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Price Signal Summary – AUD Uptrend Intact Despite Monday Weakness

MARKET INSIGHT
  • S&P E-Minis traded higher once again Monday and the contract maintains a bullish tone. The climb extends the positive price sequence of higher highs and higher lows. Recent gains in EUROSTOXX 50 have confirmed a resumption of the current uptrend. The move higher maintains the bullish price sequence of higher highs and higher lows and attention is on resistance at 3840.00, the Jun 6 high.
  • EURUSD started the week on a bearish note and has extended the move lower from last week’s 1.0368 high (Aug 10). The move down appears to be a short-term reversal and means that the pair has failed to clear channel resistance. EURGBP traded lower Monday and has remained below Friday’s high. The broader outlook is bearish and the recent move higher is likely a correction. Price action since mid-June has established a sequence of lower lows and lower highs. AUDUSD traded lower Monday but despite the pullback, remains closer to its recent highs. The recent breach of 0.7047, Aug 1 high, confirmed a resumption of the uptrend that started Jul 14 and signals scope for a continuation higher.
  • Gold maintains a bullish tone despite Monday’s retracement. Recent gains have resulted in a print above trendline resistance at $1784.7. The trendline is drawn from the Mar 8 high and the break represents an important technical breach. WTI futures traded lower Monday and this resulted in a brief print below support at $87.01, the Aug 5 low. The move lower reinforces bearish conditions and a clear break of $87.01 would confirm a resumption of the trend.
  • Bund futures started the week on a firmer note. The recent retracement is still considered corrective and the short-term trend direction is up. Moving average studies are in a bull mode condition. Last week’s extension lower in Gilt futures resulted in a break of trendline support drawn from the Jun 16 low. The pullback this month is still considered corrective and the trend outlook remains bullish.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEM BulletMetals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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