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TECHS: Price Signal Summary - USD Downtrend, Commodity And Equity Uptrend, Intact

MARKET INSIGHT
  • In the FX space, USD outlook remains bearish.
    • EURUSD attention is on 1.2293 next, Apr 23 high, 2018.
    • Cable is softer as Brexit nerves weigh on the pair. Sterling is likely to remain volatile. Support to watch is at 1.3364, the 20-day EMA.
    • EURGBP support at 0.8983, Dec 4 / 17 low has survived a test this week. This level is a key intraday pivot level - bullish above, bearish below.
  • On the commodity front, Gold maintains a bullish tone. The focus is on $1918.2, 76.4% retracement of the Nov 9 - 30 sell-off. Brent (G1) targets $52.00 and $53.15 next. The latter is the 1.000 projection of the Nov 16 - 25 rally from Dec 2 low. In WTI (G1) gains have opened $50.00.
  • Key support today in Bund (H1) lies at 177.21, trendline drawn off the Nov 11 low. Gilts (H1) have thus far held above support at 134.10 76.4% retracement of the Dec 2 - 11 rally. This level remains exposed.
  • Finally, the equity indices needle still points north. The S&P E-Mini objective is 3728.88, 1.50 projection of Sep 24 - Oct 12 rally from Oct 30 low.
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