USD: Early selling going through
- After looking mostly flat overnight, besides the Aussie, which is down following the weaker Australian CPI release overnight, the Dollar edges to session low against the EUR, GBP, CHF, SEK, SGD, CZK, MXN, TWD, KRW, while Gold gains circa 3 bucks in the past 10 minutes in early European trade.
- AUDUSD would need a test back to 0.6776 to reverse the CPI fall initially, now trading at 0.6764.
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BUNDS: CPIs are back at the forefront
- A busier week ahead, with CPIs back at the forefront.
- Bund and Treasuries are underpinned going into the Bund cash open, after gaping higher overnight, but the contracts are still trading within Friday's ranges.
- Support moves up to 134.09 for the German 10yr, followed by 133.88, while resistance remains at 134.95.
- Today sees, Spanish PPI, German IFO.
- Bundesbank releases Monthly report.
- SPEAKERS: ECB Villeroy, Lagarde
EURJPY TECHS: Heading North
- RES 4: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
- RES 3: 157.84 2.236 proj of the Mar 20 - 31 - Apr 6 price swing
- RES 2: 157.53 1.764 proj of the May 11 - 29 - 31 price swing
- RES 1: 156.93 High Jun 22
- PRICE: 156.40 @ 06:55 BST Jun 26
- SUP 1: 154.05 Low Jun 20 and key short-term support
- SUP 2: 153.09 Low Jun 16
- SUP 3: 152.72 20-day EMA
- SUP 4: 151.61 Low Jun 15
Dips in EURJPY were bought Friday and the cross continues to trade at its recent highs. This reinforces the current bullish theme following the latest impulsive rally. Price has recently cleared key resistance at 151.61, the May 2 high and an important bull trigger. The break confirmed a resumption of the longer-term uptrend and the focus is on 157.53 next, a Fibonacci projection. Initial key support is seen at 154.05, the Jun 20 low.
BTP TECHS: (U3) Breaches The Bull Trigger
- RES 4: 118.41 1.00 projection of May 26 - Jun 2 - Jun 8 price swing
- RES 3: 118.18 High Feb 2 (cont)
- RES 2: 118.00 Round number resistance
- RES 1: 117.37 High Jun 23
- PRICE: 116.95 @ Close Jun 23
- SUP 1: 115.61/114.61 20-day EMA / Low Jun 15
- SUP 2: 113.83 Low Jun 8 and key short-term support
- SUP 3: 112.48 Low May 29
- SUP 4: 111.78 Low May 26 and a key support
BTP futures traded to a fresh cycle high on Friday. Price has traded through resistance at 117.16, the Jun 16 high and a short-term bull trigger. This reinforces a bullish condition and signals scope for a climb towards the 118.00 handle next. Note that moving average studies remain in a bull mode condition. On the downside, key short-term support has been defined at 116.11, the Jun 15 low. A break would highlight a top.
