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Free AccessPrice Signal Summary – EUR/USD Fails to Clear Channel Resistance
- S&P E-Minis traded higher Tuesday and the outlook remains bullish. The move higher extends the positive price sequence of higher highs and higher lows. Moving average conditions are in a bull mode set-up too. Continued gains in EUROSTOXX 50 confirm 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 remains below last week’s 1.0368 high (Aug 10). The recent move down appears to be a short-term reversal and means that the pair has failed to clear channel resistance. USDJPY traded higher Tuesday. Firm short-term resistance has been defined at 135.58, the Aug 8 high. The Aug 10 sell-off continues to highlight a reversal of the recent Aug 2 - 8 correction. The recent AUDUSD pullback is considered corrective - for now. The Aug 10 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 is unchanged and the yellow metal maintains a bullish tone despite the latest retracement. Recent gains saw price trade above trendline resistance drawn from the Mar 8 high. WTI futures traded lower again Tuesday. This week’s move down has resulted in a print below support at $87.01, the Aug 5 low. The weakness reinforces bearish conditions and the break of $87.01 confirms a resumption of the downtrend.
- The recent retracement in Bund futures is still considered corrective and the short-term trend direction is up. Moving average studies are in a bull mode condition and the bullish price sequence of higher highs and higher lows is intact. Gilt futures still appear vulnerable. Last week’s extension lower 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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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.