TURKEY: Borsa Istanbul Index Declines 5%, Triggering Circuit Breaker
- Turkey’s benchmark Borsa Istanbul 100 index declined 5% this morning, triggering market-wide circuit breaker. Trading is set to resume at 11:22am local time.
- Turkey's government criticised a call from the main opposition leader for people to take to the streets to protest what they say is the undemocratic detention of Istanbul's mayor Ekrem Imamoglu, as Reuters report that thousands demonstrated across the country. In his first comments on the mayor's detention, President Erdogan yesterday accused the opposition of failing to respond to the allegations of corruption with evidence or legal arguments.
- Data this morning showed Turkey's adjusted consumer confidence rose to 85.9 in March from 82.1 in February – reaching its highest level since May 2023. No other major releases are scheduled for today.
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EQUITIES: Another strong start for the EU Bank Index
- While the Cash Estoxx (SX5E) hasn't quite managed to test Yesterday's record printed high at 5544.00, it is another strong start for the Banking index .
- SX7E spiked to a new ~14yrs high on the open (best since April 2011), and close to a 30% gain from the December low.
- Some investors will look at the Psychological 180.00 level next, but upside target is at 181.50, the April 2011 high.
AUDUSD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 0.6471 High Dec 9 ‘24
- RES 3: 0.6429 High Dec 12 ‘24
- RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 1: 0.6384 High Dec 13
- PRICE: 0.6363 @ 08:02 GMT Feb 19
- SUP 1: 0.6305/6231 50-day EMA / Low Feb 10
- SUP 3: 0.6171/6088 Low Feb 4 / 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
AUDUSD is trading at its recent highs and a bull theme remains intact. The pair has cleared 0.6331, the Jan 24 high and a key short-term resistance. The breach highlights a stronger reversal and paves the way for gains towards 0.6414, a Fibonacci retracement. Note that moving average studies remain in a bear-mode position. This suggests the latest recovery is a correction. Initial firm support to watch is 0.6231, the Feb 10 low.
EURJPY TECHS: Resistance Remains Intact
- RES 4: 164.08 High Jan 24
- RES 3: 162.71 76.4% retracement of the Dec 30 - Feb 10 bear leg
- RES 2: 162.49 High Jan 29
- RES 1: 160.88/161.19 50-day EMA / High Feb 13
- PRICE: 158.44 @ 08:00 GMT Feb 19
- SUP 1: 157.90/155.61 Low Feb 11 / 10 and the bear trigger
- SUP 2: 155.15 Low Sep 16 ‘24
- SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
- SUP 4: 153.87 Low Dec 14 ‘23
EURJPY has pulled back from its recent high. For now, resistance at 160.88, the 50-day EMA, remains intact. It has been pierced, however, a clear break is required to strengthen a bullish condition and signal scope for an extension towards 162.71, a Fibonacci retracement. For bears, a stronger reversal would refocus attention on 155.61, the Feb 10 low and a bear trigger. Clearance of this level would resume the downtrend.
