USD: The US CPI is at the forefront
- The Dollar is in the red against G10s going into the European session, but overall besides the Aussie and the Kiwi up 0.21% and 0.20% respectively, the Dollar is closer to flat, as Market Participants await the US Data.
- Looking at the past 5 days, the Pound has been the biggest winner, up 0.79% for that duration, with Cable testing and finding some resistance at the June high this morning, printed a 1.2868 vs a 1.2860 June high.
- Main upside resistance is still seen at 1.2894, the 2024 high.
- The NOK has been the worst performer, down 1.29% for that short period, but is so far just up 0.08% in early trade today.
- Next resistance in USDNOK comes at 10.7616, the June high.
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EQUITY TECHS: E-MINI S&P TECHS: (M4) Holding On To Its Recent Gains
- RES 4: 5462.77 2.236 proj of the Apr 19 - 29 - May 2 price swing
- RES 3: 5417.75 2.00 proj of the Apr 19 - 29 - May 2 price swing
- RES 2: 5400.00 Round number resistance
- RES 1: 5385.50 High Jun 7
- PRICE: 5372.25 @ 07:20 BST Jun 11
- SUP 1: 5304.08/5205.50 20-day EMA / Low May 31 and key support
- SUP 2: 5155.75 Low May 6
- SUP 3: 5099.25 Low May 3
- SUP 4: 5036.25 Low May 2
The uptrend in S&P E-Minis remains intact and the contract is holding on to its recent gains. Price has traded above 5368.25, the May 23 high and bull trigger. The move confirms a resumption of the uptrend. A continuation higher would signal scope for a climb towards the 5400.00 handle next. On the downside, key short-term support has been defined at 5205.50, the May 31 low. Clearance of this level is required to signal a short-term reversal.
EQUITIES: UK FTSE helps indices higher
- FTSE is helping Equities higher, with the UK index edging just above Yesterday's high.
- In turn Estoxx (VGM4) look at closing yesterday's downside opening gap, up to 5048.00.
- Emini (ESM4) sees main resistance at 5385.50, the contract printed high on Friday.
GOLD TECHS: Bearish Theme
- RES 4: $2481.5 - 2.764 proj of the Oct 6 - 27 - Nov 13 price swing
- RES 3: $2452.5 - 2.618 proj of the Oct 6 - 27 - Nov 13 price swing
- RES 2: $2450.1 - High May 20 and the bull trigger
- RES 1: $2342.5/2387.8 - 20-day EMA / High Jun 7
- PRICE: $2301.9 @ 07:21 BST Jun 11
- SUP 1: $2286.9 - Low Jun 7
- SUP 2: $2277.4 - Low May 3 and a pivot support
- SUP 3: $2187.4 - Low Mar 28
- SUP 4: $2146.2 - Low Mar 18 and key short-term support
A sharp sell-off in Gold Friday reinforces a short-term bearish theme. The yellow metal has cleared support around the 50-day EMA, at 2313.5. The break confirms a resumption of the reversal that started May 20 and signals scope for a deeper correction near-term. This has opened $2277.4, the May 3 low. Clearance of this price point would strengthen a bearish theme. Initial resistance to watch is $2387.8, last Friday’s high.
