EURGBP TECHS: Trend Structure Remains Bullish
- RES 4: 0.8865 1.764 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 3: 0.8848 1.618 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 2: 0.8835 High May 3 2023
- RES 1: 0.8818 High Oct 29
- PRICE: 0.8796 @ 06:35 GMT Oct 31
- SUP 1: 0.8751 High Sep 25
- SUP 2: 0.8725 20-day EMA
- SUP 3: 0.8696 50-day EMA
- SUP 4: 0.8656 Low Oct 8 and a key support
A bull cycle in EURGBP remains intact and this week’s strong gains have strengthened current conditions. The clear break of resistance 0.8769, the Jul 28 high and bull trigger, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The 0.8800 handle has been cleared, sights are on 0.8835, the May 3 2023 high. Initial support lies at 0.8751, the Sep 25 high.
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USD: Paring its Overnight gains
- he Dollar was at one point in the green against some of the G10 Currencies Overnight, but the Greenback has pared some its gains heading into the European session as the US Government shuts Down.
- The Yen is the best early performer, extending further gains now, USDJPY tests a new intraday low and has cleared the 50 day EMA that was 147.46.
- Next support is below the 147.00 figure at 146.77 Low Sep 18.
- The Aussie was one of the worst overnight performer, the Risk Tone tilted to the downside may have weighted somewhat, but AUDUSD has now bounced off its earlier to be flat on the day.
EQUITY TECHS: E-MINI S&P: (Z5) Bulls Remain In The Driver’s Seat
- RES 4: 6812.29 2.382 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 3: 6800.00 Round number resistance
- RES 2: 6787.63 1.382 proj of the Aug 1 - 15 - 20 price swing
- RES 1: 6756.75 High Sep 22
- PRICE: 6703.00 @ 07:23 BST Oct 1
- SUP 1: 6656.22 20-day EMA
- SUP 2: 6577.25 Low Sep 10
- SUP 3: 6541.51 50-day EMA
- SUP 4: 6481.75 Low Sep 3
A bull cycle in S&P E-Minis remains intact. Key short-term resistance has been defined at 6756.75, the Sep 22 high where a break would resume the primary uptrend. This would open 6787.63, a Fibonacci projection. On the downside, initial support to watch lies at the 20-day EMA, at 6656.22. It has been pierced, a clear break of it would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 6541.51.
WTI TECHS: (X5) Resistance Intact For Now
- RES 4: $76.89 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $74.79- 2.500 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $73.39 - High Jun 23 and a bull trigger
- RES 1: $66.42/68.43 - High Sep 29 / High Jul 30 and key resistance
- PRICE: $62.49 @ 07:17 BST Oct 1
- SUP 1: $60.85 - Low Aug 13 and the bear trigger
- SUP 2: $57.50 - Low May 30
- SUP 3: $54.89 - Low May 5
- SUP 4: $54.10 - Low Apr 9 and a key support
WTI futures have pulled back from their recent gains. The contract has recently breached $65.43, the Sep 2 high and this has potentially improved the S/T condition for bulls. However, the next key resistance is at $68.43, the Jul 30 high, where a break is required to signal scope for a stronger recovery. For bears, a clear reversal lower would refocus attention on key support at $60.85, the Aug 13 low. A break of this level would reinstate the downtrend.
