FOREX: BBDXY Off Lows

• The Dollar was flat during the Overnight session against all G10s, and Overall very tight ranges.
• While it is a touch in the red, looking at the Stokkie which is the best early performer, it is only up 0.20%.
• USDSEK printed a 9.5310 low Yesterday (Prices are according to Bloomberg), and so far Today a 9.5338 low.
• Initial support comes at the 9.4800 area.
• The Second best performer in G10s is the NOK, but first support is a little further out, at last Week's low of 10.1537.
• Looking back at the past 5 days, the Pound has been the best performer, up 1.14%, GBPUSD is looking to test 1.3524, Yesterday's high into the European session.

• RES 4: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing 
• RES 3: 6500.00 Round number resistance
• RES 2: 6477.31 1.618 proj of the May 23 - Jun 11 - 23 price swing
• RES 1: 6474.75 High Aug 31 and the bull trigger      
• PRICE: 6466.75 @ 07:30 BST Aug 13
• SUP 1: 6253.04 2.0% 10-dma Envelope
• SUP 2: 6239.50 Low Aug 1
• SUP 3: 6240.28 50-day EMA
• SUP 4: 6213.75 50% retracement of Jun - Aug Upleg

With the recovery based well off the early August low, prices have hit new highs Wednesday, marking a formal resumption of the underlying uptrend. Projection levels kick in at 6477.31 ahead of round number resistance into 6500.00. Through recent phases of weakness, the 50-day EMA at 6240.28, has held as support - and will be important on any subsequent declines. Clearance of this average is required to signal a stronger reversal. 

• RES 4: 122.35 2.500 proj of the May 14 - 20 - 21 price swing
• RES 3: 122.00 Round number resistance 
• RES 2: 121.73 High Jun 13 and the bull trigger 
• RES 1: 121.70 High Aug 5
• PRICE: 120.74 @ 07:25 BST Aug 13
• SUP 1: 119.59 Low Jul 25 and key short-term support         
• SUP 2: 119.48 Low May 26 
• SUP 3: 118.87 Low May 21  
• SUP 4: 118.51 Low May 14 and key support 

The primary trend condition in BTP futures is unchanged and remains bullish, in contrast with broader EGB and Treasury markets. While closed lower Tuesday, the underlying uptrend remains intact, while price holds between the 20- and 50-day EMAs. 120.89 and 121.20 hold as the intraday targets. A continuation higher would open 121.73, the Jul 13 high and bull trigger. Key short-term support has been defined at 119.59, the Jul 25 low.