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FOREX

China Data In Awaited

JAPAN DATA

Japan May Exports +49.6% Y/Y; 3rd Monthly Rise

US TSYS

Flat Start

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  • RES 4: $688.75 - 1.00 proj of Mar 30 - May 7 - May 26 price swing
  • RES 3: $644.25 - 0.764 proj of Mar 30 - May 7 - May 26 price swing
  • RES 2: $638.00 - High May 7
  • RES 1: $618.25 - High Jun 7
  • PRICE: $613.25 @ 14:30 BST Jun 10
  • SUP 1: $558.25 - Low Jun 3
  • SUP 2: $500.25 - Low May 26 and key near-term support
  • SUP 3: $481.50 - Low Apr 7
  • SUP 4: $449.50 - Low Mar 30

Corn futures started the week on a firm note, gapping higher at the open Monday and have cleared resistance at 585.50, Jun 1 high. This marks an extension of the recovery from $500.25, May 26 low. The recovery from the May 26 low means that price failed to remain below the 50-day EMA - a bullish development - and reinforces current conditions. This signals scope for a test of $638.00, May 7 high and bull trigger. Key support is at $500.25.