EURUSD TECHS: Shallow Correction
Jan-27 18:00
- RES 4: 1.1054 High Apr 4 2022
- RES 3: 1.1022 3.00 proj of the Sep 28 - Oct 4 - Oct 13 price swing
- RES 2: 1.0954 High Apr 11, 2022
- RES 1: 1.0929 High Jan 26
- PRICE: 1.0860 @ 16:40 GMT Jan 27
- SUP 1: 1.0781/0767 20-day EMA / Low Jan 18
- SUP 2: 1.0634 Low Jan 9
- SUP 3: 1.0607/1.0484 50-day EMA / Low Jan 6
- SUP 4: 1.0423 3.0% Lower Bollinger Band
EURUSD bulls remain in the driver’s seat and the latest move lower appears to be a shallow correction. Key short-term support levels remain intact and note that moving average studies continue to highlight positive market sentiment. The next objective is 1.0954, the Apr 11 2022 high. The 20-day EMA marks initial firm support - it intersects at 1.0781. A break of the average would signal the start of a correction.
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US TSYS/SUPPLY: WI 5Y
Dec-28 17:56
WI inching higher ahead the $43B 5Y note auction (91282CGC9) 1300ET cut-off.
- 5Y WI is currently running around 3.970% (3.962% earlier) compared to last month's tail: 3.974% high yield vs. 3.970% WI.
US TSYS/SUPPLY: Preview $43B 5Y Note Auction
Dec-28 17:05
US Tsy $43B 5Y-Note auction (91282CGC9) at the top of the hour, WI currently running around 3.962%, 1.2bp rich to last month's small tail.
- November auction review: Tsy futures held near session lows (shifted lower on crude oil production cut denial from Saudis) after $43B 5Y note auction (91282CFZ9) tailed slightly: 3.974% high yield vs. 3.970% WI; 2.39x bid-to-cover vs. 2.48x the prior month.
- Indirect take-up at 66.22% vs. 67.98% prior; Direct take-up 18.71% vs. 15.56% prior; Primary dealer take-up 15.07% vs. 16.46%.
- Timing: The 5Y note results will available shortly after the competitive auctions closes at 1300ET.
LOOK AHEAD: Thursday Data Calendar: Weekly Claims, Tsy 7Y Note Sale
Dec-28 16:55
- US Data/Speaker Calendar (prior, estimate)
- Dec-29 0830 Initial Jobless Claims (216k, 225k)
- Dec-29 0830 Continuing Claims (1.672M, 1.706M)
- Dec-29 1130 US Tsy $45B 4W, $45B 8W bill auctions
- Dec-29 1300 US Tsy $35B 7Y Note auction (91282CGB1)
