EURJPY TECHS: Bullish Reversal
Nov-20 19:30
- RES 4: 169.20 High Jul 24
- RES 3: 168.01 High Jul 26
- RES 2: 167.40 61.8% retracement of the Nov 11 - Aug 5 bear leg
- RES 1: 165.04/166.69 High Nov 15 / High Oct 31 and the bull trigger
- PRICE: 163.77 @ 15:59 GMT Nov 20
- SUP 1: 161.50 Low Nov 19
- SUP 2: 161.01 Low Oct 4
- SUP 3: 158.11 Low Sep 30
- SUP 4: 157.05/155.15 Low Sep 18 / 16
A strong reversal from Tuesday’s intraday low in EURJPY highlights a potential short-term reversal and the end of the recent Oct 31 - Nov 19 corrective cycle. A continuation higher would refocus attention on key resistance at 166.69, the Oct 31 high. Initial resistance is at 165.04, the Nov 15 high. For bears, a break of Tuesday’s 161.50 low, would confirm a resumption of the recent bear leg.
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AUDUSD TECHS: Bear Threat Remains Present
Oct-21 19:30
- RES 4: 0.6984 0.764 proj of the Aug 5 - 29 - Sep 11 price swing
- RES 3: 0.6942 High Sep 30 and the bull trigger
- RES 2: 0.6852/6889 High Oct 4 / 3
- RES 1: 0.6752 20-day EMA
- PRICE: 0.6657 @ 17:24 BST Oct 21
- SUP 1: 0.6655 Low Oct 21
- SUP 2: 0.6646 50.0% retracement of the Aug 5 - Sep 30 bull leg
- SUP 3: 0.6622 Low Sep 11 and key support
- SUP 4: 0.6576 61.8% retracement of the Aug 5 - Sep 30 bull leg
A bear cycle in AUDUSD remains intact and the latest shallow recovery appears to be a correction. Price has recently breached both the 20- and 50-day EMAs. This exposes 0.6622, the Sep 11 low and a key support. Clearance of this level would strengthen a bearish theme and open 0.6576, a Fibonacci retracement. Key resistance has been defined at 0.6942, the Sep 30 high. Initial resistance to watch is 0.6752, the 20-day EMA.
US STOCKS: Late Equities Roundup: Off Lows Ahead Heavy Earnings Docket
Oct-21 19:08
- Still weaker, stocks bounced off late morning lows in the second half amid cautious two-way positioning. Focus on this week's heavy corporate earnings schedule.
- Approximately 15% of the S&P 500 reporting this week (the largest week so far), focus shifts from financials to more notable reports across consumer discretionary, industrials and healthcare. Highlights in the coming week include General Electric, Coca-Cola and Tesla, while IBM and Texas Instruments provide first real look at Tech performance for the quarter.
- Current index levels are still within last week's trading ranges: the Dow trading down 373.94 points (-0.86%) at 42902.94, S&P E-Minis down 22 points (-0.37%) at 5884.25, Nasdaq down 8.3 points (0%) at 18481.19.
- Real Estate and Health Care sectors continued to underperform in late trade, industrial and office REITs weighing on the former: Prologis -3.76%, Extra Storage Space -3.73%, BXP Inc -2.98%. Pharmaceutical companies weighed on the Health Care sector: Biogen -3.0%, IQVIA Holdings -2.29%, Zoetis -1.82%.
- On the flipside, Information Technology and Energy sectors led gainers ahead midday, semiconductor makers buoyed the former: Nvidia +3.01%, Super Micro Computer +2.26%, Arista Networks +1.20%. Petroleum services companies supported the Energy sector as crude prices gained (WTI +1.45 at 70.67): Schlumberger +1.99%, Occidental +0.46%, Hess +0.42%.
COMMODITIES: WTI Climbs, Spot Gold Registers Another All-Time High
Oct-21 18:54
- WTI has climbed today, although it remains within Friday’s trading range. The Middle East conflict continues to be monitored closely as it prepares for Israel’s retaliation against Iran.
- WTI Nov 24 is up 2.0% at $70.6/bbl.
- For WTI futures, initial resistance is seen at $72.07, the 50-day EMA. A continuation of gains would refocus attention on the key short-term resistance at $78.46, the Oct 8 high.
- On the other hand, an extension lower would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low.
- Meanwhile, spot gold has edged down by 0.1% to $2,719/oz today, having risen to a fresh record high of $2,740.6 earlier in the session.
- There was no obvious headline for the pullback from the highs, as higher Treasury yields and the bid in the dollar started to reassert themselves.
- Technicals remain bullish, with sights on $2,767.1 next, the 3.236 projection of the Jul 25 - Aug 2 - Aug 5 price swing.
- Copper has also fallen by 0.6% today, to $436/lb, unwinding most of the gain from Friday’s session.
- The red metal remains 9% below the end-September high, amid uncertainty over the strength of Chinese demand.
- Copper futures remain in a short-term bear-mode condition and a clear breach of the 50-day EMA, at $436.66, would signal scope for a deeper retracement and open $415.93, a Fibonacci retracement point.
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