MNI Test 3, Please Ignore

MNI BRIEF: China Limits, Tightens IPO To Boost Listing Quality

MNI BRIEF: China February New Loans, TSF Pull Back Sharply

MNI BRIEF: China To Strengthen Shareholding Reduction Rules

MNI BRIEF: Net MLF Drain Not Sign Of Tight Liquidity - Paper

MNI: PBOC Conducts CNY387 Bln MLF Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 629; OIL RIGS 510; GAS RIGS 116

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

Bond Supply Calendar: EU Synd W/C 18-Mar; SK, BE, BoE APF Ops Mon

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

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

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 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: Decline Continues, $1.2236-$1.2206 Next Downside Markers
*RES 4: $1.2435 Feb 19 high
*RES 3: $1.2413/16 Hourly recovery highs Feb 19
*RES 2: $1.2360/69 Feb 21 high, Feb 19 low
*RES 1: $1.2325/35 Hourly resistance
*PRICE: $1.2286 @0930GMT 
*SUP 1: $1.2260 Intraday low
*SUP 2: $1.2236 1% volatility band
*SUP 3: $1.2206 Feb 9 low
*SUP 4: $1.2173 38.2% Fibo of $1.1554-$1.2556
*COMMENTARY* Has broken below $1.2289-$1.2276 support, a low of $1.2260 so far,
as we head towards the next downside markers, the lower 1% volatility band at
$1.2236 and the Feb 9 low at $1.2206. As a result, resistance now comes from
$1.2325-$1.2335 but likely needs to see a move back above the higher
$1.2360-$1.2369 region, before any real upside confidence will appear. Below
$1.2206 and attention will switch to the 38.2% Fibo retrace level at $1.2173.
CABLE TECHS: $1.3855 Now Protects Against A $1.3810-$1.3800 Fall
*RES 4: $1.4050 Feb 19 high
*RES 3: $1.4009 Feb 21 high
*RES 2: $1.3959/75 Feb 19 low, hourly high Feb 19
*RES 1: $1.3931/35 Feb 19 low, hourly resistance
*PRICE: $1.3880 @0955GMT
*SUP 1: $1.3870/76 Hourly support, Feb 12 high
*SUP 2: $1.3855 76.4% Fibo of $1.3765-$1.4145
*SUP 3: $1.3800/10 Feb 14 low, 1% volatility band
*SUP 4: $1.3765 Feb 9 low
*COMMENTARY* Still falling, most latterly losing support from $1.3920-$1.3902.
The next marker of note is the 76.4% Fibo retrace level at $1.3855. This the
current protection to the lower 1% volatility band at $1.3810 and the Feb 14 low
at $1.3800. Consequently, nearest resistance falls to $1.3931-$1.3935 but the
higher $1.3959-$1.3975 area looks a tougher prospect at present. Will need to
post gains back through here before any topside confidence will appear. 
DOLLAR-YEN TECHS:  Recovery Falters Beneath Y108.05-Y108.28 Resistance
*RES 4: Y108.60 61.8% Fibo Y110.48-Y105.55
*RES 3: Y108.34/40 2018 falling resistance line, 1% vol band
*RES 2: Y108.28 Jan 26 low, now resistance
*RES 1: Y108.05 Feb 9 low, now resistance
*PRICE: Y107.33 @1005GMT
*SUP 1: Y107.00/05 Hourly support
*SUP 2: Y106.74 Feb 19 high, now support
*SUP 3: Y106.35/45 Hourly lows/highs Feb 16-19
*SUP 4: Y105.92 Hourly base Feb 16 
*COMMENTARY* The recovery continued on Wednesday, moving us even further away
from the lower 2% volatility band. The move through Y107.65 seeing the next leg
higher towards resistance from two recent Y108.05-Y108.28 lows. In the interim,
nearest support of note remains at Y107.05-Y107.00, loss would concern and allow
a deeper Y106.74-Y106.35 pullback. Above Y108.28 and the year's falling
resistance line is at Y108.34 and the upper 1% volatility band at Y108.40.
EURO-YEN TECHS: Downside Being Challenged After Failure Below Y133.39
*RES 4: Y133.06/11 Feb 21, Feb 16 highs
*RES 3: Y132.78 Hourly recovery high Feb 21
*RES 2: Y132.50 Hourly congestion Feb 20-21
*RES 1: Y132.20/27 Hourly resistance, initial low Feb 21
*PRICE: Y131.97 @1020GMT
*SUP 1: Y131.32 1% volatility band
*SUP 2: Y131.17 Nov 17 low
*SUP 3: Y131.04 1.618 swing of Y131.81-Y133.06
*SUP 4: Y130.51 1.618 swing of Y131.61-Y133.39
*COMMENTARY* Wednesday's rally left us short of the Feb 14 high at Y133.39.
Needed to post gains back above here, before any confidence in the topside would
have been restored. Have seen a swift move down since, losing Tuesday's Y132.12
low and also the previous Y131.81-Y131.61 basing area. The 1% volatility band at
Y131.32 now the protection to the Nov 17 low at Y131.17, beneath which
Y131.04-Y130.51 becomes next target zone. Resistance Y132.20-Y132.50.
EURO-STERLING TECHS: Pullback From Recent Range Top Tests Stg0.8805 Support
*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: Stg0.8858 Feb 21 high
*PRICE: Stg0.8850 @1025GMT
*SUP 1: Stg0.8805 61.8% Stg0.8732-Stg0.8920, Feb 20/21 lows
*SUP 2: Stg0.8776/79 76.4% of Stg0.8732-Stg0.8920, Feb 9 low
*SUP 3: Stg0.8767 1% volatility band
*SUP 4: Stg0.8732/42 Feb 8 low, 76.4% of Stg0.8687-Stg0.8920
*COMMENTARY* Continued to lose ground on Wednesday following the failure to deal
with range top resistance at Stg0.8926 last week. The loss of
Stg0.8843-Stg0.8841 support 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, Stg0.8858-now becomes
resistance, Stg0.8870-Stg0.8875 currently more important above.
     AUSSIE TECHS: Decline Tests Top Of Congested $0.7795-$0.7744 Support 
*RES 4: $0.7915 Congestion area Feb 16-20
*RES 3: $0.7893 Feb 16 low, now resistance
*RES 2: $0.7880 Hourly recovery high Feb 21 
*RES 1: $0.7850/60 Hourly resistance
*PRICE: $0.7822 @1035GMT 
*SUP 1: $0.7790/95 Intraday low, 1% volatility band
*SUP 2: $0.7773 Feb 14 low
*SUP 3: $0.7759 Feb 9 low
*SUP 4: $0.7744 61.8% Fibo of $0.7502-$0.8136
*COMMENTARY* Continued to fall throughout Wednesday, losing $0.7824-$0.7810
support late in the day. Now looking at a challenge to the lower 1% volatility
band, at $0.7795 by time today. This the top end of what looks a congested band
of support from above the Feb 9 low at $0.7759 and the 61.8% Fibo retrace level
at $0.7744. Meanwhile, some oversold hourly conditions being repaired,
$0.7850-60 the immediate barrier, $0.7880-$0.7893 higher.
     DOLLAR-CANADA TECHS: Recovery Breaks Feb 9 High And Tests Upper 1% Vol Band
*RES 4: $1.2921 Dec 19 high
*RES 3: $1.2837/39 1.618 swing $1.2689-$1.2450, 2% vol band
*RES 2: $1.2762 76.4% Fibo of $1.2921-$1.2249
*RES 1: $1.2714 1% volatility band
*PRICE: $1.2680 @1045GMT
*SUP 1: $1.2645/55 Hourly support
*SUP 2: $1.2625 Feb 21 low
*SUP 3: $1.2580/85 Congestion area Feb 19-20
*SUP 4: $1.2557/68 Feb 16 high, hourly basing Feb 19 
*COMMENTARY* After initially probing towards the Feb 9 high at $1.2689 on
Wednesday, had to endure a sharp $1.2625 setback, before regrouping for another
challenge. This has resulted in a $1.2713 high so far today, basically in line
with that old friend the upper 1% volatility band. Will need to escape it's
clutches before the way will become clear for a further $1.2762-$1.2837 rise.
Meanwhile, $1.2655-$1.2645 supports ahead of that $1.2625 level.
GOLD TECHS: Correction Of This Month's Gains Nears $1320.0-$1318.1 
*RES 4: $1361.8 Feb 16 high
*RES 3: $1351.6 Feb 19 high
*RES 2: $1346.6 Feb 20 high
*RES 1: $1336.4 Feb 21 high
*PRICE: $1324.0 @1050GMT
*SUP 1: $1320.0 76.4% Fibo of $1307.1-$1361.8
*SUP 2: $1318.1 Feb 14 low
*SUP 3: $1307.1 Feb 8 low
*SUP 4: $1301.4 50% Fibo of $1236.6-$1366.2
*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 the 76.4% Fibo retrace level at $1320.0 and the Feb 14 low at $1318.1
now offer a potential reprieve. In the interim, resistance moves to
$1336.4-$1346.6 but back above $1351.6 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();
    

});