EURJPY TECHS: Corrective Cycle Still In Play
Aug-20 19:00
* RES 4: 186.05 Low Jul 28 * RES 3: 185.88 1.0% Upper Bollinger Band * RES 2: 185.58 High Aug 20 * R...
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US 10YR FUTURE TECHS: (U6) Outlook Remains Bearish
Jul-21 18:55
- RES 4: 110-10+ High Jun 27 and a reversal trigger
- RES 3: 110-00 Round number resistance
- RES 2: 109-20+ 50-day EMA
- RES 1: 109-17 High Jul 17
- PRICE: 108-20+ @ 19:44 BST Jul 21
- SUP 1: 108-17 Low Jul 14
- SUP 2: 108-08+ Low May 19 and the bear trigger
- SUP 3: 108-04 1.500 proj of Apr 17 - May 4 - 7 swing
- SUP 4: 107-29 1.618 proj of Ajpr 17 - May 4 - 7 swing
The short-term trend condition in Treasuries remains bearish and recent gains appear to have been corrective. Resistance to watch is 109-20+, the 50-day EMA. A clear break of this EMA would expose 110-10+, the Jun 7 high and a reversal trigger. For bears, key support lies at 108-08+, the May 19 low and a bear trigger. A clear breach of this level would confirm a resumption of the medium-term downtrend.
US TSY OPTIONS: Oct'26 30Y Call Buy
Jul-21 18:46
+8,000 USV6 114 calls, 25 vs. 110-09/0.17%
COMMODITIES: Crude Rises Further Amid Mid-East Tensions, Precious Metals Rally
Jul-21 18:36
- Crude oil has seen further upside on Tuesday amid continued attacks in the Middle East and Houthi threats against vessels using Saudi ports.
- WTI Sep 26 is up by 2.2% at $84.3/bbl.
- At least six tankers have u-turned in the Red Sea since the Houthi warning on Monday, in which they made it clear that their blockade applied to all ships coming to and from Saudi ports.
- Meanwhile, the CPC terminal at Novorossiysk has stopped accepting piped supplies because tanker companies are too nervous to send their ships to the facility.
- US secretary of state Rubio said that the US is still trying to negotiate, but added that Iran’s behaviour has to change before the US does.
- For WTI futures, the clear break of 50-day EMA resistance and fresh cycle highs today signals scope for a stronger recovery, paving the way for a climb towards $87.47, the 61.8% retracement point of the bear leg between May 18 - Jul 2.
- Meanwhile, precious metals have rallied today, despite gains in the US dollar amid the rise in core yields, with spot gold up by 1.9% at $4,085/oz and silver surging by 4.6% to $59.0/oz.
- For now, the trend set-up in gold remains bearish, although price has narrowed the gap to initial 20-day EMA resistance at $4,091.0, clearance of which would open firm resistance at the 50-day EMA, at $4,241.6.
