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Price Signal Summary – EUR/USD Fails to Clear Channel Resistance

MARKET INSIGHT
  • 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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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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