PIPELINE: Corporate Bond Update: $2B Esentia Energy 2Pt Launched

• MNI: US FEB CONSUMER CREDIT +$9.5B
• US FEB REVOLVING CREDIT +$0.7B
• US FEB NONREVOLVING CREDIT +$8.8B

• RES 4: 186.87 High Jan 23 and a key M/T resistance  
• RES 3: 186.36 High Feb 9
• RES 2: 185.93 1.0% 10-dma envelope
• RES 1: 185.15 High Apr 07
• PRICE: 185.06 @ 16:58 BST Apr 7
• SUP 1: 183.45 50-day EMA
• SUP 2: 182.59/181.87 Low Mar 30 / 16 and a key short-term support
• SUP 3: 180.81 Low Feb 12 and a reversal trigger
• SUP 4: 180.10 Low Dec 5 ‘25

EURJPY is trading higher today, resulting in a print above a key short-term resistance at 184.77, the Feb 25 high. A clear break of this hurdle would signal a bullish reversal. It would also highlight a false break of a bull channel support drawn from the Feb 28 ‘25 low, currently at 184.89. A continuation higher would open 185.05 next, a Fibonacci retracement, ahead of 186.36, the Feb 9 high. Initial firm support to watch is 182.59, the Mar 30 low.    

• WTI crude is higher ahead of President Trump’s Iran deadline today, seeing further gains after Iran reportedly stopped negotiation efforts with the US. Uncertainty remains high given that Trump could ultimately delay the escalation once again.
• WTI May 26 is up 0.6% at $113.1/bbl.
• President Trump warned that if a deal isn't reached and the Strait of Hormuz reopened by 2000ET Tuesday, the US military could destroy Iranian bridges and power plants by midnight. He repeated threats on Truth Social, but left open the possibility that a deal could still happen.
• There have been conflicting reports over the position of negotiations between the US and Iran. However, Axios later reported that progress had been made on a deal, although it would be hard to agree before the deadline.
• A bull wave in WTI futures remains intact, with the contract piercing key resistance and the bull trigger at $113.41, the Mar 9 high. A clear break of this would confirm a resumption of the uptrend and open $118.99, a Fibonacci projection, ahead of the psychological $120.00 handle.
• Elsewhere, spot gold has edged higher, as the US dollar has traded with a softer tone, despite the heightened level of geopolitical uncertainty.
• Spot gold is up by 0.6% at $4,678/oz.
• Recent gains in gold appear to be corrective, with a clear break of key near-term resistance at $4,784.8, the 50-day EMA, required to signal scope for a stronger recovery. This would open $4,914.9, a Fibonacci retracement point.