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Price Signal Summary - EURUSD Resumes Its Primary Downtrend

MARKET INSIGHT
  • In the equity space, the trend condition in S&P E-Minis remains bearish for now - a corrective cycle is still in play. The 20-day EMA has been cleared and this opens the 50-4080.86. EUROSTOXX 50 futures remain in a short-term downtrend. The 20-day EMA has been cleared and the 50-day EMA at 3650.80, has been pierced. A clear break of this 50-day average would strengthen the bearish theme and open 3582.50, 50.0% of the Jul 5 - Aug 17 rally.
  • In FX, EURUSD started the week on a bearish note and the pair has cleared key support at 0.9952, the Jul 14 low. This confirms a resumption of the primary downtrend. The focus is on 0.9883 next, 1.764 projection of the Jun 9 - 15 - 27 price swing. GBPUSD has breached support at 1.1760, the Jul 14 low and bear trigger. This confirms a resumption of the downtrend and paves the way for weakness towards 1.1673, the 1.00 projection of the May 27 - Jun 14 - 16 price swing. USDJPY continues to appreciate and last week traded above resistance at 135.58 , the Aug 8 high. The pair has also breached 137.27, 76.4% of the Jul 14 - Aug 2 downleg. Sights are on 137.96 next, the Jul 22 high.
  • On the commodity front, Gold remains soft. The yellow metal recently failed to confirm a clear break of the 5-month downtrend. The break of support at $1754.4 Aug 3 low, signals scope for a deeper pullback towards $1711.7 next, the Jul 27 low. In the Oil space, WTI futures are trading higher as recent short-term gains extend. Key resistance is seen at $94.17, the Aug 11 high. A resumption of weakness would refocus attention on $85.37, the Aug 16 low.
  • In the FI space, Bund futures remain in a bear cycle and the contract has traded lower today. The focus is on the 150.00 handle next. Gilts remain vulnerable. The next objective is 111.72, the Jun 29 low.
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