EUROZONE ISSUANCE: EGB Supply Daily
The EU, Italy, Germany and potentially Portugal will look to hold auctions in the W/C 26 January. We...
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BRENT TECHS: (G6) Corrective Bounce
- RES 4: $70.86 - 76.4% retracement of the Jun 23 - Oct 17 bear leg
- RES 3: $70.33 - High Jul 30
- RES 2: $68.86 - High Sep 26 and a key resistance
- RES 1: $62.61/65.25 - 50-day EMA / High Oct 24
- PRICE: $62.48 @ 06:33 GMT Dec 24
- SUP 1: $58.72 - Low Dec 16
- SUP 2: $58.11 - Low Apr 9 and a key support
- SUP 3: $87.72 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
- SUP 4: $56.22 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing
A bearish theme in Brent futures remains present and for now, the latest strong recovery is considered corrective. Note that moving average studies are in a bear-mode condition, highlighting a dominant downtrend. A resumption of the bear cycle would open $58.11, the Apr 9 low. On the upside, key short-term resistance to watch is $65.25, the Oct 24 high. First resistance is $62.61, the 50-day EMA.
EUROZONE ISSUANCE: EGB Supply Daily and Funding Plans Update
There are no scheduled operations this week. We still await a final 2026 funding plan from France, which we had expected before Christmas. Greece published its 2026 plan on Monday.
See the full MNI Supply Daily here.
- We summarise 2026 funding plans from Austria, Belgium, the EU, the ESM/EFSF, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
AUDUSD TECHS: Breaches Key Resistance
- RES 4: 0.6858 1.000 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 3: 0.6795 0.764 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 2: 0.6759 High Oct 11 ‘24
- RES 1: 0.6723 High Oct 21 ‘24
- PRICE: 0.6714 @ 06:38 GMT Dec 24
- SUP 1: 0.6655/6614 Low Dec 23 / 20-day EMA
- SUP 2: 0.6576 50-day EMA
- SUP 3: 0.6517 Low Nov 27
- SUP 4: 0.6466/21 Low Nov 26 / 21
The trend condition in AUDUSD remains bullish and a strong rally this week reinforces current conditions. The pair has cleared a key resistance at 0.6707, the Sep 17 high. The breach confirms a resumption of the medium-term uptrend that started Apr 9. Sights are on 0.6723 and 0.6759, the Oct 21 / 11 high 2024. Initial firm support to watch lies at 0.6614, the 20- day EMA.
