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MNI DAILY TECHNICAL ANALYSIS - AUD Remains Bearish

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Price Signal Summary – AUD Remains Bearish Despite Bounce Off Lows

  • The S&P E-Minis contract started the week on a bearish note. The gap lower Monday and a breach of support at 5948.00, the Jan 27 low, strengthens a bearish threat and cancels - for now - a recent bullish theme. A sharp reversal lower in the Eurostoxx 50 futures contract on Monday signals the end of the recent bull run - for now - and the start of a corrective cycle. Price gapped lower and traded through the 20-day EMA, at 5159.26.
  • Despite a recovery from Monday’s low, the latest pullback in GBPUSD highlights a bearish threat. The move down signals the end of the Jan 13 - 27 correction and note too that resistance at 1.2504, the 50-day EMA, remains intact. USDJPY is in consolidation mode. The primary trend condition is bullish, however, the Jan 27 move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. The trend condition in AUDUSD remains bearish and the pair traded to a fresh cycle low on Monday. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. A continuation would open 0.6045.    
  • Last week’s move down in WTI futures marked an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.30. A bull cycle in Gold remains in play. Last week’s extension higher and Monday’s gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend.         
  • Bund futures traded higher Monday and the contract is holding on to the bulk of its recent gains. Price is through resistance at 132.22, the Jan 22 high, and has cleared both the 20- and 50-day EMAs. Recent gains in Gilt futures continue to highlight a corrective phase and signal scope for a continuation higher near-term. Last week’s high print and Monday’s climb, reinforce current conditions.

FOREIGN EXCHANGE    

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Price Signal Summary – AUD Remains Bearish Despite Bounce Off Lows

  • The S&P E-Minis contract started the week on a bearish note. The gap lower Monday and a breach of support at 5948.00, the Jan 27 low, strengthens a bearish threat and cancels - for now - a recent bullish theme. A sharp reversal lower in the Eurostoxx 50 futures contract on Monday signals the end of the recent bull run - for now - and the start of a corrective cycle. Price gapped lower and traded through the 20-day EMA, at 5159.26.
  • Despite a recovery from Monday’s low, the latest pullback in GBPUSD highlights a bearish threat. The move down signals the end of the Jan 13 - 27 correction and note too that resistance at 1.2504, the 50-day EMA, remains intact. USDJPY is in consolidation mode. The primary trend condition is bullish, however, the Jan 27 move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. The trend condition in AUDUSD remains bearish and the pair traded to a fresh cycle low on Monday. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. A continuation would open 0.6045.    
  • Last week’s move down in WTI futures marked an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.30. A bull cycle in Gold remains in play. Last week’s extension higher and Monday’s gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend.         
  • Bund futures traded higher Monday and the contract is holding on to the bulk of its recent gains. Price is through resistance at 132.22, the Jan 22 high, and has cleared both the 20- and 50-day EMAs. Recent gains in Gilt futures continue to highlight a corrective phase and signal scope for a continuation higher near-term. Last week’s high print and Monday’s climb, reinforce current conditions.

FOREIGN EXCHANGE    

Keep reading...Show less