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Price Signal Summary - USD Rallies, Equities Under Pressure

MARKET INSIGHT
  • In the FX space, the USD is firm and the uptrend has accelerated with DXY touching a fresh 2021 high of 93.50. EURUSD is weaker and has cleared 1.1704, Mar 31 low . This signals scope for a move to 1.1621, 1.00 projection of the Jan 6 - Mar 31 - May 25 price swing. GBPUSD is lower too and attention turns to the key support at 1.3572, Jul 20 low and the bear trigger. EURJPY has resumed the downtrend with the focus on 127.88, 38.2% retracement of the Oct '20 - Jun rally. AUDUSD has cleared the 0.7200 handle. This paves the way for a move towards 0.7122, 1.618 projection of Feb 25 - Apr 1 - May 10 price swing.
  • On the commodity front, Gold remains firm with the focus on the next important resistance at $1797.8, the 50-day EMA. A break would strengthen bullish conditions. WTI futures support at $65.01, Jul 20 low has been cleared. This strengthens the bearish theme and opens $61.06, May 21 low and a key support.
  • On the equity front, a short-term corrective cycle has established itself following the extension lower. S&P E-minis are approaching a key support area at 4341.36, the 50-day EMA. EUROSTOXX 50 though is through its 50-day EMA. A deeper pullback would expose 4047.50 next, the Jul 27 low.
  • In FI, support to watch in Bunds is at 176.21, the Aug 11 low. Trend conditions remain bullish. Gilt futures outlook is bullish too and attention is on 130.72, Aug 4 high and the bull trigger. The support to watch is unchanged at 129.10, Jul 22 low.
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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