EURJPY TECHS: Bullish Theme
- RES 4: 180.54 Top of a bull channel drawn from the Feb 28 low
- RES 3: 180.00 Psychological round number
- RES 2: 178.94 1.236 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 1: 177.94 High Oct 10 and the bull trigger
- PRICE: 176.19 @ 07:32 BST Oct 22
- SUP 1: 175.31 20-day EMA
- SUP 2: 173.92 Low Oct 6 and a gap high on the daily chart
- SUP 3: 173.24 High Oct 3 and a gap low on the daily chart
- SUP 4: 172.27 Low Oct 2 and a key medium-term support
The trend structure in EURJPY is unchanged, it remains bullish and moving average studies continue to highlight a dominant uptrend. Recent strength above resistance at 175.13, the Sep 29 high, confirmed a resumption of the uptrend. A continuation higher would open 178.94, a Fibonacci projection. First key support to watch lies at 175.31, the 20-day EMA. It has been pierced, a clear breach of it would signal scope for a deeper retracement.
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WTI TECHS: (V5) Bearish Theme
- RES 4: $77.85 - 2.794 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $75.65 - 2.500 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $74.25 - High Jun 23 and a bull trigger
- RES 1: $66.03/69.36 - High Sep2 / High Jul 30 and key resistance
- PRICE: $63.06 @ 07:20 BST Sep 22
- SUP 1: $61.29 - Low Aug 13 and the bear trigger
- SUP 2: $57.71 - Low May 30
- SUP 3: $54.80 - Low May 5
- SUP 4: $54.03 - Low Apr 9 and a key support
The trend condition in WTI futures is unchanged - a bear cycle remains intact and the latest recovery is considered corrective. The pullback from the Sep 2 high highlights a possible reversal and the end of a corrective phase between Aug 13 - Sep 2. Initial resistance to watch is $66.03, the Sep 2 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. A stronger resumption of weakness would open $57.71, the May 30 low.
GOLD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: $3800.0 - Round number resistance
- RES 3: $3783.2 - 1.618 proj of the Dec 30 ’24 - Apr 3 - 7 price swing
- RES 2: $3744.2 - 1.500 proj of the May 15 - Jun 16 - 30 price swing
- RES 1: $3707.6 - High Sep 17
- PRICE: $3702.8 @ 07:25 BST Sep 22
- SUP 1: $3614.0 - Low Sep 11
- SUP 2: $3577.9 - 20-day EMA
- SUP 3: $3473.5 - 50-day EMA
- SUP 4: $3311.6 - Low Aug 20
Gold remains in a clear bull cycle and short-term pullbacks are for now, considered corrective. A fresh all-time high, once again last week, confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3744.2, a Fibonacci projection. Initial firm support lies at $3577.9, the 20-day EMA. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend.
BRENT TECHS: (X5) Bear Threat Still Present
- RES 4: $79.16 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $77.28 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $76.39 - High Jun 23 and a bull trigger
- RES 1: $69.53/71.93 - High Sep 2 / High Jul 30 and a key resistance
- PRICE: $67.07 @ 07:10 BST Sep 22
- SUP 1: $64.50 - Low Jun 30 and a key short-term support
- SUP 2: $60.82 - Low May 30
- SUP 3: $58.37 - Low May 5
- SUP 4: $57.81 - Low Apr 9 and a key support
Brent futures remain above the Sep 5 low. Recent short-term gains are for now, considered corrective and a bear cycle remains intact. Sights are on $64.50, the Jun 30 low, where a clear break would confirm a continuation of the bear leg. This would open $60.82, the May 30 low. Key short-term resistance has been defined at $71.93, the Jul 30 high. Clearance of this level is required to cancel a bear theme.
