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INDIA

Indian Issuance Plan Looms

SCHATZ TECHS

(Z1) Trend Conditions Remains Bearish

BOBL TECHS

(Z1) Needle Still Points South

BUND TECHS

(Z1) Bear Trend Sequence Intact

OIL

WTI Topples $75/bbl Handle

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  • EURHUF remains below recent highs, the move is considered a correction though. The cross on Jul 26 confirmed a clear break of 360.02, 61.8% of the Mar - Jun downleg. This opens 363.53, the 76.4% retracement and 364.40, Apr 23 high. Support is at 356.90, Jul 22 low.
  • EURPLN remains below resistance, the outlook though is bullish. The breach mid-July of former resistance at 4.5642, Jun 18 high confirmed a resumption of the uptrend that started Jun 7 and opens 4.6000 (tested recently) and 4.6224, 76.4% of the Mar 29 - Jun 7 downleg. Firm support is seen at 4.5309, Jul 15 low.
  • USDZAR is facing some short-term selling pressure. The move lower is considered corrective and a bullish outlook remains intact. The pair recently breached 14.5180, Jul 2 high to confirm a resumption of bullish conditions and open 15.00 and 15.0627, 76.4% of the Mar 8 - Jun 7 sell-off. 15.1000 also represents a key resistance, the Mar 26 high. Firm support is at 14.3361, Jul 16 low.
  • USDTRY has moved below the 50-day EMA as the current corrective pullback extends. Trend conditions are bullish however with the focus on 8.8008, Jun 2 high. A break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing. Key support is unchanged at 8.2860, Jun 11 low.
  • USDRUB continues to pull away from recent highs. The move lower is still considered a correction however with support at 73.1595, Jul 6 low breached, scope exists for a deeper pullback towards the 72.00 handle. The bull trigger is at 75.3497, Jul 8 high. Initial resistance is at 74.2742, Jul 26 high.