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(U1) Holding Onto Gains


(U1) Needle Still Points North


China Repo Rates Creep Higher


(U1) Still Needs To Tackle Recent Highs


(U1) Northbound

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  • In the equity space, sentiment remains bullish and the E-mini S&P (U1) continues to grind higher, confirming again that the path of least resistance remains up. The focus is on 4264.41, a Fibonacci projection. Further out, the recent break higher also exposes 4300.00. Initial firm support is at 4155.00, Jun 3 low.
  • In the FX space, EURUSD still appears vulnerable following Friday's move low that saw the pair breach 1.2111 50-day EMA and probe the 1.2104 Jun 4 low. These levels represent a key short-term support and a clear break would signal scope for a deeper sell-off. This would open 1.2052, May 13 low. GBPUSD attention remains on the key support at 1.4006, May 13 low. The 50-day EMA is just above at 1.4039 and also represents a key support. The outlook is bullish while these levels hold. A break of 1.4006 though would suggest scope for a deeper pullback. Recent USDJPY remains above support at 109.19, Jun 7 low. Gains yesterday and today refocus attention on resistance and the near-term bull trigger at 110.33, Jun 4 high.
  • On the commodity front, Gold yesterday probed support at $1856.2, Jun 4 low. A deeper sell-off would open $1842.6, the 50-day EMA. Trend conditions in oil remain bullish and price continues to trend higher. The Brent (Q1) focus is on $74.20, Apr 26, 2019 high (cont). WTI (N1) traded higher yesterday as the uptrend extends. The focus is on $72.06, 3.00 projection of Mar 23 - 30 - Apr 5 price swing
  • Within FI, Bunds (U1) maintain a bullish tone with the focus on 173.32 next, 76.4% of the Mar 25 - May 19 sell-off. Gilts (U1) cleared 127.74/82 last week, the highs between Apr 20 and May 26. This opens 128.50, 1.00 projection of the May 13 - 26 - Jun 3 price swing.