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ASIA

Coming up in the Asia-Pac session on Wednesday:

USDCAD TECHS

Corrective Pullback

US TSYS

Risk-On Carries On

US EURODLR OPTIONS

Late Trade, March Calls

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  • In the equity space, S&P E-minis continued to appreciate yesterday and registered a fresh all-time high print of 4543.25. This confirms a resumption of the broader uptrend and opens 4591.25, the 1.00 projection of the Jul 19 - Aug 16 - Aug 19 price swing. EUROSTOXX 50 futures have broken out of their recent range and resumed the current upleg. The focus is on 4200.50, the Sep 24 high.
  • In FX, EURUSD is consolidating. This week's break of the 20-day EMA signals scope for a stronger short-term corrective bounce. A resumption of strength would open the 50-day EMA that intersects at 1.1696. Key short-term support is unchanged at 1.1572, Oct 18 low. GBPUSD is consolidating. The pair has this week traded above resistance at 1.3795, 76.4% of the Sep 14 -29 downleg. Attention is on 1.3913, Sep 14 high. USDJPY maintains a bullish tone and traded to a fresh trend high Wednesday. Scope is seen for a climb towards 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. Dips are considered corrective.
  • On the commodity front, Gold maintains this week's firmer tone. However, the yellow metal remains below recent highs. The sharp reversal lower on Oct 15 continues to highlight a potential bearish threat. Short-term resistance has been defined at $1800.6, the Oct 14 high. Support to watch is at $1746.0, Oct 6 low. These levels represent key short-term directional triggers. WTI trend conditions remain bullish with sights on $85.01, 1.00 projection of the Sep 21 - Oct 6 - 7 price swing.
  • In the FI space, trend conditions remain bearish. Bund futures have once again traded to a fresh trend low and confirmed a resumption of the underlying downtrend. This has exposed 167.79, 2.50 projection of the Sep 9 - 17 - 21 price swing. Key resistance is at 169.92, Oct 14 high. Gilt futures have also traded to a fresh trend low. The resumption of the downtrend opens 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Key resistance is unchanged at 125.27, the Oct 14 high.