EURJPY TECHS: Sights Are On The Bull Channel Top

• RES 4: $71.38 - High Jun 23 and a key medium-term resistance 
• RES 3: $67.16 - High Jul 30
• RES 2: $65.33 - High Sep 26 and key resistance 
• RES 1: $61.84 - High Oct 24    
• PRICE: $57.70 @ 07:12 GMT Dec 15
• SUP 1: $55.99 - Low Oct 20 and bear trigger
• SUP 2: $55.33 - Low May 1
• SUP 3: $54.72 - Low Apr 9 and a key support
• SUP 4: $53.53 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

A bearish theme in WTI futures remains intact and the move down last week reinforces this theme. Note that moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. A continuation of the bear leg would open key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Key short-term resistance to watch is $61.84, the Oct 24 high.

• RES 4: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing
• RES 3: $4400.0 - Round number resistance  
• RES 2: $4381.5 - High Oct 20 and bull trigger
• RES 1: $4353.5 - High Dec 12                    
• PRICE: $4343.3 @ 07:19 GMT Dec 15 
• SUP 1: $4185.4/4069.6 - 20- and 50-day EMA values 
• SUP 2: $3998.1 - Low Nov 18 
• SUP 3: $3886.6 - Low Oct 28 and a reversal trigger 
• SUP 4: $3800.00 Round number support

Gold traded higher last week, reinforcing a bullish theme. The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch is the 50-day EMA, at $4069.6. Clearance of this EMA would signal scope for a deeper retracement. Attention is on key resistance and the bull trigger at $4381.5, the Oct 20 high.

• RES 4: $70.86 - 76.4% retracement of the Jun 23 - Oct 17 bear leg  
• RES 3: $70.33 - High Jul 30
• RES 2: $68.86 - High Sep 26 and a key resistance 
• RES 1: $65.25 - High Oct 24 
• PRICE: $61.44 @ 07:03 GMT Dec 15 
• SUP 1: $59.93 - Low Nov 20 and the bear trigger  
• SUP 2: $58.92 - Low May 5
• SUP 3: $58.11 - Low Apr 9 and a key support
• SUP 4: $56.22 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing 

A bearish theme in Brent futures remains present and this is highlighted by moving average studies that are in a bear-mode condition. A continuation lower would expose key support and the bear trigger at $59.93, the Oct 20 low. Clearance of this level would confirm a resumption of the bear cycle. Key short-term resistance to watch is unchanged at $65.25, the Oct 24 high. A breach of this level would instead signal scope for a stronger correction.