EURUSD TECHS: Trend Needle Still Points North
- RES 4: 1.0615 High Jun 27
- RES 3: 1.0559 1.764 proj of the Sep 28 - Oct 4 - 13 price swing
- RES 2: 1.0536 High Jun 29
- RES 1: 1.0479 High Nov 15
- PRICE: 1.0365 @ 05:50 GMT Nov 18
- SUP 1: 1.0272/0163 Low Nov 14 / 11
- SUP 2: 1.0094 High Oct 27 and a key near-term resistance
- SUP 3: 0.9936 Low Nov 10
- SUP 4: 0.9853 Trendline support drawn from the Sep 28 low
EURUSD trend conditions remain bullish and any short-term pullbacks are considered corrective. A positive price sequence of higher highs and higher lows on the daily chart and a bullish moving average set-up highlights an uptrend. A break of 1.0479, the Nov 15 high would confirm a resumption of the trend and open 1.0536, the late June high. Firm support lies at 1.0094 the Oct 27 high.
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EURJPY TECHS: Northbound
- RES 4: 148.88 High Dec 9 2014
- RES 3: 148.45 High Dec 15 2014
- RES 2: 147.76 1.236 proj of the May 12 - Jun 28 - Aug 2 price swing
- RES 1: 147.26 High Oct 18
- PRICE: 146.89 @ 06:47 BST Oct 19
- SUP 1: 144.09 High Oct 5
- SUP 2: 143.00/141.43 20-day EMA / 50-day EMA
- SUP 3: 139.44/137.40 Low Sep 29 / 26 and key support
- SUP 4: 136.02 Low Aug 25
EURJPY remains bullish and the contract extended gains into the Tuesday close, briefly topping the Y147.00 handle. The recent break of 145.64, the Sep 12 high and bull trigger, confirmed a resumption of the broader uptrend that started in May 2020. This clears the way for a climb towards 147.76 next, a Fibonacci projection. Moving average studies are in a bull mode position, highlighting a broader uptrend. Initial support lies at 144.09, the Oct 5 high.
EUROZONE ISSUANCE: EGB Supply - W/C October 17, 2022
Spain and France are both still due to issue bonds tomorrow. The ESM, Slovakia, Germany, Finland and Lithuania have already come to the market this week. We look for estimated gross nominal issuance of E25.3bln from announced operations, down from this week’s E37.8bln.
- For more on this week's issuance see the PDF here:
BTP TECHS: (Z2) Trend Needle Still Points South
- RES 4: 118.51 High Sep 13
- RES 3: 117.05 High Sep 22
- RES 2: 116.71 High Oct 4 and key resistance
- RES 1: 112.22/113.41 20-day EMA / High Oct 6
- PRICE: 111.14 @ Close Oct 18
- SUP 1: 108.85 Low Oct 11
- SUP 2: 108.13 Low Sep 28 and key support
- SUP 3: 107.27 2.382 proj of the Aug 25 - Sep 1 - 8 price swing
- SUP 4: 106.68 2.618 proj of the Aug 25 - Sep 1 - 8 price swing
BTP futures remain in consolidation mode. The trend condition though is bearish. The reversal from 116.71, Oct 4 high, signals the end of the Sep 28 - Oct 4 corrective phase. A continuation lower would open the key support and bear trigger at 108.13, the Sep 28 low. Clearance of this level would confirm a resumption of the broader downtrend and maintain the bearish price sequence of lower lows and lower highs. 116.71 marks the key resistance.
