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USDJPY TECHS

Bullish Focus

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EURGBP TECHS

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Remains Under Pressure

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Bear Cycle Extension

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  • RES 4: $71.95 - High Sep 16, 2019 (cont)
  • RES 3: $71.75 - High Jan 8 2020 (cont)
  • RES 2: $70.00 - Psychological round number
  • RES 1: $69.95 - High May 5
  • PRICE: $69 19 @ 06:43 BST May 6
  • SUP 1: $67.37 - Low May 4
  • SUP 2: $66.10 - Low May 3
  • SUP 3: $64.13 - Low Apr 26 / 50-day EMA
  • SUP 4: $61.97 - Low Apr 5

Brent crude futures maintain a bullish tone and have this week resumed their upleg. Yesterday, price probed key resistance at $69.73, Mar 8 high. A clear break of this level would confirm a resumption of the broader uptrend and extend the bullish price sequence of higher highs and higher lows. This would open $71.75, the Jan 8, 2020 high (cont). On the downside, initial firm support has been defined at $66.10.