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AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

USDCAD TECHS

Still Vulnerable

AUDUSD TECHS

Bullish Price Sequence

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  • In the equity space, S&P E-minis have recovered from Monday's sharp sell-off and the low of 4293.75. The contract has cleared a key short-term resistance at 4418.00, Sep 20 high and importantly is also back above the 50-day EMA. An ability to hold above the EMA would be promising for bulls and signal scope for gains towards 4478.50 next, the Sep 16 high. Key support has been defined at 4293.75. EUROSTOXX 50 started the week on a bearish note but sentiment has shifted and the contract rebounded from 3974.00, Sep 20 low. Further gains would open the bull trigger at 4223.00, Sep 6 high.
  • In FX, EURUSD outlook remains bearish despite yesterday's gains. The focus remains on key support at 1.1664, Aug 20 low. GBPUSD reversed higher Thursday. The strong bounce leaves a key support at 1.3602 unchallenged, Aug 20 low. Furthermore, it also means triangle support at 1.3635 remains intact. The next resistance is at 1.3755, the 20-day EMA. The USD Index (DXY) key resistance resides at 93.73, Aug 20 high and the bull trigger. A break would confirm a resumption of the uptrend that started May 25.
  • On the commodity front, the Gold traded lower yesterday and cleared former support at $1742.3, Sep 20 low. This confirms a resumption of the bear cycle and opens $1742.5, 76.4% of the Aug 9 - Sep 3 rally. WTI futures maintain a bullish outlook as this week's rally extends. The focus is on $74.08, 0.764 projection of the Aug 23 - Sep 2 - Sep 9 price swing.
  • In FI, Bund futures remain in a downtrend and yesterday's sharp sell-off opens 169.90, 1.236 projections of the Sep 9 - 17 - 21 price swing. Gilt futures remain heavy despite finding support at today's low. A resumption of weakness would open 125.72, 3.00 projection of the Aug 20 - 26 - 31 price swing. Treasuries cleared a number of supports yesterday paving the way for a move to 131-27+, 1.00 projection of the Aug 4 - 11 - 17 price swing.