EURJPY TECHS: MA Studies Highlight A Dominant Uptrend
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.02/97 High Aug 13 / High Jul 28 and the bull trigger
- PRICE: 171.22 @ 07:08 BST Aug 28
- SUP 1: 170.60 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
EURJPY is trading below its recent highs. The trend structure remains bullish and key support to watch lies at the 50-day EMA at 170.60. A clear break of the average is required to highlight a stronger short-term bearish threat. Note that moving average studies are in a bull-mode position reinforcing the primary uptrend. Key resistance to watch is the Jul 28 high of 173.97. Clearance of this level would confirm a continuation of the bull cycle.
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BRENT TECHS: (U5) Bear Threat Still Present
- RES 4: $85.00 - Round number resistance
- RES 3: $81.99 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $80.72 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
- RES 1: $72.66/79.40 - 50.0% of the Jun 23-30 range / High Jun 23
- PRICE: $70.04 @ 06:52 BST Jul 29
- SUP 1: $65.92 - Low Jun 30
- SUP 2: $61.39 - Low May 30
- SUP 3: $58.00 - Low May 5
- SUP 4: $57.70 - Low Apr 9 and a key support
Brent futures are trading in a range. The trend set-up is unchanged and a bearish theme remains present. The sell-off on Jun 23 continues to signal scope for further weakness. The contract has pierced support at the 50-day EMA and note too that $66.17, 61.8% of the May 5 - Jun 23 bull leg, has also been pierced. A resumption of the bear leg would expose $61.39, May 30 low. Initial resistance to watch is $72.66, a Fibonacci point.
GILT TECHS: (U5) Trading Above Support
- RES 4: 93.00 Round number resistance
- RES 3: 92.74 61.8% retracement of the Jul 1 - 18 bear leg
- RES 2: 92.42 50.0% retracement of the Jul 1 - 18 bear leg
- RES 1: 91.83/92.15 20-day EMA / High Jul 22
- PRICE: 91.44 @ Close Jul 27
- SUP 1: 91.18/91.08 Low Jul 24 / 18 and the bear trigger
- SUP 2: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg
- SUP 3: 90.59 Low May 29
- SUP 4: 90.46 Low May 23
Gilt futures continue to trade below the Jul 22 high and the contract remains above its recent lows. A rally early last week resulted in a break of the 20-day EMA. A resumption of gains would signal scope for a climb towards 92.42 next, a Fibonacci retracement. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low. Clearance of this level would resume the bear cycle that started Jul 1.
MNI: SWEDEN FLASH Q2 GDP +0.9% Y/Y
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