EMERGING MARKETS: CEEMEA FX Price Signal Summary - Path Of Least Resistance In USDTRY Remains Up
Apr-12 11:14
- USDZAR reversed higher Wednesday and is holding on to its latest gains. Key support has been defined at 18.4131, the Apr 9 low. A break of this support is required to reinstate the recent bearish theme and this would open 18.2550, the Dec 29 low. A continuation higher would instead highlight a stronger reversal, signalling scope for a climb towards 19.1063, the Mar 28 high.
- The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Initial key support around the 20-day EMA - at 32.0883 - has recently been pierced highlighting a corrective cycle. A deeper pullback would open support at the 50-day EMA, at 31.5688. A move lower would be considered corrective. A resumption of the uptrend would open 33.00.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
OUTLOOK: Price Signal Summary - EURUSD Bull Flag
Mar-13 11:14
- In FX, a bullish theme in EURUSD remains intact following last week’s gains. The latest pullback appears to be a correction and a flag formation - a bullish continuation pattern. A resumption of gains would pave the way for a climb towards 1.0998 next, the Jan 5 high. The 76.4% retracement of the Dec 28 - Feb 14 bear leg is at 1.1034. Initial firm support to watch is 1.0853 the 50-day EMA.
- A bullish phase in GBPUSD bulls remain in the driver’s seat and this week’s move lower is considered corrective. The recent break of 1.2827, the Dec 28 high and a bull trigger, represents an important technical breach and confirms a resumption of the bull trend that started on Oct 4 last year. Moving average studies are in a bull-mode set-up too. Sights are on 1.2996 next, the Jul 27 2023 high. Initial firm support is seen at 1.2714, the 20-day EMA.
- USDJPY remains vulnerable following last week’s impulsive sell-off and the latest bounce is considered corrective. The breach of support at the 50-day EMA strengthens a bearish theme. The pair has pierced 146.83, 38.2% of the Dec 28 - Feb 13 bull cycle. The move lower has exposed 145.90, the Feb 1 low and a key support. Clearance of this level would be seen as an important bearish break. Initial resistance to watch is 148.37, the 50-day EMA.
PIPELINE: $1B Kommunivest WNG 2Y, Dexia 3Y SOFR Issuance On Tap
Mar-13 11:06
- Date $MM Issuer (Priced *, Launch #)
- 3/13 $1B Kommunivest WNG 2Y +27
- 3/13 $Benchmark Dexia 3Y SOFR+40
- $5.65B Priced Tuesday, $34.45B/wk
- 3/12 $3B *Goldman Sachs $2.25B 3NC2 +68, $750M 3NC2 SOFR+77
- 3/12 $900M *Constellation Energy 30Y +145
- 3/12 $500M *Avic Int 3Y +87.5
- 3/12 $500M *Southern California Gas WNG 30Y +133
- 3/12 $750M *Global Atlantic 30Y +250
US MBA: REFIS +12% SA; PURCH INDEX +5% SA THRU MARCH 8 WK
Mar-13 11:00
- US MBA: REFIS +12% SA; PURCH INDEX +5% SA THRU MARCH 8 WK
- US MBA: UNADJ PURCHASE INDEX -11% VS YEAR-EARLIER LEVEL
- US MBA: 30-YR CONFORMING MORTGAGE RATE 6.84% VS 7.02% PREV
