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USDCAD TECHS

Watching The 50-Day EMA

AUDUSD TECHS

Bearish Focus

MONTH-END EXTENSIONS

Updated Barclays/Bbg Extension Estimates for US

US TSYS

Late Session Selling

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  • RES 4: 4415.48 1.00 proj of Mar 25 - May 10 - 13 price swing
  • RES 3: 4400.00 Round number resistance
  • RES 2: 4384.50 High Jul 14 and the bull trigger
  • RES 1: 4320.75 High Jul 19
  • PRICE: 4257.00 @ 05:24 BST Jul 20
  • SUP 1: 4224.00 Low Jul 19
  • SUP 2: 4187.58 61.8% retracement of the Jun 21 - Jul 14 rally
  • SUP 3: 4126.75 Low Jun 21
  • SUP 4: 4046.00 Low May 19

S&P E-minis started the week on a softer note and the contract has extended the pullback from 4384.50 Jul 14 high. Yesterday's sell-off resulted in a break of support at 4279.25, Jul 8 low. This highlights a short-term trend top and suggests scope for a deeper corrective pullback. Price has tested the 50-day EMA at 4235.95. A clear break of the average would strengthen a bearish case. Initial resistance is at 4320.75, yesterday's high.