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Market News Topics
April 05, 2022 09:57 GMT
Price Signal Summary - AUDUSD Resumes Its Uptrend
MARKET INSIGHT
- In the equity space, the recent pullback in S&P E-Minis is still considered corrective. The bull cycle that started Mar 15, remains intact and the focus is on 4663.50, Jan 18 high. Watch initial resistance at 4633.44, 76.4% of the Jan 4 - Feb 24 downleg and an important short-term bull trigger. The 50-day EMA is key support - it intersects at 4450.00. EUROSTOXX 50 futures are in consolidation mode. A short-term bullish tone remains intact though. Last week’s gains higher confirmed a bull flag breakout on the daily chart and price traded above the 50-day EMA for a period. The focus is on 3965.50 next, the Feb 23 high. Support to watch is unchanged at 3735.00, the Mar 18 low.
- In FX, EURUSD traded lower Monday and started this week off on a bearish note. The pair has recently failed to remain above the 50-day EMA, and the subsequent sell-off highlights a developing bearish threat. Key support to watch is at 1.0945, the Mar 28 low. A break would signal scope for an extension lower. GBPUSD remains vulnerable following the pullback from 1.3298, the Mar 23 high. The focus is on 1.3000 next, the Mar 15 low and a bear trigger. Key resistance is unchanged at the 50-day EMA - it intersects at 1.3285 today. A break would signal a reversal. USDJPY is unchanged and remains in a corrective cycle following the pullback from the 125.09 trend high (Mar 28). Initial support lies at 121.28, the Mar 31 low. A break of this level would trigger a deeper pullback and open 120.95, Mar 24 low ahead of the 120.00 handle. Initial resistance is seen at 123.20, Mar 30 high. The AUDUSD continues to climb. Today’s gains confirm a resumption of the uptrend and a bull flag breakout on the daily chart. This signals scope for a climb towards 0.7716, the Jun 16 2021 high.
- On the commodity front, Gold is still range bound but remains vulnerable. The yellow metal found support last week at $1890.2 on Mar 29 and this level represents the short-term bear trigger. Initial resistance is at $1966.1, Mar 24 high. In the Oil space, WTI futures have recovered from yesterday’s low. This leaves the 50-day EMA at $97.61 intact - a key pivot support. Initial resistance is at $108.75, the Mar 30 high. For bears, a break of the 50-day EMA would suggest potential for a deeper retracement.
- In the FI space, the Bund futures primary trend remains down and recent gains are considered corrective. Key near-term resistance is seen at 160.15, the 20-day EMA. A resumption of weakness would open the 156.00 handle. Gilts traded higher Monday and breached its 20-day EMA. Key resistance is at 122.72, the Mar 18 high. The broader trend direction is bearish and the bear trigger is at 119.86, the Mar 28 low.
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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