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Price Signal Summary - 1.1934 Support In Cable Remains Exposed

MARKET INSIGHT
  • In the equity space, S&P E-Minis traded lower yesterday to extend this week’s bear cycle and pullback from Tuesday’s high of 3950.00. Initial support to watch is at 3735.00, the Jun 23 low. A breach of this level would expose key support at 3639.00, the Jun 17 low and bear trigger. For bulls, a breach of resistance at 3950.00 is required to reinstate a short-term bullish theme. EUROSTOXX 50 futures have traded lower this week following the reversal from Monday’s high of 3584.00. The move lower has exposed the key support and bear trigger at 3384.00, Jun 16 low. A break would resume the primary downtrend. On the upside, clearance of 3584.0 is required to reinstate a short-term bullish theme.
  • In FX, EURUSD maintains a bearish theme and a key short-term resistance at 1.0600 is intact. This is the top of a bear channel drawn from the Feb 10 high. Attention is on 1.0350, May 13 low and the bear trigger. A clear break of the 1.0600 resistance is required to signal a reversal. GBPUSD is trading lower today. This reinforces short-term bearish conditions with the focus on the bear trigger at 1.1934, the Jun 14 low. Resistance to watch remains 1.2406, the Jun 16 high. Initial resistance is at 1.0545, the 20-day EMA. USDJPY delivered a fresh cycle high Wednesday, confirming a resumption of the primary uptrend. The retracement from Wednesday’s high is considered corrective and initial support at 134.27, the Jun 23 low, remains intact. A resumption of gains would open 137.30 next, 1.50 projection of the Feb 24 - Mar 28 - 31 price swing.
  • On the commodity front, the outlook in Gold is trading lower. This reinforces bearish conditions and attention is on the key support and bear trigger at $1787.00, May 16 low. A breach of this level would resume the downtrend. Key trendline resistance intersects at $1864.2. The trendline is drawn from the Mar 8 high and a break is required to reverse the short-term direction. In the Oil space, WTI futures found resistance this week at Wednesday’s high of $114.05. A break of this hurdle is required to confirm a resumption of the recent recovery and open $116.58, the Jun 17 high. For bears, an extension lower would signal the end of the recent climb and open key support at $101.53, the Jun 22 low.
  • In the FI space, Bund futures have resumed their short-term uptrend and corrective cycle - the contract has traded above resistance at 149.00, Jun 24 high to signal potential for a climb towards 150.06, a Fibonacci retracement. Key short-term support has been defined at 144.72, a break would highlight a bearish reversal. Gilts have defined resistance at 114.55, Jun 24 high where a break would highlight potential for a stronger short-term recovery and open 115.55, the Jun 6 high. Initial firm support is at 111.72, the Jun 29 low.
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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