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AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

USDCAD TECHS

Still Vulnerable

AUDUSD TECHS

Bullish Price Sequence

OIL
OIL: The Asian equity rally added a layer of support to the crude space, with
WTI trading unchanged at $68.95, while Brent added $0.25 to trade at $74.95.
- Saudi-Yemeni tensions continue to simmer, which is underpinning oil
volatility, while traders await the weekly API inventory estimate later on
Tuesday.
- Those surveyed look for a median 2.25mln barrel draw in this week's official
DoE inventory crude headline.
- From a technical perspective WTI's support emerging on dips is providing bulls
with confidence but a close above Thursday's high ($69.55) is needed to
reconfirm focus higher following last week's lack of topside follow through.
Overbought daily studies and momentum divergence are seen as concerns for bulls.
Bears now look for a close below yesterday's low ($67.14) to gain breathing room
and hint at a correction towards the 21-DMA ($65.74).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com