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TECHS: Price Signal Summary - Silver Rally Tests $30.00

MARKET INSIGHT
  • In the FX space, USDJPY remains firm following last week's two important resistance levels:
    • The bear channel resistance drawn off the Mar 24 high and
    • 104.40, Nov 11 high.
  • The break highlights a key reversal and an important shift in sentiment. The focus is on 105.16 High Nov 13.
  • EURUSD is softer but remains within the range defined by its key directional triggers. They are: support at 1.2054, Jan 18 low and 1.2190 resistance, Jan 22 high.
  • EURGBP is softer with the focus on a break of 0.8800, to open 0.8759, the May 12, 2020 low.
  • On the commodity front, Gold directional triggers are resistance at $1875.2, Jan 21 high and support at $1831.5, Jan 27 low. Silver has surged higher today, gapping at the open. $30.00 has been tested, a clear break would open $30.723, 50.0% retracement of the 2011 - 2020 downtrend. Volatility is likely to remain elevated. Support lies at $27.931, Friday's high. Oil contracts remain above support. Brent support is $54.40, Jan 22 low and WTI (H1) support lies at $51.44, Jan 22 low.
  • In the FI space:
    • Bunds (H1) key support is at 176.85, a trendline drawn off the Jan 12 low.
    • Gilts (H1) support lies at 133.79 Jan 21 low.
  • In equities, E-mini S&P futures traded lower last week and remain vulnerable despite the bounce so far today off the Asia-Pac low.
    • Support to watch is at 3656.50, the overnight low with resistance seen at 3773.61, the 20-day EMA.
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