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Impulsive Rally Extends

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Late Eurodollar/SOFR/Treasury Option Roundup

EURJPY TECHS

Price Is Below The 50-Day EMA

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Price Signal Summary - Trendline Resistance In Gold Remains Exposed

MARKET INSIGHT
  • In the equity space, S&P E-Minis continue to consolidate. The short-term trend outlook remains bullish though. Fresh highs last week reinforced the current condition and this signals scope for a climb towards 4204.75 next, May 31 high and the next key resistance. Initial key support is 4003.69, the 50-day EMA. The short-term uptrend in EUROSTOXX 50 futures is intact. Last week’s high print reinforces this theme. The contract has cleared the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40. The focus is on 3840.00, the Jun 6 high. Initial firm support to watch is 3603.40, the 50-day EMA.
  • In FX, EURUSD short-term conditions are bullish as long as price continues to trade above support at 1.0097, the Jul 27 low. Potential is seen for an extension higher inside the bull channel drawn from the Feb 10 high - the top intersects at 1.0361 and this is a key short-term resistance. Weakness below 1.0097 would alter the picture. A bullish short-term theme in GBPUSD remains intact and last week’s pullback is considered corrective. Price has recently traded above the 50-day EMA and the next objective at 1.2332, the Jun 27 high. Potential is also seen for a climb towards 1.2406, the Jun 16 high and a key resistance. Initial support to watch lies at 1.2004, the Aug 5 low. USDJPY is holding on to its most recent gains. It is still possible that the latest bounce is a correction. The price levels to watch are; 137.11, the former bull channel support breached on Jul 28 plus a key resistance, and 130.41, last Tuesday’s low and a bear trigger.
  • On the commodity front, Gold maintains a firmer tone and attention is the next key resistance at $1797.1. This is a trendline resistance drawn from the Mar 8 high. A breach of the line would represent an important technical break and highlight a stronger reversal of the 5-month downtrend. Initial firm support lies at $1754.4 the Aug 3 low. In the Oil space, WTI futures remain vulnerable following last week’s move lower. Price has breached support at $88.23, Jul 14 low and a key support. This has exposed $85.37, the Mar 15 low.
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  • In the equity space, S&P E-Minis continue to consolidate. The short-term trend outlook remains bullish though. Fresh highs last week reinforced the current condition and this signals scope for a climb towards 4204.75 next, May 31 high and the next key resistance. Initial key support is 4003.69, the 50-day EMA. The short-term uptrend in EUROSTOXX 50 futures is intact. Last week’s high print reinforces this theme. The contract has cleared the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40. The focus is on 3840.00, the Jun 6 high. Initial firm support to watch is 3603.40, the 50-day EMA.
  • In FX, EURUSD short-term conditions are bullish as long as price continues to trade above support at 1.0097, the Jul 27 low. Potential is seen for an extension higher inside the bull channel drawn from the Feb 10 high - the top intersects at 1.0361 and this is a key short-term resistance. Weakness below 1.0097 would alter the picture. A bullish short-term theme in GBPUSD remains intact and last week’s pullback is considered corrective. Price has recently traded above the 50-day EMA and the next objective at 1.2332, the Jun 27 high. Potential is also seen for a climb towards 1.2406, the Jun 16 high and a key resistance. Initial support to watch lies at 1.2004, the Aug 5 low. USDJPY is holding on to its most recent gains. It is still possible that the latest bounce is a correction. The price levels to watch are; 137.11, the former bull channel support breached on Jul 28 plus a key resistance, and 130.41, last Tuesday’s low and a bear trigger.
  • On the commodity front, Gold maintains a firmer tone and attention is the next key resistance at $1797.1. This is a trendline resistance drawn from the Mar 8 high. A breach of the line would represent an important technical break and highlight a stronger reversal of the 5-month downtrend. Initial firm support lies at $1754.4 the Aug 3 low. In the Oil space, WTI futures remain vulnerable following last week’s move lower. Price has breached support at $88.23, Jul 14 low and a key support. This has exposed $85.37, the Mar 15 low.
Keep reading...Show less