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EURJPY TECHS

Still Climbing

USDJPY TECHS

Bulls Pause For Breath

US EURODLR OPTIONS

Lead Serial Put Spd

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  • In the equity space, S&P E-minis continue to extend the rally from 4293.75, Sep 20 low. The contract last week cleared a key short-term resistance at 4418.00, Sep 20 high and importantly, remains above the 50-day EMA. The next hurdle is 4478.50, Sep 16 high. A break would open 4539.50, Sep 3 high and the bull trigger. EUROSTOXX 50 maintains a bullish tone following last week's rebound 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. The focus is on key support at 1.1664, Aug 20 low. GBPUSD remains above key support at 1.3602, Aug 20 low. Triangle support at 1.3636 remains intact too and a breach of the 1.3636/02 zone is required to trigger a deeper sell-off. A resumption of gains would open 1.3792 the 50-day EMA. USDJPY has traded through 110.80 this morning, Aug 11 high. The break strengthens a bull case and opens 111.66, Jul 2 high and the bull trigger. 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 trend needle still points south and the focus is on $1742.5, 76.4% of the Aug 9 - Sep 3 rally. WTI futures continue to defy gravity and the contract is approaching $80.00, a psychological resistance point.
  • In FI, Bund futures remain in a downtrend and are trading lower this morning confirming a resumption of the current downtrend. This opens 169.90 next, 1.236 projections of the Sep 9 - 17 - 21 price swing. Gilt futures remain heavy and are trading lower. The focus is on 125.48, 1.00 projection of the Aug 31 - Sep 17 - 21 price swing. Treasuries are trading lower too and are below 132.00. This opens 131-14 next, Jun 17 low (cont).