EURJPY TECHS: Trend Needle Points North
- RES 4: 187.36 Bull channel top drawn from the Feb 28 low
- RES 3: 186.41 2.618 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 2: 185.77 2.500 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 1: 185.57 High Jan 14 and the bull trigger
- PRICE: 185.13 @ 07:37 GMT Jan 21
- SUP 1: 182.63 Low Jan 19
- SUP 2: 182.08 50-day EMA
- SUP 3: 181.57 Low Dec 17
- SUP 4: 180.50 Low Dec 8
The strong recovery in EURJPY from Monday’s low highlights the end of the recent 3-day correction. The primary bull trend remains intact and the cross continues to trade above support at 182.21, the 50-day EMA. A clear breach of the average would suggest scope for a deeper retracement. The bull trigger is 185.57, the Jan 14 high. Clearance of this hurdle would resume the uptrend - sights are on 187.36, a bull channel top drawn from the Feb 28 low.
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AUDUSD TECHS: Support Remains Intact
- RES 4: 0.6759 High Oct 11 ‘24
- RES 3: 0.6723 High Oct 21 ‘24
- RES 2: 0.6707 High Sep 17 and a key resistance
- RES 1: 0.6661/86 High Dec 16 / 10
- PRICE: 0.6636 @ 07:35 GMT Dec 22
- SUP 1: 0.6593 Low Dec 18
- SUP 2: 0.6568 50-day EMA
- SUP 3: 0.6517 Low Nov 27
- SUP 4: 0.6466/21 Low Nov 26 / 21
The trend condition in AUDUSD remains bullish and recent weakness appears corrective. The move down has allowed an overbought condition to unwind. Support at the 20-day EMA, at 0.6599, has been pierced. The 50-day average is at 0.6568. The area between the two averages represents a key short-term support zone. A resumption of gains would refocus attention on key resistance at 0.6707, the Sep 17 high and bull trigger.
BTP TECHS: (H6) Bearish Outlook
- RES 4: 121.33 High Oct 21 and a key resistance area
- RES 3: 121.37 High Nov 13
- RES 2: 121.24 High Nov 26
- RES 1: 120.34/77 High Dec 17 / 3
- PRICE: 119.70 @ Close Dec 22
- SUP 1: 119.52 Intraday low
- SUP 2: 119.13 Low Dec 10 and the bear trigger
- SUP 3: 118.00 Round number support
- SUP 4: 118.84 2.000 proj of the Nov 13 - 20 - 26 price swing
Recent gains in BTP futures appear to have been a correction. The contract did trade above initial resistance at 120.17, the Nov 20 low. A resumption of gains would signal scope for an extension towards 120.77, the Dec 3 high. On the downside, attention is on key support at 119.13, the Dec 10 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend.
WTI TECHS: (G6) Trading Below Resistance
- RES 4: $70.16 - High Jun 23 and a key medium-term resistance
- RES 3: $64.97 - High Sep 26
- RES 2: $61.25 - High Oct 24 and a key resistance
- RES 1: $58.74 - 50-day EMA
- PRICE: $57.22 @ 07:16 GMT Dec 22
- SUP 1: $54.89 - Low Dec 16
- SUP 2: $54.71 - Low Apr 9 and a key support
- SUP 3: $53.77 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
- SUP 4: $52.27 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing
The trend condition in WTI futures remains bearish and short-term gains are considered corrective. MA studies are in a bear-mode position, highlighting a dominant downtrend. A key support and the bear trigger at $56.11, the Oct 17 low, has been breached. Clearance of this level resumes the downtrend and opens $53.77, a Fibonacci projection. Key short-term resistance to watch is $61.25, the Oct 24 high. First resistance is at $58.74, the 50- day EMA.
