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Price Signal Summary - USD Support Levels Hold

MARKET INSIGHT
  • On the equity front, S&P E-minis are lower and extending this week's corrective pullback. Support to watch is 4479.62, the 20-day EMA. The underlying trend condition is bullish and a resumption of strength would open 4580.21, 1.382 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 futures are also trading lower this morning. Trend conditions remain bullish but watch support at 4138.50, Aug 26 low.
  • In the FX space, EURUSD remains below Friday's high of 1.1909 and is trading lower this morning. The next support lies at 1.1807, the 20-day EMA. Key resistance is unchanged at 1.1909, the Jul 30 high and Sep 3 high. GBPUSD maintains a short-term bullish tone but is pulling away from recent highs. Watch support at 1.3731, Sep 1 low. A break would undermine recent bullish signals. USDCAD rallied yesterday and is firmer today. The pair has defined a key short-term support at 1.2494, Sep 3 low. Immediate resistance is at 1.2708, Aug 27 high. DXY has recovered back above its 50-day EMA and short-term conditions appear to be improving for bulls. Key support at 91.78, Jul 30 low remains intact and a stronger reversal would highlight a potential base. A break of 91.78 is required to strengthen the case for bears.
  • On the commodity front, Gold has pulled back from recent highs. The near-term outlook remains bullish with the key trigger for an extension higher at $1834.1, Jul 15 high. Support to watch is $1774.5, Aug 19 low. WTI futures remain in a bull mode. The focus is on $70.74, 76.4.% retracement of the Jul 30 - Aug 23 sell-off.
  • In FI, Bund futures remain vulnerable following yesterday's sharp sell-off. The focus is on 171.30, 2.382 projection of the Aug 5 - 11 - 17 price swing. Gilt futures are weaker following yesterday's breach of support at 128.03, the Jul 6 low (cont). This opens 127.65, 61.8% of the Jun 3 - Aug rally (cont).
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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