SCHATZ TECHS: (M5) Resistance Intact For Now
- RES 4: 107.775 High Apr 7 and the bull trigger
- RES 3: 107.600 High Apr 30
- RES 2: 107.550 High May 7
- RES 1: 107.335 High May 12 / 20
- PRICE: 107.300 @ 06:48 BST May 23
- SUP 1: 107.175/070 Low May 19 / 13 and the bear trigger
- SUP 2: 106.965 Low Apr 9 and a key support
- SUP 3: 106.928 61.8% retracement of the Mar 6 - Apr 7 bull cycle
- SUP 4: 106.830 Low Mar 27
Schatz futures are trading closer to their recent highs. Resistance to watch is 107.335, the May 12 / 20 high. Clearance of this hurdle would signal a potential reversal. This would open 107.550, the May 7 high. For bears, a resumption of the bear leg would instead signal scope for an extension towards the next key support at 106.965, the Apr 9 low. The bear trigger has been defined at 107.070, the May 13 low.
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GILT TECHS: (M5) Monitoring Resistance
- RES 4: 94.50 High Apr 7 and key resistance
- RES 3: 93.44 76.4% retracement of the Apr 7-9 sell-off
- RES 2: 93.00 Round number resistance
- RES 1: 92.63 High Apr 8
- PRICE: 92.44 @ Close Apr 22
- SUP 1: 91.73/91.43 Low Apr 17 / 15
- SUP 2: 90.47/89.99 Low Apr 11 / 9
- SUP 3: 89.68 Low Jan 15 (cont)
- SUP 4: 88.96 Low Jan 13 and a key support (con)
A sharp sell-off in Gilt futures between Apr 7 - 9 continues to highlight a bearish threat and recent gains - for now - appear corrective. Resistance to watch is 92.63, the Apr 8 high. A break of this level would signal scope for stronger bounce and expose 93.44, a Fibonacci retracement. For bears, a reversal would refocus attention on 89.99, the Apr 9 low where a break would resume the downtrend.
MNI: UK MAR PSNCR GBP2.69 BN
- MNI: UK MAR PSNCR GBP2.69 BN
- UK MAR CGNCR GBP20.94 BN
- UK MAR PSNB-X GBP+16.44 BN
- UK MAR PSNB GBP+16.44 BN
USDJPY TECHS: Trend Outlook Remains Bearish
- RES 4: 149.28 High Apr 3
- RES 3: 147.77 50-day EMA
- RES 2: 144.90 20-day EMA
- RES 1: 143.22 Intraday high
- PRICE: 142.08 @ 06:55 BST Apr 23
- SUP 1: 139.79 1.382 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 2: 138.82 1.500 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 3: 138.07 LowJul 28 ‘23
- SUP 4: 137.85 1.618 proj of the Feb 12 - Mar 11 - 28 price swing
The trend condition in USDJPY remains bearish and the bounce from Tuesday’s low is considered corrective. Recent fresh cycle lows confirm a resumption of the downtrend and maintain the price sequence of lower lows and lower highs. Note too that MA studies are in a bear-mode position highlighting a dominant downtrend. Sights are on 139.79 next, a Fibonacci projection. Initial firm resistance to watch is the 20-day EMA, at 144.90.
