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US TSYS

Familiar Omicron Worry Provides A Bid

EQUITIES

E-Minis Pull Lower

JGBS

Bland 5-Year Auction

IDR

Consumer Confidence Data Take Focus

JGBS AUCTION

The Japanese MOF sells Y2.0327tn 5-Year JGBs:

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  • USDRUB remains vulnerable following Friday's sharp sell-off and the pair is back below 70.00 having started this week on a softer note. The extension lower maintains the current bearish price sequence of lower lows and lower highs and with trend signals still pointing south, further USD depreciation is likely. The focus is on 68.5545, Jun 23 low. Initial firm resistance is at 71.3034, the Oct 21 high
  • EURHUF maintains a bullish tone. The cross has cleared resistance at 362.46, Jul 26 high and 364.40, Apr 23 high. This reinforces current bullish conditions and sets the scene for a climb towards 369.21, Mar 18 high. Initial firm support has been defined at 358.56, Oct 15 low. The 20-day EMA at 360.87 is first support.
  • EURPLN traded higher yesterday and remains above 4.5392, Oct 7 low and a key short-term support. The sharp bullish reversal on Oct 7 signalled the end of the recent Sep 30 - Oct 7 correction. If correct, it suggests scope for a move higher towards 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness below 4.5392 would alter the picture.
  • USDZAR traded lower last week and breached 14.5701, Sep 23 low but managed to find support at 14.3542, Oct 20 low and a key short-term support handle. A resumption of weakness would refocus attention on 14.3444, 76.4% of the Sep 10 - 30 rally where a break would expose 14.0639, the Sep 10 low. For bulls, a stronger bounce would open 15.2524, the Sep 30 high.
  • USDTRY is giving back some of its recent gains as a correction unfolds. The outlook though remains bullish and any near-term pullback is likely a correction. Recent accelerated gains reinforce a bullish theme and confirmed a resumption of the primary uptrend. The focus is on 9.8797, 3.00 projection of the Sep 22 - 29 - Oct 1 price swing ahead of the 10.00 psychological handle. Key support is at 9.2050, the Oct 20 low.