EURJPY TECHS: Trend Structure Remains Bullish
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.97 High Jul 28 and the bull trigger
- PRICE: 172.81 @ 08:09 BST Aug 12
- SUP 1: 169.83 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
A bullish trend condition in EURJPY remains intact and for now the recent move down is considered corrective. Key support to watch lies at the 50-day EMA at 169.83. A clear break of the EMA is required to highlight a stronger short-term bearish threat. Moving average studies remain in a bull-mode position highlighting an uptrend. A break of the Jul 28 high of 173.97, would resume the bull cycle.
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AUDUSD TECHS: Trend Structure Remains Bullish
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6603 High Nov 11 ‘24
- RES 1: 0.6595 High Jul 11
- PRICE: 0.6559 @ 08:07 BST Jul 14
- SUP 1: 0.6534 20-day EMA
- SUP 2: 0.6485/6373 50-day EMA / Low Jun 23 and a reversal trigger
- SUP 3: 0.6357 Low May 12
- SUP 4: 0.6275 Low Apr 14
The trend set-up in AUDUSD is unchanged, it remains bullish and last week’s gains reinforces current conditions. Resistance at 0.6590 has been pierced. A clear break of this price point would confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Scope is seen for a climb towards 0.6603 next, the Nov 11 2024 high. Initial firm support to watch is 0.6485, the 50-day EMA.
EURJPY TECHS: Trend Needle Points North
- RES 4: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 173.43 High Jul 12 ‘24
- RES 2: 172.92 High Jul 16 ‘24
- RES 1: 172.42 High Jul 11
- PRICE: 171.81 @ 08:02 BST Jul 14
- SUP 1: 170.81 Low Jul 11
- SUP 2: 169.48 20-day EMA
- SUP 3: 168.46 Low Jul 1
- SUP 4: 166.88 50-day EMA
The trend condition in EURJPY is unchanged, a bull cycle is in play and the cross continues to trade closer to its recent highs. Fresh gains last week confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Note that MA studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 172.92, the Jul 16 ‘24 high. Support to watch lies at 169.48, the 20-day EMA.
EQUITIES: Lower European Opens Seen After Trump’s Ups Tariff Threat Against EU
European equity index futures point to negative cash opens after U.S. President Trump upped his tariff threats against both the EU & Mexico over the weekend.
- Euro Stoxx 50 futures: -0.83%
- DAX futures: -0.96%
- CAC 40 futures: -0.80%
- FTSE MIB futures: -1.04%
- SMI futures: -0.39%
- FTSE 100 futures: -0.14%
- This morning’s move lower in Euro Stoxx 50 futures is still deemed corrective at this stage, with bulls remaining in technical control. Support at the 50-day EMA (5,328.83).
