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MNI DAILY TECHNICAL ANALYSIS - Elections Undermine JPY

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Price Signal Summary – Elections Undermine JPY

  • S&P E-Minis continues to trade below its recent highs. Short-term weakness is considered corrective and the uptrend remains intact. Price has recently traded through support at the 20-day EMA, at 5854.44, but is - for now - trading above this average. Eurostoxx 50 futures are in consolidation mode and continue to trade closer to their recent lows. For now, a bear threat is present. The contract traded sharply lower on Oct 15 and pierced the 50-day EMA, at 4948.02.
  • The trend condition in USDJPY remains bullish and the pair has traded to a fresh cycle high again, today. This once again confirms a resumption of the current uptrend. Price has breached 153.40, the 61.8% retracement of the downleg posted off the July 3rd high. A bear cycle in AUDUSD remains intact and another fresh cycle high, today, reinforces the current condition. A key support at 0.6622, the Sep 11 low, has been breached. This strengthens a bearish theme and opens 0.6576, a Fibonacci retracement. The USDCAD trend outlook remains bullish and the pair continues to appreciate. Price is through 1.3822, 76.4% of the Aug 5 - Sep 25 bear leg. The breach reinforces a bullish theme and opens 1.3946, the Aug 5 high and the next key hurdle for bulls.
  • Gold bulls remain in the driver’s seat and price continues to trade closer to its recent highs. The latest climb has resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on $2767.1 next, a Fibonacci projection point. A bearish theme in WTI futures remains intact and today’s gap lower reinforces this theme. A continuation down would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support.
  • Bund futures are trading lower today, starting the week on a bearish note. The contract has traded through support at 132.58, the Oct 22 low. The breach confirms a resumption of the downtrend that started early October and signals scope for a continuation near-term. A bear cycle in Gilt futures remains present and the latest recovery between Oct 10 - 18 has been a correction. Thursday’s initial weakness resulted in a print below key support at 95.83, the Oct 10 low.

FOREIGN EXCHANGE    

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Price Signal Summary – Elections Undermine JPY

  • S&P E-Minis continues to trade below its recent highs. Short-term weakness is considered corrective and the uptrend remains intact. Price has recently traded through support at the 20-day EMA, at 5854.44, but is - for now - trading above this average. Eurostoxx 50 futures are in consolidation mode and continue to trade closer to their recent lows. For now, a bear threat is present. The contract traded sharply lower on Oct 15 and pierced the 50-day EMA, at 4948.02.
  • The trend condition in USDJPY remains bullish and the pair has traded to a fresh cycle high again, today. This once again confirms a resumption of the current uptrend. Price has breached 153.40, the 61.8% retracement of the downleg posted off the July 3rd high. A bear cycle in AUDUSD remains intact and another fresh cycle high, today, reinforces the current condition. A key support at 0.6622, the Sep 11 low, has been breached. This strengthens a bearish theme and opens 0.6576, a Fibonacci retracement. The USDCAD trend outlook remains bullish and the pair continues to appreciate. Price is through 1.3822, 76.4% of the Aug 5 - Sep 25 bear leg. The breach reinforces a bullish theme and opens 1.3946, the Aug 5 high and the next key hurdle for bulls.
  • Gold bulls remain in the driver’s seat and price continues to trade closer to its recent highs. The latest climb has resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on $2767.1 next, a Fibonacci projection point. A bearish theme in WTI futures remains intact and today’s gap lower reinforces this theme. A continuation down would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support.
  • Bund futures are trading lower today, starting the week on a bearish note. The contract has traded through support at 132.58, the Oct 22 low. The breach confirms a resumption of the downtrend that started early October and signals scope for a continuation near-term. A bear cycle in Gilt futures remains present and the latest recovery between Oct 10 - 18 has been a correction. Thursday’s initial weakness resulted in a print below key support at 95.83, the Oct 10 low.

FOREIGN EXCHANGE    

Keep reading...Show less