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Price Signal Summary - USDJPY Cracks 130.00

MARKET INSIGHT
  • In the equity space, S&P E-Minis remain vulnerable and the recovery from 4136.75, Tuesday’s low, is considered corrective. A resumption of weakness would refocus attention on; 4129.50, Mar 15 low and 4094.25, Feb 24 and a bear trigger. A break of the latter support would represent an important technical break and strengthen bearish conditions. Initial resistance to watch is at 4303.50, Apr 26 high. The outlook in EUROSTOXX 50 futures remains bearish despite the recovery from yesterday’s low. Moving average studies continue to highlight a bearish trend condition. The focus is on 3551.60, the 61.8% retracement of the Mar 7 - 29 rally. The 20-day EMA at 3756.00, is the first resistance.
  • In FX, EURUSD remains in a clear downtrend and has traded lower again today. The focus is on 1.0454 next, the Jan 1 2017 low. GBPUSD remains under pressure following the recent impulsive move lower. The focus is on 1.2495 next, 61.8% retracement of the Mar 2020 - Jan 21 bull leg. This has been probed, a clear break would open 1.2423, the 2.236 projection of the Mar 23 - Apr 13 - 14 price swing. USDJPY has resumed its uptrend, following the breach of 129.40, Apr 20 high. Importantly, the pair has also cleared the psychological 130.00 handle, strengthening a bullish theme. This signal scope for a climb towards 131.96, the 1.00 projection of the Feb 24 - Mar 28 - 31 price swing. DXY remains in a clear uptrend and suggests the USD is likely to appreciate further in the near-term. The next major resistance is at 103.82, the Jan 3 2017 high.
  • On the commodity front, Gold remains vulnerable. The yellow metal has recently cleared support at the 50-day EMA. Furthermore, the pullback from last week’s high of $1998.4 (Apr 18), continues to highlight a bearish threat. This has been reinforced by the break yesterday of support at $1890.2, the Mar 29 low. This opens $1848.8, 76.4% of the Jan 28 - Mar 8 rally. In the Oil space, WTI futures are consolidating and remain above Monday’s low of $95.28. A bearish threat remains present despite recent gains and a resumption of weakness would open $92.60, the Apr 11 low.
  • The broader trend condition in the FI space remains bearish. Bund futures are eyeing the 153.00 handle next. Recent gains are considered corrective. Resistance to watch is at 156.21 the 20-day EMA. Gilts traded higher on Tuesday. This suggests scope for a stronger recovery near-term. Futures have traded above the 20-day EMA and breached a trendline resistance drawn from the Mar 1 high. An extension higher would open the 120.00 handle and 121.05, the 50-day EMA. Initial support is at 118.27, Apr 25 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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