BRENT TECHS: (N5) Support Remains Exposed
- RES 4: $78.10 - High Jan 15
- RES 3: $75.81 - High Feb 20
- RES 2: $74.63 - High Apr 2 and a bull trigger
- RES 1: $64.24/67.17 - 20- and 50-day EMA values
- PRICE: $62.71 @ 07:06 BST May 7
- SUP 1: $58.00 -Low April 9 and the bear trigger
- SUP 2: $56.29 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $55.10 - 2.382 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 4: $54.00 - Round number support
A bearish theme in Brent futures remains intact and recent weakness reinforces current conditions. Last week’s price action confirms recent gains between Apr 9 - 23 as corrective that allowed an oversold condition to unwind. Sights are on $56.29 a Fibonacci projection. On the upside, key resistance to monitor is at the 50-day EMA, at $67.17. Initial resistance is at $64.24, the 20-day EMA.
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BRENT TECHS: (M5) Impulsive Reversal Extends
- RES 4: $77.75 - High Jan 20
- RES 3: $76.26 - High Feb 20
- RES 2: $72.31/75.47 - 50-day EMA / High Apr 2 and a bull trigger
- RES 1: $67.95 - Low Mar 5 and a recent breakout level
- PRICE: $63.80 @ 07:02 BST Apr 7
- SUP 1: $63.01 - Intraday low
- SUP 2: $61.97 - 2.236 proj of the Jan 15 - Feb 4 - 20 price swing
- SUP 3: $60.00 - Psychological round number
- SUP 4: $58.26 - 3.000 proj of the Jan 15 - Feb 4 - 20 price swing
Brent futures traded in a volatile manner last week and also traded sharply lower. The move down cancels a recent bullish theme. Price has traded cleared both the 20- and 50-day EMAs. Furthermore, the contract has breached $67.87, the Oct 10 ‘24 low. This signals scope for a continuation towards $91.97, a Fibonacci projection. On the upside, initial firm resistance is seen at $67.95, the Mar 5 low.
MNI: GERMANY FEB TRADE BALANCE E17.7BLN; JAN E16.2BLN
- MNI: GERMANY FEB TRADE BALANCE E17.7BLN; JAN E16.2BLN
- GERMANY FEB EXPORTS 1.8% M/M; JAN 0.0%
- GERMANY FEB IMPORTS 0.7% M/M; JAN 5.0%
USDJPY TECHS: Trend Needle Points South
- RES 4: 151.30 High Mar 3
- RES 3: 150.43/151.21 50-day EMA / High Mar 28 and reversal trigger
- RES 2: 149.12 20-day EMA
- RES 1: 148.18 Low Mar 20
- PRICE: 145.92 @ 07:07 BST Apr 7
- SUP 1: 144.56 Low Apr 4
- SUP 2: 144.13 76.4% retracement of the Sep 16 ‘24 - Jan 10 bull leg
- SUP 3: 143.43 Low Oct 2 ‘24
- SUP 4: 142.95 1.00 proj of the Feb 12 - Mar 11 - 28 price swing
USDJPY maintains a softer tone following last week’s sharp sell-off and is trading just ahead of its recent lows. A resumption of the downtrend and a break of Friday’s 144.56 low would signal scope for an extension towards 144.13, a Fibonacci retracement point. Initial firm resistance to watch is 149.12, the 20-day EMA. Short-term gains would - for now - be considered corrective.
