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Market News Topics
August 16, 2021 09:49 GMT
Price Signal Summary - Silver Bear Flag
MARKET INSIGHT
- In FX, EURUSD bounced Friday but has found resistance at the 20-day EMA. Initial short-term resistance is Friday's high of 1.1805. Gains are considered corrective. EURGBP gains are also considered corrective and the cross remains in a bear trend. Last week's 0.8450 print - the lowest level since February last year - marks the bear trigger. A break would open the vol band support at 0.8413 as well as the Feb 27, 2020 low at 0.8430. USDJPY has started the week on a softer note and attention has turned to the key support at 108.72, the Aug 4 low. Key resistance is at 110.80, Aug 11 high.
- On the commodity front, Silver remains weak. The confirmation of a death cross in the DMA space recently, highlights the current bearish theme and note too that the recent consolidation has taken on the appearance of a bear flag. A break and close below the Aug 9 low of $22.626 would confirm a resumption of bearish pressure and open a key Fibonacci support at 20.871, 50% of the Mar '20 - Feb '21 range. Gold on the other hand is holding onto recent gains. The 20-day EMA at $1784.00 marks initial resistance. WTI futures key support lies at $65.01, Jul 20 low. This level represents a key pivot point.
- S&P E-minis outlook remains bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have again confirmed a resumption of the uptrend and signal scope for a continuation near-term. The focus is on 4481.75, 1.00 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 futures are lower this morning but remain in a clear uptrend. The focus is on the 4253.86 2.0% 10-dma envelope
- Support to watch in Bunds is at 176.13, the 20-day EMA. Gilt futures stalled ahead of the 200-dma last week, but managed a high watermark of 130.72 before prices faded. The support to watch is 129.10, Jul 22 low.
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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