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TECHS: Price Signal Summary - USDJPY Correction Extends

MARKET INSIGHT
  • In the equity space:
    • S&P E-minis have traded higher today reaching highs just short of 4100.00. The next objective is 4124.75, 1.382 projection of the Feb 1 - Feb 16 - Mar 4 price swing.
    • EUROSTOXX 50 maintains a bullish tone with the focus on 4000.00. A break would open 4047.72, 2.236 projection of the Dec 21 - Jan 8 - Jan 28 price swing
  • In the FX world, EURUSD maintains a short-term bullish tone and is trading closer to recent highs. The focus is on 1.1941, the 50-day EMA and a key resistance area. The GBPUSD outlook remains bearish. Recent gains have stalled at the former bull channel base drawn off the Nov 2 low. Resistance has been defined at 1.3919, Tuesday's intraday high. Continued weakness would expose key support at 1.3670, Mar 25 low. EURGBP rallied yesterday. The price pattern on Tuesday is a bullish engulfing candle. This exposed the next key resistance zone at 0.8646, Mar 24 high and S/T reversal trigger and 0.8653, the50-day EMA. These levels have been probed although clear break is still required to trigger stronger gains and open 0.8731, Feb 26 high. USDJPY edges lower as the corrective cycle extends. The next support is at 109.36, 20-day EMA. A break would open 109.13, Mar 26 low.
  • On the commodity front:
    • Gold is holding onto recent gains. Key resistance is $1755.5, Mar 18 high, where a break is required to suggest scope for a stronger bounce.
    • Brent (M1) key directional triggers are unchanged with:
      • Resistance at $65.39, Mar 29 high and key support at $60.33, Mar 23 low and the bear trigger.
    • WTI (K1) directional triggers are:
      • Resistance at $62.27, Mar 30 high and support at $57.25, Mar 23 low and the bear trigger
  • In the FI space, Bunds (M1) remain vulnerable despite recent gains. Key support to watch is at 170.52, Mar 18 low. Key resistance is at 172.66, Mar 25 high. The key support and bear trigger in Gilts (M1) remains 126.79, Mar 18 low.
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