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Price Signal Summary - USD Bulls Remain Firmly In The Driver’s Seat

MARKET INSIGHT
  • In the equity space, S&P E-Minis continue to trade above recent lows. Trend conditions remain bearish though and a deeper pullback would open 3735.00, the Jun 23 low. A break of this level would expose key support at 3639.00, the Jun 17 low and bear trigger. Clearance of 3950.00, Jun 28 high, is required to suggest scope for a stronger recovery. EUROSTOXX 50 futures remain above last week’s 3343.00 low on Jul 5. Gains are considered corrective and the trend outlook is bearish. Last week’s breach of support at 3384.00, Jun 16 low, reinforces bearish conditions and confirms a resumption of the broader downtrend. The focus is on 3321.30, 50.0% of the major 2020 - 2021 upleg. Key short-term resistance is 3584.00, the Jun 27 high.
  • In FX, EURUSD attention is on parity, the base of a channel drawn from the Feb 10 high and a key psychological level. A break would strengthen bearish conditions and open 0.9944, 1.618 projection of the Jun 9 - 15 - 27 price swing. Firm resistance is at 1.0378, the 20-day EMA. GBPUSD remains vulnerable and has resumed its downtrend today as the pair trades to a fresh trend low. The focus is on 1.1795, 0.764 projection of the Mar 23 - May 13 - 27 price swing. USDJPY started the week on a firm note, trading above 137.00 resistance on Monday and resuming the primary uptrend. The focus is on the 138.00 handle next.
  • On the commodity front, Gold remains vulnerable following last week’s move lower that resulted in a breach of the bear trigger at $1787.00, May 16 low. The break confirmed a resumption of the broader downtrend and has opened $1706.3 next, 1.618 projection of the Mar 8 - 29 - Apr 18 price swing. Today’s fresh trend low also reinforces current conditions. In the Oil space, WTI futures remain vulnerable following last week’s move lower and break of support at $101.53, the Jun 22 low. Potential is for weakness towards $93.45 next. Recent short-term gains are considered corrective.
  • In the FI space, a short-term bull cycle in Bund futures remains in play and today’s climb has confirmed a resumption of the current short-term uptrend. The focus is on 154.65 next, the May 27 high. Gilts trend conditions remain bullish and scope is seen for a climb towards 117.48, 1.236 projection of the Jun 16 - 24 - 29 price swing.
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