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TECHS: Price Signal Summary - Risk On Mood Kicks Off 2021

MARKET INSIGHT
  • A strong start to 2021 for the E-Mini S&P contract that has traded to a fresh trend high.
    • On the cards, price wise, is $3800.0 next ahead of $3819.10. The latter is the 1.764 projection of the Sep 24 - Oct 12 - Oct 30 price swing
  • On the commodity front, Gold is firm, trading above $1900.0. The focus is on $1965.6, Nov 9 high and a key technical resistance. Oil is firmer too with both Brent and WTI trading to fresh trend highs. Brent (H1) targets $54.26 next, 1.236 projection of the Nov 13 - 26 rally from Dec 2 low and WTI (G1), the psychological $50.00 level. Prices are off earlier highs in both contracts. This is considered a corrective pullback.
  • In the FX space, the USD remains weak.
    • The EURUSD bull trigger today is at 1.2310, Dec 30 high. Potential is for 1.2380, 2.00 projection of the Nov 4 - 9 rally from the Nov 11 low.
    • USDJPY targets 102.02, Mar 10 low and USDCAD, 1.2603 1.236 projection of the Oct 29 - Nov 9 downleg from the Nov 13 high.
    • Cable is set for gains towards 1.3712 Mar 1, 2018 low and AUDUSD bulls have 0.7813, Apr 19, 2018 high in their sights.
  • In the EU FI space, Bund (H1) is rallying and targets 178.44 next, Dec 21 high and a key near-term resistance. 135.99, Dec 14 is the next bull trigger in Gilts.
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