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USDCAD TECHS

Needle Still Points South

US TSYS

Yields Bounce as Equities Make New Monthly Highs

AUDUSD TECHS

Heading North

EURJPY TECHS

Bull Rally Accelerates

COLOMBIA

Economists Survey Raises 2021 CPI Forecast To 4.9%

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  • In the equity space, S&P E-minis recovered yesterday but it appears too early to determine whether this is a correction or the start of a recovery that resumes the uptrend. Attention remains on the key 50-day EMA at 4410.32. This average is an important support. Key resistance is unchanged at 4539.50, Sep 3 high. EUROSTOXX 50 futures continue to consolidate. The contract remains above 4132.50, Sep 9 low. A break of this support would expose 4078.00, Aug 19 low. The bull trigger is unchanged at 4252.00, Sep 6 high.
  • In FX, EURUSD is trading lower this morning. Recent weakness highlights a short-term bearish theme and a stronger sell-off would open 1.1758 next, 61.8% of the Aug 20 - Sep 3 rally. Initial resistance is at 1.1851, Sep10 high. The key resistance remains 1.1909, Jul 30 and Sep 3 high. Recent activity in GBPUSD is consolidating. The pair has defined short-term directional parameters at; 1.3913 as resistance, Sep 14 high and support at 1.3727, Sep 8 low. A clear breach of either level would provide a clearer directional signal. The Yen is firmer. USDJPY has tested support at 109.11, Aug 16, Sep 15 low. A break would open the firmer support at 108.72, Aug 4 low. EURJPY is approaching 128.60, 76.4% of the Aug 19 - Sep 3 rally. A break would signal scope for a test of key support at 127.94, Aug 19 low.
  • On the commodity front, Gold is trading lower this morning but remains in a range. Bulls need to see a break of $1834.1, Jul 15 high to confirm a resumption of gains. Support to watch is unchanged at $1774.5, Aug 19 low. A break would threaten a bull theme and signal scope for a deeper reversal. WTI futures maintain a bullish outlook. The contract has cleared $71.30, the bear channel top drawn from the Jul 6 high. This reinforces current bullish conditions and opens the primary resistance and bull trigger at $74.77, Jul 7 high.
  • In FI, Bund futures remain vulnerable and the contract has traded lower today. Further downside is likely and scope is for 171.16 next, 2.50 projection of the Aug 5 - 11 - 17 price swing. Gilt futures remain in a bear mode following last week's breach of support at 128.03, the Jul 6 low (cont). The contract has also traded lower this week and the focus is on 127.39, 1.50 projection of the Aug 20 - 26 - 31 price swing.