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: Consolidation Still Looks Like A 4th Wave Recovery

*RES 4: $1.1661 38.2% Fibo of $1.1852-$1.1543

*RES 3: $1.1645 Intraday high

*RES 2: $1.1620 Initial intraday pullback low, now resistance

*RES 1: $1.1575/85 Hourly resistance

*PRICE: $1.1536 @0927GMT 

*SUP 1: $1.1510 May 29 low

*SUP 2: $1.1480 1.618 swing $1.1543-$1.1645

*SUP 3: $1.1465 2% volatility band

*SUP 4: $1.1448 50% Fibo of $1.0340-$1.2556

*COMMENTARY* A combination of the Jun 7 bearish 'Shooting Star' candle close and

last week the upper 1% volatility band, conspired to send us down and back

towards the year's previous $1.1510 low. The current consolidation looks like a

4th wave, ahead of another push lower, which on a loss of $1.1510 would target

$1.1480-$1.1448 next. Meanwhile, $1.1575-$1.1620 provides resistance, above

$1.1645 would allow a higher correction of losses from $1.1840-$1.1852.

CABLE TECHS: $1.3157-$1.3152 Next Targets After Seeing Fresh Lows

*RES 4: $1.3299/07 Jun 13 low, Jun 15 high

*RES 3: $1.3273 Intraday high

*RES 2: $1.3245 Hourly congestion Jun 18

*RES 1: $1.3211 Jun 15 low, now resistance

*PRICE: $1.3173 @0944GMT

*SUP 1: $1.3152/57 76.4% $1.2774-$1.4377,swing $1.3211-$1.3299

*SUP 2: $1.3107 50% Fibo of $1.1838-$1.4377

*SUP 3: $1.3095 Hourly support

*SUP 4: $1.3067 2% volatility band

*COMMENTARY* Last Thursday's recovery to $1.3447 was unable to remove the threat

of the Jun 7 'Doji' bearish candle close. As a result, we saw a sharp fall back

toward the May 29 low at $1.3204. The interim recovery has been unable to better

$1.3299 and then $1.3273, leaving the downside once again vulnerable. Today's

loss of $1.3204 sees $1.3157-$1.3152 next ahead of the 50% Fibo at $1.3107.

Resistance from $1.3211-$1.3245 stands in the way of any near term bounce.

DOLLAR-YEN TECHS: Rally Falters On Approach To The Y110.93 Swing Target

*RES 4: Y111.36/40 Equality rise from Y109.20, May 21 high

*RES 3: Y110.91/93 Jun 15 high, 1.618 swing Y110.27-Y109.20

*RES 2: Y110.62 Jun 18 high

*RES 1: Y110.20/30 1% vol, hourly resistance, Jun 18 low

*PRICE: Y109.68 @0834GMT

*SUP 1: Y109.51/60 50% Y108.11-Y110.91, 76.4% Y109.20-Y110.91

*SUP 2: Y109.18/20 61.8% of Y108.11-Y110.91, Jun 8 low

*SUP 3: Y109.05 1% volatility band

*SUP 4: Y108.77 76.4% Fibo of Y108.11-Y110.91

*COMMENTARY* Friday saw a rise to Y110.91, just shy of the swing target at

Y110.93, before suffering a setback. The subsequent loss of Y110.15 and

especially Y109.85 today, sees Y109.60-Y109.51 as the protection against a

Y109.20-Y109.18 return, where next questions would be asked of direction.

Resistance comes initially from between Y110.20-Y110.30 but back above Monday's

Y110.62 high now needed for impact.

EURO-YEN TECHS: Sharp Fall Continues As Y127.21-Y126.81 Support Gives Way

*RES 4: Y128.52 Jun 18 high

*RES 3: Y128.05/10 Congestion area Jun 15-18

*RES 2: Y127.70/81 Jun 15, Jun 18 lows, now resistance

*RES 1: Y127.35 Hourly resistance

*PRICE: Y126.83 @0847GMT

*SUP 1: Y126.33 2% volatility band

*SUP 2: Y125.97 76.4% Fibo of Y124.62-Y130.35

*SUP 3: Y125.86 Equality fall from Y128.52 to Y130.36-Y127.70

*SUP 4: Y124.98 May 30 low

*COMMENTARY* Y127.80-Y127.70 support has been lost today leading to further

breaks below next Y127.21-Y126.81 support levels. Currently not much showing

until the lower 2% volatility band at Y126.33, which in turn protects against a

further Y125.97-Y125.86 fall, where stronger support is anticipated to

materialise. In the meantime, Y127.35 provides resistance, those former

Y127.70-Y127.81 lows a stronger barrier above.

EURO-STERLING TECHS: Once Again In The Middle Of The Well Travelled Range

*RES 4: Stg0.8837/42 Jun 7, May 4 highs

*RES 3: Stg0.8832 Jun 11, Jun 12 highs

*RES 2: Stg0.8790/00 Hourly highs/lows Jun 12-13

*RES 1: Stg0.8782 Jun 18 high

*PRICE: Stg0.8762 @0852GMT

*SUP 1: Stg0.8730/35 Hourly support

*SUP 2: Stg0.8717 Jun 15 low

*SUP 3: Stg0.8697 May 29 low

*SUP 4: Stg0.8681/85 Apr 26 low, 1% volatility band

*COMMENTARY* Last week once again faltered on the approach to the resistance of

note between Stg0.8837-Stg0.8842. Saw a high of Stg0.8832 but the subsequent

pullback from there has been relatively swift, with Stg0.8780-Stg0.8750 support

giving way and allowing a dip back to and slightly below the recent Stg0.8721-24

lows. Near term Stg0.8790-Stg0.8800 now provides resistance to any recovery,

Stg0.8697-Stg0.8681 next on a break below Stg0.8730-Stg0.8717.

AUSSIE TECHS: Loss Of $0.7412-$0.7390 Support Opens Door To $0.7333-$0.7327

*RES 4: $0.7529 Jun 13 low, now resistance

*RES 3: $0.7481 Jun 15 high

*RES 2: $0.7428/30 Intraday high, hourly resistance

*RES 1: $0.7412 May 9 low, now resistance

*PRICE: $0.7368 @0907GMT 

*SUP 1: $0.7355 Intraday low

*SUP 2: $0.7327/33 61.8% of $0.6827-$0.8136, May 9 2017 low

*SUP 3: $0.7269 2018 bear channel base projection

*SUP 4: $0.7248 1.618 swing of $0.7412-$0.7677

*COMMENTARY* Has continued to fall today, losing support from the May 9 low at

$0.7412 and then the 76.4% Fibo at $0.7390. A low of $0.7355 so far, as we head

towards the next area of support between the May 9 2017 low at $0.7333 and the

longer term Fibo retrace level at $0.7327. These currently protecting against a

deeper $0.7269-$0.7248 fall. In the interim, $0.7412-$0.7430 provides a near

term bar to any attempt at a recovery.

DOLLAR-CANADA TECHS: Continued Rise Nears 9 Month Bull Channel Top

*RES 4: $1.3377/85 50% $1.4692-$1.2061, 76.4% $1.3794-$1.2061

*RES 3: $1.3348 Jun 21 high

*RES 2: $1.3295 2% volatility band 

*RES 1: $1.3261 9 month bull channel projection

*PRICE: $1.3236 @0919GMT

*SUP 1: $1.3180/90 Hourly support

*SUP 2: $1.3160 Jun 18 low

*SUP 3: $1.3110/20 Hourly basing area Jun 14-15

*SUP 4: $1.3052 Jun 13 high, now support

*COMMENTARY* After holding important near term support from above

$1.2950-$1.2921, last Thursday saw a sharp recovery. In turn, this has since

surpassed, $1.3105, $1.3125 and $1.3199 resistance. A high of $1.3251 so far, as

we near the 9 month bull channel top projection at $1.3261. Any higher and the

upper 2% volatility band is at $1.3295 today. In the meantime, any setbacks

should be held between $1.3190-$1.3160, else caution is advised.

GOLD TECHS: Fresh Fall Underway After $1309.3 Blocks Gains

*RES 4: $1309.3 61.8% Fibo of $1326.0-$1282.2, Jun 14 high

*RES 3: $1305.9 Hourly high Jun 13

*RES 2: $1297.3 Initial low Jun 15, now resistance

*RES 1: $1289.3 Jun 1 low, now resistance

*PRICE: $1278.9 @0920GMT

*SUP 1: $1273.5 Hourly support

*SUP 2: $1267.2 76.4% Fibo of $1236.6-$1366.2

*SUP 3: $1265.4 1.618 swing of $1282.2-$1309.3

*SUP 4: $1262.3 Equality fall from $1326.0 to $1365.4-$1301.7

*COMMENTARY* Lost support briefly from the key $1286.6-$1286.1 area last month

which raised 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. Below and there is not much to stop an eventual

$1267.2-$1262.3 fall. In the meantime, $1309.3 resistance has blocked gains and

started a fresh fall below $1282.2 support. Look to $1273.5 for interim support.

--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com

[TOPICS: MTABLE]