EURJPY TECHS: Bullish Outlook
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 163.55/164.19 High Apr 14 / High Mar 18 and the bull trigger
- PRICE: 162.19 @ 16:06 GMT Apr 16
- SUP 1: 161.05/158.30 50-day EMA / Low Apr 7 and key support
- SUP 2: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle
- SUP 3: 155.60 Low Low Mar 4
- SUP 4: 154.80 Low Low Feb 28
Short-term weakness in EURJPY appears corrective and trend conditions remain bullish. Key short-term support has been defined at 158.30, the low on Apr 7. A break of this level is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. For bulls, a resumption of gains would expose 164.19, the Mar 18 high and the bull trigger. Clearance of this hurdle would resume the uptrend.
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EURGBP TECHS: Bullish Engulfing Candle
- RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg
- RES 3: 0.8494 High Aug 26 ‘24
- RES 2: 0.8474 High Jan 20 and a key resistance
- RES 1: 0.8450 High Mar 11
- PRICE: 0.8409 @ 16:27 GMT Mar 17
- SUP 1: 0.8369/8342 Low Mar 14 / 50-day EMA
- SUP 2: 0.8299/41 Low Mar 5 / 3 and a near-term bear trigger
- SUP 3: 0.8223 Low Dec 19 and a key support
- SUP 4: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
A bull cycle in EURGBP remains in play and Friday’s bullish engulfing candle pattern signals a resumption of the trend and the end of the recent corrective pullback. Initial firm support to watch lies at 0.8342, the 50-day EMA. For bulls, a continuation higher and a break of 0.8450, the Mar 11 high, would open 0.8474, the Jan 20 high and the next key resistance. Clearance of this level would strengthen bullish conditions.
US STOCKS: Late Equities Roundup: Oil & Estate Management Continue to Lead
- Stocks quietly extended session highs in Monday's second half, SPX eminis back to March 10 levels amid a lack of any specific headline driver as policy uncertainty over global trade remains. Currently, the DJIA trades up 467.25 points (1.13%) at 41956.15, S&P E-Minis up 58.25 points (1.02%) at 5750.75, Nasdaq up 143.4 points (0.8%) at 17898.4.\
- Energy and Real Estate sectors continued to outperform in late trade, oil and gas stocks leading gainers as crude prices rebounded (WTI +.40 at 67.58): Targa Resources +3.50%, Marathon Petroleum +3.43%, Valero Energy +3.20% and ONEOK +2.85%.
- Investment trusts and management shares buoyed the Real Estate sector: BXP +4.99%, Simon Property Group +3.20%, Iron Mountain +2.91% and Digital Realty Trust +2.67%.
- On the flipside, Consumer Discretionary and Communication Services sectors underperformed in late trade, Tesla -4.61%, Garmin -1.07%, Ulta Beauty -0.80% and Deckers Outdoor -0.60%.
- Meanwhile, interactive media and entertainment shares weighed on the Communication Services sector: Meta Platforms -0.41%, Alphabet -0.21% and Paramount Global +0.04%.
GBPUSD TECHS: Bull Cycle Remains In Play
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.2995 High Mar 17
- PRICE: 1.2985 @ 16:25 GMT Mar 17
- SUP 1: 1.2862 Low Mar 12
- SUP 2: 1.2778 20-day EMA
- SUP 3: 1.2656 50-day EMA and a short-term pivot support
- SUP 4: 1.2556 Low Feb 28
The GBPUSD trend outlook remains bullish. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. The pair has recently pierced a Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg. A clear break of this price point would open 1.3048, the Nov 6 2024 high. Initial firm support is 1.2656, the 50-day EMA.
