OUTLOOK: Price Signal Summary - Bear Cycle In Oil Futures Remains In Play
Feb-27 11:54
- On the commodity front, despite a pullback, a bull cycle in Gold remains in play. Recent fresh cycle highs once again confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend and positive market sentiment. Sights are on the $2962.2, a 2.00 projection of the Nov 14 - Dec 12 - 19 price swing. The first key support to watch is $2882.6, the 20-day EMA. It has been pierced - a clear break would open $2834.3, the Feb 6 low.
- In the oil space, a bearish theme in WTI futures remains intact and this week’s sell-off reinforces current conditions. The move down has resulted in a clear breach of support at $70.20, the Feb 6 low. This confirms a resumption of the downtrend that started on Jan 15 and paves the way for an extension towards $67.75, the Dec 20 ‘24 low. Key short-term resistance has been defined at $74.06, the Feb 3 high. Initial resistance is at $71.38, the 50-day EMA.
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OUTLOOK: Price Signal Summary - GBPUSD Remains Below The 50-Day EMA
Jan-28 11:45
- In FX, EURUSD is lower today however, a short-term bull cycle - a correction - remains in play. Last week’s gains resulted in a breach of the 50-day EMA, at 1.0457. The break higher strengthens short-term bullish conditions and sights are on 1.0574, 38.2% of the Sep 25 - Jan 13 bear leg. Initial support to watch is 1.0377, the 20-day EMA. A move through the EMA would signal a possible reversal.
- A bull cycle in GBPUSD remains in play. The pair has recently cleared the 20-day EMA, marking an extension of the reversal that started Jan 13. Attention is on the 50-day EMA, at 1.2520 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged, they remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10 low and bear trigger. First support to watch is 1.2387, the 20-day EMA. The
- primary trend condition in USDJPY remains bullish, however, Monday’s move down highlights a stronger short-term bear cycle. The pair has breached two important support points; 155.12, the 50-day EMA, and 155.13, a trendline drawn from the Sep 16 ‘24 high. This opens 152.55, 61.8% of the Dec 3 - Jan 10 bull leg. Initial firm resistance has been defined at 156.75, the Jan 23 high. Clearance of this level would be a bullish development.
