USDJPY TECHS: Continues To Appreciate
- RES 4: 149.28 High Apr 3
- RES 3: 148.65 High May 12 and a reversal trigger
- RES 2: 148.03 High Jun 23
- RES 1: 147.18 Intraday high
- PRICE: 146.99 @ 07:27 BST Jul 9
- SUP 1: 145.83 Low Jul 8
- SUP 2: 145.02 50-day EMA
- SUP 3: 144.23/142.68 Low Jul 7 / 1
- SUP 4: 142.12 Low May 27 and a key short-term support
USDJPY continues to appreciate and maintains a firmer short-term tone. The latest recovery has resulted in a breach of the 50-day EMA, highlighting a stronger reversal. 146.77, 76.4% of the Jun 23 - Jul 1 bear leg, has been pierced, a clear break of this level would open 148.03, the Jun 23 high. Support to watch is 145.02, the 50-day EMA. A clear break of the average would be bearish.
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GOLD TECHS: Corrective Pullback
- RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 2: $3435.6/3500.1 - High May 7 / High Apr 22 and bull trigger
- RES 1: $3403.5 - High Jun 5
- PRICE: $3320.0 @ 07:25 BST Jun 9
- SUP 1: $3240.0 - 50-day EMA
- SUP 2: $3121.0 - Low May 15 and key support
- SUP 3: $3085.0 - 61.8% retracement of the Apr 7 - Apr 22 upleg
- SUP 4: $3100.0 - Round number support
A bullish theme in Gold remains intact and the latest pullback is considered corrective. Medium-term trend signals are bullish - moving average studies remain in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, the next support to monitor is $3240.0, the 50-day EMA.
RATINGS: Austria Downgraded At Fitch, Slovenia Upgraded At S&P
Sovereign rating reviews of note from after hours on Friday include:
- Fitch downgraded Austria to AA; Outlook Stable
- Fitch affirmed Estonia at A+; Outlook Stable
- Fitch affirmed Hungary at BBB; Outlook Stable
- S&P upgraded Slovenia to AA; Outlook Stable
- Morningstar DBRS confirmed Austria at AAA, Outlook changed to Negative
- Morningstar DBRS confirmed Estonia at AA (low), Stable Trend
- Morningstar DBRS assigned a BBB credit rating to Hungary, Stable Trend
BRENT TECHS: (Q5) Has Cleared The 50-Day EMA
- RES 4: $75.33 - High Feb 20
- RES 3: $73.88 - High Apr 2 and a bull trigger
- RES 2: $67.73 - 61.8% retracement of the Apr 2 - 9 sell-off
- RES 1: $66.69 - Intraday high
- PRICE: $66.35 @ 07:11 BST Jun 9
- SUP 1: $62.09/57.78 - Low May 30 / Low April 9 and the bear trigger
- SUP 2: $55.88 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $54.70 - 2.382 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 4: $54.00 - Round number support
Brent futures traded higher on Friday, resulting in a clear break of resistance at $65.33, the 50-day EMA. A continuation higher would open $67.73 next, a Fibonacci retracement. It is still possible that the recovery since early May is a correction. Moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. Support to watch lies at $62.09, the May 30 low. A break would be bearish.
