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AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

USDCAD TECHS

Still Vulnerable

AUDUSD TECHS

Bullish Price Sequence

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]