© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: U.S. China Top Concern For FDI -MOFCOM

MNI China Daily Summary: Thursday, August 31

Rpt-MNI INTERVIEW: Fed Probably Needs Bit More Tightening-Aikman

Futures Extend Recent Gains

MNI: FED BALANCE SHEET TOTAL ASSETS -$18B TO $8.121T IN WEEK

US EIA:NAT GAS STORAGE +32 BCF TO 3,115 BCF AUG 25 WK

MNI BRIEF: China Will Look To Belt & Road Amid Trade Tensions

MNI BRIEF: BOC Staff Paper Sees Few Signs Of 'Greedflation'

MNI BRIEF: Canada Raises Bank Capital Buffer On Housing Risk

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: $1.1645 Loss Sees Brief Dip Before Recovering Again
*RES 4: $1.1810 61.8% of $1.1996-$1.1510, 1% vol band
*RES 3: $1.1751/54 May 24 high, 76.4% of $1.1830-$1.1510
*RES 2: $1.1725/29 May 31, May 28 highs
*RES 1: $1.1695/00 Hourly resistance
*PRICE: $1.1672 @1632GMT 
*SUP 1: $1.1630/40 Hourly support
*SUP 2: $1.1615/17 Hourly congestion May 28-May 30, i'day low
*SUP 3: $1.1590/94 Recovery high May 29, hourly base May 30
*SUP 4: $1.1560/75 Initial recovery high May 30, 1% vol band
*COMMENTARY* Thursday's rally fell just shy of a $1.1729 challenge, the base of
next key resistance area between there and $1.1754. The subsequent setback lost
support briefly from  $1.1645 today, a dip towards next $1.1615 level, before
bouncing again. Resistance now spied between $1.1695-$1.1700 , ahead of
$1.1725-$1.1729. A direct move through $1.1754 and minor $1.1777 is in the way
of a look at next upside target at $1.1810-$1.1830.
CABLE TECHS: Recovery Still Lacking Any Urgency
*RES 4: $1.3481 23.6% Fibo of $1.4377-$1.3204, 1% vol band
*RES 3: $1.3460/70 May 10 low, 61.8% $1.3618-$1.3204
*RES 2: $1.3411/22 50% of $1.3618-$1.3204, May 24 high
*RES 1: $1.3362 38.2% Fibo of $1.3618-$1.3204
*PRICE: $1.3353 @1640GMT
*SUP 1: $1.3305 Hourly support
*SUP 2: $1.3283 Intraday hourly base
*SUP 3: $1.3254 Intraday low
*SUP 4: $1.3204 May 29 low, 1% volatility band
*COMMENTARY* Didn't lose as much ground as others Monday, holding on to $1.3204
support. The subsequent recovery has been relatively slow however, taking a
while to deal with $1.3299-$1.3305 resistance. Has moved above but has yet to
show any real flourish. $1.3348-$1.3362 has proved troublesome so far, above
would open up $1.3411-$1.3470 potential. Meanwhile, $1.3305-$1.3283 provides
support, with loss putting pressure back on the day's $1.3254 low.
DOLLAR-YEN TECHS:  Fibo Retrace At Y109.75 Caps After Y109.37-Y109.47 Break
*RES 4: Y110.62 76.4% Fibo of Y111.40-Y108.11, 1% vol band
*RES 3: Y110.14 61.8% Fibo of Y111.40-Y108.11
*RES 2: Y109.83 May 25 high
*RES 1: Y109.75/76 50% of Y111.40-Y108.11, intraday high
*PRICE: Y109.51 @1650GMT
*SUP 1: Y109.20/30 Hourly support
*SUP 2: Y109.08 May 30 high, now support
*SUP 3: Y108.72 Intraday low
*SUP 4: Y108.39 May 31 low
*COMMENTARY* The recovery from Tuesday's drop to Y108.11 has been long winded,
taking the last three days to challenge the pivotal Y109.37-Y109.47 area. Even
with the break above here today, the rally has faltered at the next Fibo retrace
level at Y109.75. While capped here, then look for support from between
Y109.30-Y109.08. Loss of the latter would spoil recent upside momentum and see
scope for a Y108.72-Y108.39 fall. Above Y109.75 and Y110.14-Y110.62 possible.
EURO-YEN TECHS: Rally Slows Around 50% Fibo Retrace At Y128.00
*RES 4: Y129.23/30 May 8 low, 1% volatility band
*RES 3: Y128.80 61.8% Fibo of 131.38-124.62
*RES 2: Y128.53/54 May 25, May 28 highs
*RES 1: Y128.00/15 50% Fibo of 131.38-124.62, intraday high
*PRICE: Y127.72 @1652GMT
*SUP 1: Y127.05/15 Hourly support
*SUP 2: Y126.65 Hourly congestion 
*SUP 3: Y126.33 May 31 low
*SUP 4: Y125.55/60 Initial recovery highs May 29-30
*COMMENTARY* Has wasted no time in reclaiming ground back above the lower 2%
volatility band, at Y125.46 by time today. Now looking to sustain a break above
the 76.4% Fibo retrace level at Y127.61. This would then switch attention to
Y128.00-Y128.80, being next retracements of the Y131.38-Y124.62 fall. Meanwhile,
support from Y127.15-Y127.05, loss would pressure Y126.65, with yesterday's
Y126.33 low then key below.
EURO-STERLING TECHS: Stg0.8810 Proves The Bar To Further Recovery Prospects
*RES 4: Stg0.8847 1% volatility band
*RES 3: Stg0.8842 May 4 high
*RES 2: Stg0.8810 May 8 high
*RES 1: Stg0.8780/90 Hourly resistance
*PRICE: Stg0.8739 @1658GMT
*SUP 1: Stg0.8724/28 Intraday low, initial recovery May 29
*SUP 2: Stg0.8697 May 29 low
*SUP 3: Stg0.8673/81 76.4% Stg0.8620-Stg0.8842, Apr 26 low
*SUP 4: Stg0.8667 1% volatility band
*COMMENTARY* This week's earlier Stg0.8795-Stg0.8697 fall has now been reversed
following the move back through Stg0.8775 resistance. Once again facing
potential problems from between Stg0.8797-Stg0.8810, as we again move back
towards the middle of the well established bear channel. Support from Stg0.8756
has subsequently been lost but it would require sustained break below Stg0.8728
to renew downside interest. Resistance now from Stg0.8780-Stg0.8790.
AUSSIE TECHS: Once Again Fresh $0.7606-$0.7612 Challenge Is Put On Hold
*RES 4: $0.7660 61.8% Fibo of $0.7813-$0.7412
*RES 3: $0.7632/43 1% volatility band, 4 month falling res
*RES 2: $0.7606/12 May 22 high, 50% of $0.7813-$0.7412
*RES 1: $0.7590/94 May 25, May 31 highs
*PRICE: $0.7565 @1700GMT 
*SUP 1: $0.7514/25 Intraday low, hourly support
*SUP 2: $0.7505 Initial recovery high May 30, now support
*SUP 3: $0.7476/81 May 29 low, 1% volatility band
*SUP 4: $0.7447 May 16 low
*COMMENTARY* Following the small 'Doji' candle close last Tuesday we have seen a
fall from a high of $0.7606, which reached $0.7476 on Tuesday. This slightly
below the preferred $0.7488-$0.7485 support. The subsequent bounce has been
impressive breaking back through $0.7575. Now has the May 25 high at $0.7590 as
preventing another challenge to $0.7606-$0.7612. In the meantime,
$0.7525-$0.7514 now provides support, $0.7505 more important below.
DOLLAR-CANADA TECHS: Recovery Still troubled By Pivotal $1.2994 Level
*RES 4: $1.3120/25 2 1/2 year falling res line, Mar 19 high
*RES 3: $1.3040/47 1% volatility band, May 29 high
*RES 2: $1.3020 Hourly recovery high May 30
*RES 1: $1.2994/08 76.4% of $1.3047-$1.2818, i'day spike high
*PRICE: $1.2957 @1701GMT
*SUP 1: $1.2925 Hourly support
*SUP 2: $1.2895 Hourly recovery high May 30, now support
*SUP 3: $1.2859 Initial intraday recovery high, now support
*SUP 4: $1.2818/26 May 31, May 23, 30 lows 
*COMMENTARY* Having found support from $1.2818 yesterday, then proceeded to
correct the previous fall from $1.3047 by 76.4%. The $1.2994 area now the
stumbling block to a $1.3020-$1.3047 return and perhaps $1.3120-$1.3125. Support
now comes initially from $1.2925, this the protection to a deeper
$1.2895-$1.2859 pullback. Have to stay above the latter or overall bias will
return to the downside and back on $1.2818-$1.2804.
GOLD TECHS: Recovery Fails To Deal With $1308.9-$1309.3 Resistance 
*RES 4: $1332.8 Apr 13 low, Apr 24 high
*RES 3: $1326.0 May 11 high
*RES 2: $1314.9 May 15 high
*RES 1: $1307.9 May 25 high
*PRICE: $1295.7 @1705GMT
*SUP 1: $1287.8 May 23 low
*SUP 2: $1282.2 May 21 low
*SUP 3: $1267.2 76.4% Fibo of $1236.6-$1366.2
*SUP 4: $1266.3 1.618 swing of $1282.2-$1307.9
*COMMENTARY* Lost support from the key $1286.6-$1286.1 area last week which
raised some concerns. This the rising support line at the time, from the
December 2016 lows and the 61.8% Fibo retrace level of this year's
$1236.6-$1366.2 rise. If this can be sustained, then there is not much to stop
an eventual $1267.2 fall. In the meantime, unable to maintain a break through
the 8 week falling resistance line, so eyes back on $1287.8-$1282.2 support.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
To read the full story

    Why Subscribe to
    
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 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.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(".areas-of-interests__options .signin-module", function (item) {
  item.addEventListener("click", function () {
    if(item.querySelector("input").checked){
      item.classList.add("selected");
      // item.querySelector("input").checked=false;
    }
    else {
      item.classList.remove("selected");
      // item.querySelector("input").checked=true;
    }
  })
})

function initializeTooltip(){
  document.addEventListener("mouseover", function (e) {
    if (e.target.matches(".authentication--field-fi_market > i")) {
      document
        .querySelector(".subscription-form-tooltip.fi-market")
        .classList.remove("hide");
    }
    if (e.target.matches(".authentication--field-fx_market > i")) {
      document
        .querySelector(".subscription-form-tooltip.fx-market")
        .classList.remove("hide");
    }
    if (e.target.matches(".authentication--field-data > i")) {
      document
        .querySelector(".subscription-form-tooltip.data")
        .classList.remove("hide");
    }
    if (e.target.matches(".authentication--field-mni_research > i")) {
      document
        .querySelector(".subscription-form-tooltip.mni_research")
        .classList.remove("hide");
    }
    if (e.target.matches(".authentication--field-policy > i")) {
      document
        .querySelector(".subscription-form-tooltip.policy")
        .classList.remove("hide");
    }
    if (e.target.matches(".authentication--field-EM_market > i")) {
      document
        .querySelector(".subscription-form-tooltip.EM_market")
        .classList.remove("hide");
    }
    if (e.target.matches(".authentication--field-calendar > i")) {
      document
        .querySelector(".subscription-form-tooltip.calendar")
        .classList.remove("hide");
    }
    if (e.target.matches(".authentication--field-commodities > i")) {
      document
        .querySelector(".subscription-form-tooltip.commodities")
        .classList.remove("hide");
    }
  });

  document
    .querySelectorAll(".areas-of-interests__options i")
    .forEach(function(btn){
    btn.addEventListener("mouseleave", function (e) {
      let tooltips = document.querySelectorAll(".subscription-form-tooltip");
      tooltips.forEach(function(tooltip){
        tooltip.classList.add("hide");
      });
    });
  });
}

function createTooltip(item) {
  const tooltip = document.createElement('i');
  tooltip.classList.add('tooltip');
  item.appendChild(tooltip);
}

REBELMOUSE_STDLIB.createElementChangeListener(".areas-of-interests__options .authentication--label", function(item){
  createTooltip(item);
  if(document.querySelectorAll(".areas-of-interests__options .authentication--label").length >=7 ){
    initializeTooltip();
  } 
})

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(){

    
        /*
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';
  }
}
*/
    

});