EURUSD TECHS: Key Support Remains Exposed
- RES 4: 1.1728 High Oct 17
- RES 3: 1.1694 50.0% retracement of the Sep 17 - Nov 5 bear leg
- RES 2: 1.1669 High Oct 28 and key resistance
- RES 1: 1.1586/1656 20-day EMA / High Nov 13
- PRICE: 1.1537 @ 16:27 GMT Nov 20
- SUP 1: 1.1504/1469 Intraday low / Low Nov 5 and the bear trigger
- SUP 2: 1.1425 1.500 proj of the Oct 17 - 22 - 28 price swing
- SUP 3: 1.1392 Low Aug 1 and bear trigger
- SUP 4: 1.1313 Low May 30
The trend structure in EURUSD remains bearish and the pullback from the Nov 13 high, reinforces a bear theme. Resistance to watch is 1.1669, the Oct 28 high. Clearance of this hurdle would highlight a stronger reversal. Moving average studies are in a bear-mode position, highlighting a dominant downtrend and continue to suggest that gains since Nov 5 are corrective. Sights are on key support at 1.1469, the Nov 5 low.
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EURGBP TECHS: Trend Outlook Remains Bullish
- RES 4: 0.8835 High May 3 2023
- RES 3: 0.8800 Round number resistance
- RES 2: 0.8769 High Jul 28 and the bull trigger
- RES 1: 0.8725/8751 High Oct 10 & 17 / High Sep 25
- PRICE: 0.8678 @ 15:22 BST Oct 21
- SUP 1: 0.8679/8656 50-day EMA / Low Aug 10
- SUP 2: 0.8633 Low Sep 15
- SUP 3: 0.8597 Low Aug 14 and key support
- SUP 4: 0.8562 50.0% retracement May 29 - Jul 28 upleg
EURGBP remains in consolidation mode. The trend condition is bullish and recent weakness appears corrective. Support to monitor lies at the 50-day EMA, at 0.8679. It has been pierced, a clear break of this level would signal scope for a deeper retracement towards 0.8633, the Sep 15 low. Key trend support lies at 0.8597, the Aug 14 low. On the upside, key resistance and the bull trigger is at 0.8769, the Jul 28 high.
PIPELINE: Corporate Bond Update: Alberta Expected Wednesday
- Date $MM Issuer (Priced *, Launch #)
- 10/21 $5B *World Bank 5Y SOFR+38
- 10/21 $2B *Kingdom of Sweden 3Y SOFR+26
- 10/21 $1.5B Albertsons 5.5NC2 5.625%a, 8.5NC3 5.875%a
- 10/21 $800M #ASB Bank $500M 5Y +60, $300M 5Y SOFR+90
- 10/21 $Benchmark Kazakhstan 5Y +90a, book over $3.5B
- 10/21 $Benchmark Oman Electricity 5Y Sukuk investment calls
- Rolled to Wednesday:
- 10/22 $Benchmark Alberta 10Y SOFR+85a
US: Americans Less Confidence GOP Is Party To 'Keep Country Properous' - Gallup
A new survey from Gallup has found that, “Americans continue to see the Republican Party as better than the Democratic Party for protecting the U.S. from international threats, 48% to 41%, though the margin has narrowed since last year.”
- The survey, which began before the government shutdown and the Israel-Hamas ceasefire deal, “also finds the GOP has lost its advantage as the party better for keeping the country prosperous.
- “In both cases, Republicans’ weaker position is mainly the result of fewer Americans than a year ago preferring the Republican Party for these responsibilities, not because of increased confidence in the Democratic Party to handle them.”
Figure 1: “Looking ahead for the next few years, which political party do you think will do a better job of ...?”
Source: Gallup
