 16 high
*RES 2: $1351.6 Feb 19 high
*RES 1: $1343.4 Hourly resistance
*PRICE: $1333.1 @1715GMT
*SUP 1: $1330.2 Hourly support
*SUP 2: $1327.8 Feb 12 high, now support
*SUP 3: $1318.1 Feb 14 low
*SUP 4: $1307.1 Feb 8 low
*COMMENTARY* Unable to find the ability to retest the year's $1366.2 high and
has been gradually suffering since. The latest fall back beneath $1344.9 allows
some further correction of recent gains from this month's $1307.1 base. In this
respect $1330.2 and then the Feb 12 high at $1327.8 now offer next support, with
the lower $1318.1 level currently of more consequence. Resistance
$1343.4-$1351.6, back above the latter needed to revive upside interest. 
--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();
    

});