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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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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: $67.52 @ 16:39 BST May 13
  • SUP 1: $67.13 - Low May 11
  • SUP 2: $66.10 - Low May 3
  • SUP 3: $64.75 - 50-day EMA
  • SUP 4: $63.93 - Low Apr 26

The Brent crude price structure remains bullish, but Thursday price action saw some alleviation of the bullish momentum. This keeps the technical picture unchanged. Price on May 5, 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. A break would be bearish.