RENEWABLES: CWE Morning Solar Forecast

• RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
• RES 3: 151.21 High Mar 28 
• RES 2: 150.92 High Aug 1 and a key resistance 
• RES 1: 148.52 High Aug 12 
• PRICE: 147.39 @ 07:11 BST Aug 18
• SUP 1: 146.21 Low Aug 14
• SUP 2: 145.86 Low Jul 24
• SUP 3: 145.51 100-dma
• SUP 4: 145.40 50% retracement Apr - Aug Upleg

A bearish threat in USDJPY remains present and the pair is trading closer to its recent lows. Sights are on support at 145.86, the Jul 24 low. Clearance of this level would highlight a stronger reversal and strengthen the bearish engulfing signal from Aug 1. This would open 144.58, a trendline support drawn from the Apr 22 low. Initial firm resistance to watch is at 148.52, the Aug 12 high. A breach of this level would be viewed as a S/T bull signal.

Sovereign rating reviews of note from after hours on Friday include:
• Moody's affirmed Ireland at Aa3; Outlook Positive
• Morningstar DBRS confirmed Latvia at A, Stable Trend

• RES 4: 5575.00 High Mar 3 and a major resistance (cont) 
• RES 3: 5568.00 High Mar 6  
• RES 2: 5526.00 High Mar 19 / 20 (cont) 
• RES 1: 5491.00 Intraday high 
• PRICE: 5478.00 @ 06:47BST Aug 18
• SUP 1: 5363.22 20-day EMA
• SUP 2: 5345.89 50-day EMA 
• SUP 3: 5280.00 Low Aug 7 
• SUP 4: 5249.00 Low Aug 5   

A bullish theme in Eurostoxx 50 futures remains intact and the contract is trading at its latest highs. The print above the May and July highs strengthens a bull theme and signals scope for a climb towards 5575.00, the Mar 3 high (cont) and key resistance. Moving average studies remain in a bull-mode position, highlighting an uptrend. Support to watch lies at 5345.89, the 50-day EMA.