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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: Monday's Rise Falls Short Of Key $1.1754 Resistance 
*RES 4: $1.1830/32 May 22 high, equality rise from $1.1617
*RES 3: $1.1810 61.8% Fibo of $1.1996-$1.1510
*RES 2: $1.1787/92 1% vol band, 1.618 swing $1.1725-$1.1617
*RES 1: $1.1751/54 May 24 high, 76.4% of $1.1830-$1.1510
*PRICE: $1.1713 @0825GMT 
*SUP 1: $1.1665/75 Hourly support
*SUP 2: $1.1641/54 May 31 low, hourly base Jun 1
*SUP 3: $1.1615/17 Hourly congestion May 28-30, Jun 1 low 
*SUP 4: $1.1590/94 Recovery high May 29, hourly base May 30
*COMMENTARY* Having broken above $1.1725 earlier in the day, Monday's rally
failed just below the next key resistance level at $1.1754. All is not lost
however, especially in the near term while support from between $1.1675-$1.1641
is able to contain any setbacks. Directly through $1.1754 and $1.1787-$1.1792 is
then the bar to a higher $1.1810-$1.1832 rise. Below $1.1641 will disappoint and
put Friday's $1.1617 low back under pressure.
CABLE TECHS: $1.3460 Potential If $1.3399-$1.3422 Can Be Overcome
*RES 4: $1.3481/87 23.6% Fibo of $1.4377-$1.3204, May 4 low
*RES 3: $1.3460 May 10 low, 61.8% of $1.3618-$1.3204, 1% vol
*RES 2: $1.3411/22 50% of $1.3618-$1.3204, May 24 high
*RES 1: $1.3399 Jun 4 high
*PRICE: $1.3372 @0855GMT
*SUP 1: $1.3330/35 Hourly support
*SUP 2: $1.3315 Hourly congestion Jun 4-5
*SUP 3: $1.3283/95 Hourly low Jun 1, Jun 4 low
*SUP 4: $1.3254 Jun 1 low
*COMMENTARY* Was slow to take up the opportunity given the break above $1.3370
yesterday. A high of $1.3399 before giving back a lot of ground, finally coming
to rest at $1.3295, just above the next support of note at $1.3283. Has since
recovered again, $1.3399-$1.3422 now becoming the barrier to what looks the next
likely target area around $1.3460. As a result, support currently rises to
$1.3335-$1.3315, only back below the latter will caution at present.
DOLLAR-YEN TECHS:  Eyes On Y109.50-Y109.37 Support For Directional Clues
*RES 4: Y111.08 May 18 high
*RES 3: Y110.62 76.4% Fibo of Y111.40-Y108.11
*RES 2: Y110.44 1% volatility band
*RES 1: Y110.00/14 Hourly resistance, 61.8% of Y111.40-Y108.11
*PRICE: Y109.75 @0905GMT
*SUP 1: Y109.50 Hourly support
*SUP 2: Y109.37 Jun 4 low
*SUP 3: Y109.08 May 30 high, now support
*SUP 4: Y108.55 Hourly basing area May 30-31
*COMMENTARY* The recovery has now stretched above Y109.75-Y109.83 resistance,
moving towards the next Fibo retrace of note, the 61.8% at Y110.14. Overbought
in the near term, so eyes are on Y109.50-Y109.37 support. A loss of the latter
would caution, putting pressure back on the May 30 high at Y109.08. Upside
momentum would take a hit on a move below here, Y108.55-Y108.39 then next
support lower. Above Y110.14 and the upper 1% volatility band is at Y110.44.
EURO-YEN TECHS: Rally Faltering Below Y128.80-Y128.90 Resistance
*RES 4: Y129.78 76.4% Fibo of 131.38-124.62
*RES 3: Y129.23 May 8 low, now resistance
*RES 2: Y128.80/90 61.8% Fibo of 131.38-124.62, 1% vol band 
*RES 1: Y128.70 Jun 4 high
*PRICE: Y128.41 @0915GMT
*SUP 1: Y127.90/00 Hourly support
*SUP 2: Y127.58 Hourly base Jun 1
*SUP 3: Y127.13/18 Jun 1 low, hourly low Jun 1
*SUP 4: Y126.81 Hourly base May 31 
*COMMENTARY* Has continued to regain ground, following last week's exhaustion
spike to the base of the 4 month bear channel. The next resistance to note is
from the 61.8% Fibo retrace of the Y131.38-Y124.62 fall, at Y128.80 and the 1%
volatility band at Y128.90. This ahead of the May 8 low at Y129.23. As a
consequence, support also rises, Y128.00-Y127.90 initially, Y127.58 thereafter,
with the Y127.18-Y127.13 area remaining of more importance below.
EURO-STERLING TECHS: Stg0.8810 Proves The Bar To Further Recovery Prospects
*RES 4: Stg0.8886 61.8% Fibo of Stg0.8968-Stg0.8620
*RES 3: Stg0.8840/42 1% volatility band, May 4 high
*RES 2: Stg0.8809/10 Jun 1, May 8 highs
*RES 1: Stg0.8790 Hourly resistance
*PRICE: Stg0.8744 @0924GMT
*SUP 1: Stg0.8724/28 Jun 1 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: Stg0.8664 1% volatility band
*COMMENTARY* The game of snakes and ladders continues, the Stg0.8810-Stg0.8697
range having been fully exploited over the last week or so, most latterly
failing at Stg0.8809. This basically a 76.4% Fibo retrace of the
Stg0.8842-Stg0.8697 fall, seen since the beginning of May. Will need through
here, before the chance of a Stg0.8840-Stg0.8842 return. Support within the
range at Stg0.8728-Stg0.8724, this dealt with Friday's setback.
AUSSIE TECHS: Recovery Retests Base Of 30 Month Support Line 
*RES 4: $0.7774 38.2% Fibo of $0.8136-$0.7412
*RES 3: $0.7718/22 76.4% of $0.7813-$0.7412, 2% vol band
*RES 2: $0.7690 38.2% Fibo of $0.8136-$0.7412
*RES 1: $0.7666/67 Base 30 month support line, Jun 4 high
*PRICE: $0.7629 @0935GMT 
*SUP 1: $0.7615/25 Hourly support
*SUP 2: $0.7594 May 31 high, now support
*SUP 3: $0.7560/73 Hourly base Jun 1, Jun 1 high
*SUP 4: $0.7540 Hourly congestion area May 23-28
*COMMENTARY* Has broken above the 2018 falling resistance at $0.7632-$0.7618,
depending on whether you look at the daily or weekly chart. Trying to deal with
resistance from the upper 1% volatility band and then the base of the previously
broken 30 month support line at $0.7666. Further clearance through here will
encourage, $0.7690-$0.7718 then next targets higher. Support currently from
between $0.7615-$0.7594, loss would pressure $0.7573-$0.7560.
DOLLAR-CANADA TECHS: Recovery Still Troubled By 2 1/2 Year Resistance Line
*RES 4: $1.3047/68 May 29 high, 1% volatility band
*RES 3: $1.3020 Hourly recovery high May 30
*RES 2: $1.2994/08 76.4% of $1.3047-$1.2818, Jun 1 spike high
*RES 1: $1.2975/85 Hourly resistance
*PRICE: $1.2944 @0938GMT
*SUP 1: $1.2895/00 Hourly recovery high May 30, Jun 4 low
*SUP 2: $1.2859 Initial recovery high Jun 1, now support
*SUP 3: $1.2818/26 May 31, May 23, 30 lows 
*SUP 4: $1.2804 76.4% Fibo of $1.2729-$1.3047
*COMMENTARY* Having found support from $1.2818 last Thursday, then proceeded to
correct the previous fall from $1.3047 by just over 76.4%, with Friday's spike
high to $1.3008. Earlier resistance from $1.2975-$1.2985 now the bar to fresh
upside interest. Support now comes initially from $1.2895, this the protection
to a deeper $1.2859 pullback. Have to stay above here or overall bias will
return to the downside and back on $1.2818-$1.2804.
GOLD TECHS: Recovery Fails To Deal With 9 Week Falling Resistance Line
*RES 4: $1326.0 May 11 high
*RES 3: $1314.9 May 15 high
*RES 2: $1307.9 May 25 high
*RES 1: $1296.5 9 week falling resistance line
*PRICE: $1292.3 @0943GMT
*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 month 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 9 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]
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