RENEWABLES: German Wind Output Forecast Comparison
See the latest German wind output forecast for base-load hours from SpotRenewables vs Bloomberg’s ECMWF model for the next seven days as of Wednesday afternoon.
- Both models have similar wind forecast on 5 June, with the smallest deviation on that day at 0.01GW.
- The largest deviations are seen on 10 June and 13 June as the models are seen diverging, with ECMWF anticipating wind to drop on 10 June from 9 June, while SpotRenewables predicts wind to climb. The models are seen on the same trend on 13 June, however, ECMWF predicts lower wind.
Despite these differences, both models indicate wind to be volatile over 5-10 June before becoming more stable over 11-13 June.
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EQUITY TECHS: E-MINI S&P: (M5) Clears The 50-Day EMA
- RES 4: 5865.42 200-dma
- RES 3: 5837.25 High Mar 25 and a bull trigger
- RES 2: 5773.25 High Apr 2
- RES 1: 5724.75 High May 2
- PRICE: 5664.75 @ 14:22 BST May 5
- SUP 1: 5511.99 20-day EMA
- SUP 2: 5355.25/5127.25 Low Apr 24 / 21 and a key support
- SUP 3: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
- SUP 4: 4832.00 Low Apr 7 and the bear trigger
The latest recovery in the e-mini S&P reinforces current bullish conditions.The contract has traded through the 50-day EMA, at 5620.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low.
JPY: The Yen is now the best performer in G10
- Close to 150 pips range for the USDJPY, the Yen has taken over the AUD as the best performer in G10 against the Greenback.
- The cross has fully cleared Friday's low that was situated at 143.73, and the next support will now be seen at 142.88, last Thursday's low.
