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MNI

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EUROZONE ISSUANCE

EGB Supply for W/C Jul 26

USDCAD TECHS

Pullback Considered Corrective

US TSYS SUMMARY

What a Short, Strange Trip It's Been

GLOBAL POLITICAL RISK

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

AUDUSD TECHS

Trend Indicators Remain Bearish

BRENT TECHS
  • RES 4: $46.68 - Low Mar 6 and gap high on the daily chart
  • RES 3: $46.37 - 50.0% retracement of the Jan - Apr sell-off
  • RES 2: $45.07 - High Jul 21 and the bull trigger
  • RES 1: $44.29 - High Jul 29
  • PRICE: $43.80 @ 06:37 BST Aug 4
  • SUP 1: $41.72 - Low Jul 30 and pivot support
  • SUP 2: $39.94 - Low Jun 25
  • SUP 3: $37.59 - Low Jun 12 and a reversal trigger
  • SUP 4: $35.87 - Low May 29

Following the acute volatility last Thursday, Brent futures have traded well, recovering swiftly from the support printed down at $41.72. This level represents an important pivot point. A break would reinforce the potential bearish significance of the mid-week sell-off and set the scene for a deeper pullback that would expose $39.94, Jun 25 low, an important reversal trigger too. While $41.72 holds, the focus is on whether key resistance at $45.07 will be breached to resume the uptrend.