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Price Signal Summary - USD Faces Selling Pressure

MARKET INSIGHT
  • In the equity space, the recent pullback in the S&P E-minis is considered corrective. The outlook is bullish and the focus is on 4420.92, 0.764 projection of the Jun 21 - Jul 14 - 19 price swing. Support is at 4342.30, the 20-day EMA. EUROSTOXX 50 futures are firmer and back above the 4100.00 handle. A bullish theme dominates signalling potential for a climb towards 4153.00 key resistance, Jun 17 high. Support is at 4029.50, Jul 22 high.
  • In FX, the USD is facing some selling pressure. EURUSD has traded above 1.1851, Jul 15 high. The focus is on the 50-day EMA at 1.1917. This represents an important resistance area. GBPUSD continues to climb. The pair has cleared its 50-day EMA strengthening the current bullish recovery. The next band of resistance is at 1.3990, 61.8% retracement of the Jun 1 - Jul 20 sell-off and 1.4001, the Jun 23 high. USDJPY remains above 109.07, Jul 19 low. This represents the key short-term support and the bear trigger. Key near-term resistance is 110.70, Jul 14 high. A break of 110.70 would be bullish.
  • On the commodity front, Gold is recovering from recent lows. The focus is on the bull trigger at $1834.1, Jul 15 high. Key short-term support is at $1790.0, Jul 23 low. Brent (U1) has cleared $73.87, 61.8% of the Jul 6 - 20 downleg and has tested $75.39, the 76.4% level. An extension would open $76.72, Jul 14 high. WTI (U1) is firmer and the focus is on $73.46, 76% of the Jul 6 - 20 downleg.
  • Within FI, Bund futures remain firm and edged higher earlier today. The focus is on 176.79, 1.50 projection of the May 19 - Jun 11 - Jun 22 price swing. Gilts maintain a bullish tone. The recent break of 129.92, Jul 8 high opens 130.72, 2.236 projection of the May 13 - 26 - Jun 3 price swing. We continue to monitor a bearish candle pattern, an evening star reversal from the Jul 21 close. A deeper pullback would expose 128.54, low Jul 14.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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