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MNI DAILY TECHNICAL ANALYSIS - AUD Trend Remains Bearish

Story

Price Signal Summary – AUD Trend Remains Bearish

  • The S&P E-Minis contract maintains a bullish tone and continues to appreciate. This confirms a resumption of the uptrend and signals scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment.Eurostoxx 50 futures have traded higher this week and the contract is holding on to its recent gains. The latest move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4864.78.      
  • A bear cycle in EURJPY remains in play despite the latest bounce. A number of retracement points have been cleared since the reversal on Oct 31. Most recently, 157.87, 76.4% of the Sep 16 - Oct 31 bull cycle, has been pierced. A clear break of it would strengthen a bearish theme and open 155.15, the Sep 16 low. The trend condition in AUDUSD remains bearish and Wednesday’s fresh cycle low reinforces current conditions. The move down marks a resumption of the downtrend. Note that moving average studies are in a bear-mode position too. The trend condition in USDCAD remains bullish and the Nov 25 fresh cycle high reinforces this theme. Gains confirm a resumption of the primary uptrend and mark an extension of the bullish price sequence of higher highs and higher lows.
  • Gold continues to trade inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Despite Tuesday’s gains, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • A bull cycle in Bund futures remains in play and the contract is holding on to the bulk of its recent gains. Price has recently traded through 136.37, the 76.4% retracement of the Oct 1 - Nov 6 bear leg. A bullish corrective cycle in Gilt futures remains in play and recent gains reinforces current short-term conditions. Sights are on 96.67 next, a Fibonacci projection point.

FOREIGN EXCHANGE    

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Price Signal Summary – AUD Trend Remains Bearish

  • The S&P E-Minis contract maintains a bullish tone and continues to appreciate. This confirms a resumption of the uptrend and signals scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment.Eurostoxx 50 futures have traded higher this week and the contract is holding on to its recent gains. The latest move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4864.78.      
  • A bear cycle in EURJPY remains in play despite the latest bounce. A number of retracement points have been cleared since the reversal on Oct 31. Most recently, 157.87, 76.4% of the Sep 16 - Oct 31 bull cycle, has been pierced. A clear break of it would strengthen a bearish theme and open 155.15, the Sep 16 low. The trend condition in AUDUSD remains bearish and Wednesday’s fresh cycle low reinforces current conditions. The move down marks a resumption of the downtrend. Note that moving average studies are in a bear-mode position too. The trend condition in USDCAD remains bullish and the Nov 25 fresh cycle high reinforces this theme. Gains confirm a resumption of the primary uptrend and mark an extension of the bullish price sequence of higher highs and higher lows.
  • Gold continues to trade inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Despite Tuesday’s gains, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • A bull cycle in Bund futures remains in play and the contract is holding on to the bulk of its recent gains. Price has recently traded through 136.37, the 76.4% retracement of the Oct 1 - Nov 6 bear leg. A bullish corrective cycle in Gilt futures remains in play and recent gains reinforces current short-term conditions. Sights are on 96.67 next, a Fibonacci projection point.

FOREIGN EXCHANGE    

Keep reading...Show less