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Price Signal Summary - USDJPY Resumes Its Primary Uptrend

MARKET INSIGHT
  • In the equity space, S&P E-Minis continue to trade inside its recent range and the current consolidation appears to be a bull flag formation. If correct, this reinforces short-term bullish conditions. Attention is on the 50-day EMA that intersects at 4178.95 today. A clear break of this average would strengthen a bullish outlook and open 4303.50, the Apr 26/28 high. Gains are still considered corrective and the primary trend direction is down. First support to watch is 3960.50, May 26 low. EUROSTOXX 50 futures are trading closer to recent highs and the short-term outlook remains bullish. This follows the recent break of the 50-day EMA. Scope is seen for a climb towards 3883.00, Apr 21 high and the key resistance at 3944.00, Mar 29 high. Short-term support has been defined at 3576.00, May 19 low. Initial support lies at 3736.70, the 20-day EMA.
  • In FX, EURUSD is slightly softer and continues to trade just ahead of resistance - at 1.0760 today. This is the top of a bear channel, drawn from the Feb 10 high. The channel top is a key short-term pivot resistance, where a break would highlight a stronger bullish outlook. A reversal lower would instead open support at 1.0533 initially, the May 20 low. Initial support lies at 1.0627, the Jun 1 low. GBPUSD has found support at 1.2431 today. The pair maintains a positive short-term tone and attention is still on the key resistance highlighted by the 50-day EMA, at 1.2690 today. A reversal lower would instead expose 1.2317, the May 17 low. USDJPY has resumed its primary uptrend - the pair has cleared resistance at 131.35, May 9 high. Indications are that the USD has further to go. The focus is on 133.84, the Apr 1 2002 high and a key short-term resistance.
  • On the commodity front, {O4} Gold has pulled back from its recent highs. A firm resistance is at the 50-day EMA, which intersects at $1874.3 today. A break of this average is required to suggest scope for a stronger recovery. For bears, a reversal lower would refocus attention on the key support and bear trigger at $1787.0, May 16 low. Initial support to watch is unchanged at $1828.6, Jun 1 low. In the Oil space, WTI futures remain bullish and the path of least resistance remains up. The recent break of $116.43, Mar 7 high, reinforced bullish conditions and confirmed a resumption of the primary uptrend. Price has also traded above the Psychological $120.00 handle. A continuation higher would open $122.00.
  • In the FI space, Bund futures remain soft. Price has cleared support at 150.97, May 9 low and a recent bear trigger. The contract has also breached 150.00. The focus is on 148.23 Low Jun 10, 2015 (cont). Gilts remains in a clear downtrend and further downside is likely near-term. The focus is on 114.08, 2.236 projection of the May 19 - 24 - 26 price swing.
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