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MNI DAILY TECHNICAL ANALYSIS - Eurostoxx Bull Phase Intact

Story

Price Signal Summary – Eurostoxx Bull Cycle Intact Despite Fade Off Highs

  • The S&P E-Minis contract maintains a bullish tone and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up. A bull cycle in the Eurostoxx 50 futures contract remains intact. Price has recently traded through the 50-day EMA, at 4881.26. The clear breach of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared.
  • GBPUSD is in consolidation mode and is trading closer to its most recent highs. Recent gains are considered corrective and this has allowed an oversold trend condition to unwind. The pair has breached the 20-day EMA, exposing the next firm resistance at 1.2830. A bear cycle in USDJPY remains intact despite recent gains - a correction. The pair traded to a fresh short-term trend low on Dec 3, highlighting a resumption of the bear leg and the retracement of the Sep 16 - Nov 15 rally. The trend condition in AUDUSD remains bearish and today’s extension reinforces the current bearish theme. The move lower maintains the price sequence of lower lows and lower highs.
  • Gold traded higher again yesterday. 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. A bearish threat in WTI futures remains present and the contract is trading closer to its recent lows. A continuation of the bear cycle 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 intact and the latest pullback appears corrective. The move down is allowing a recent overbought trend condition to unwind. For bulls, price has recently traded through 136.37, the 76.4% retracement of the Oct 1 - Nov 6 bear leg.Gilt futures traded lower Tuesday and this has resulted in a move through support at 95.49, the Dec 4 low, and 95.17, the Nov 28 low. A continuation down would expose key support at 93.40, the Nov 18 low.

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Price Signal Summary – Eurostoxx Bull Cycle Intact Despite Fade Off Highs

  • The S&P E-Minis contract maintains a bullish tone and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up. A bull cycle in the Eurostoxx 50 futures contract remains intact. Price has recently traded through the 50-day EMA, at 4881.26. The clear breach of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared.
  • GBPUSD is in consolidation mode and is trading closer to its most recent highs. Recent gains are considered corrective and this has allowed an oversold trend condition to unwind. The pair has breached the 20-day EMA, exposing the next firm resistance at 1.2830. A bear cycle in USDJPY remains intact despite recent gains - a correction. The pair traded to a fresh short-term trend low on Dec 3, highlighting a resumption of the bear leg and the retracement of the Sep 16 - Nov 15 rally. The trend condition in AUDUSD remains bearish and today’s extension reinforces the current bearish theme. The move lower maintains the price sequence of lower lows and lower highs.
  • Gold traded higher again yesterday. 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. A bearish threat in WTI futures remains present and the contract is trading closer to its recent lows. A continuation of the bear cycle 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 intact and the latest pullback appears corrective. The move down is allowing a recent overbought trend condition to unwind. For bulls, price has recently traded through 136.37, the 76.4% retracement of the Oct 1 - Nov 6 bear leg.Gilt futures traded lower Tuesday and this has resulted in a move through support at 95.49, the Dec 4 low, and 95.17, the Nov 28 low. A continuation down would expose key support at 93.40, the Nov 18 low.

FOREIGN EXCHANGE    

Keep reading...Show less