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Price Signal Summary - USDJPY Cracks A Key Short-Term Support

MARKET INSIGHT
  • In the equity space, the uptrend in the S&P E-minis remains intact and underlying sentiment is still clearly bullish. The contract is consolidating near recent highs and the focus is on 4717.00 next, 1.50 projection of the Jul 19 - Aug 16 - Aug 19 price swing. EUROSTOXX 50 futures are consolidating. The trend needle continues to point north and the focus is on 4371.00, 1.236 projection of Jul 19-Sep 6-Oct 6 2020 swing (cont)
  • In FX, EURUSD short-term gains are considered corrective. Last week's print below 1.1524 Friday, the Oct 12 low reinforces the current bearish theme and signals a resumption of the downtrend. The focus is on 1.1493, 50.0% retracement of the Mar '20 - Jan '21 bull phase. Initial resistance this morning is at 1.1617, Nov 4 high. GBPUSD remains vulnerable following last week's bearish pressure and short-term gains are considered corrective. Attention is on the key support at 1.3412, Sep 29 low. Firm resistance is seen at 1.3697, the 50-day EMA. USDJPY has breached support at 113.00, the Oct 12 low. The break signals scope for a deeper pullback and opens 112.08, Sep 30 high.
  • On the commodity front, Gold reversed course late last week and maintains a firmer short-term tone. The turnaround opens $1834.0, Sep 3 high. Last week's sell-off in WTI resulted in a breach of $80.58, Oct 28 low and the contract cleared the 20-day EMA. Despite the most recent recovery, the 50-day EMA at $77.51 remains exposed. Key resistance has been defined at $85.41, Oct 25 high. The initial resistance to watch this morning is $83.42, high Nov 4.
  • In the FI space, the rally in Bund futures last week breached former resistance at 169.83, Oct 27 high. Note too that futures have also cleared the 50-day EMA. This opens 171.95, 61.8% of the Aug - Nov sell-off. Gilts maintain a firmer tone and the recent double bottom reversal continues to play out. The focus is on 127.69 next, Sep 21 high.
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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