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Price Signal Summary - EURUSD Corrective Pullback Extends

OUTLOOK
  • In FX, EURUSD is trading on a softer note. The pair has breached support at 1.0942, the Apr 26 low, signalling scope for a deeper correction towards 1.0894, the 50-day EMA and the next key support. The uptrend remains intact and a resumption of gains would refocus attention on 1.1095, the Apr 26 high and a bull trigger. Clearance of this hurdle would resume the uptrend and open 1.1127, 1.00 projection of the Mar 15 - 23 - 24 price swing.
  • The trend outlook in GBPUSD remains bullish and the pair is holding on to its recent gains. Fresh cycle highs this week maintain the bullish trend sequence of higher highs and higher lows and the focus is on 1.2767 next, 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend. Note too that moving average studies are in a bull mode set-up and this highlights positive market sentiment. Support to watch is at the 20-day EMA, which intersects at 1.2515.
  • USDJPY short-term conditions are bearish and yesterday’s resumption of weakness reinforces this theme. A continuation lower would open 133.50, the May 4 low. Clearance of this level would confirm a resumption of the current bear cycle and open 133.02, the Apr 26 low. Note too that a break of 133.50 would confirm a breach of the 50-day EMA - a bearish development. Initial resistance is at 135.47, Wednesday’s high.
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