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Price Signal Summary - EURUSD Recovery Extends Inside The Bear Channel

MARKET INSIGHT
  • S&P E-Minis initially traded higher Wednesday, before fading into the NY crossover. This confirms the view that short-term gains are considered corrective - for now. Resistance to watch is unchanged at 3950.00, the Jun 27 high, and the 50-day EMA at 3952.01. EUROSTOXX 50 futures are softer headed into US hours, however prices have taken out resistance at 3504.00, the Jul 8 high, the 50-day EMA at 3553.60 as well as 3584.00, the Jun 27 high, keeping the short-term view more positive.
  • EURUSD initially traded well Wednesday, before reverting lower on Russia headlines. To the upside, attention remains on resistance at 1.0258, the 20-day EMA. A clear breach of the average would strengthen bullish conditions and signal scope for an extension within the bear channel. USDJPY gains last week confirmed a resumption of the primary uptrend and this maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in bull mode condition, clearly highlighting current market sentiment. AUDUSD traded higher early Tuesday and extended the bounce from 0.6682, the Jul 14 low. Tuesday’s gains have also resulted in a break of the 20-day EMA and this exposes resistance at the 50-day EMA, at 0.6964.
  • WTI futures traded higher again Tuesday and the contract remains in a short-term corrective cycle. A recent reversal signal was confirmed on Jul 14 - a hammer candle formation. Gold is consolidating. The outlook is bearish and the yellow metal remains in a downtrend. Recent weakness confirmed a continuation of the bear cycle that has resulted in the break of $1787.00, May 16 low.
  • Bund futures came under early pressure Tuesday, but much of the drop has reverted through the NY crossover. Support, for now, remains unchallenged and the contract remains in an uptrend, following the recent break of 152.92, Jul 6 high. The short-term outlook in Gilt futures remains bullish and pullbacks are considered corrective. Recent gains confirmed a resumption of the bull cycle that started Jun 16 - price cleared resistance at 114.55, the Jun 24 high.
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