LOOK AHEAD: UK Timeline of Key Events (Times GMT)
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LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
| Date | Time | Country | Event |
| 02-Jan | 0815 | ES | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0845 | IT | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0900 | EU | S&P Global Manufacturing PMI (f) / M3 |
| 06-Jan | 0745 | FR | HICP (p) |
| 06-Jan | 0815 | ES | S&P Global Services / Composite PMI |
| 06-Jan | 0845 | IT | S&P Global Services / Composite PMI |
| 06-Jan | 0850 | FR | S&P Global Services / Composite PMI (f) |
| 06-Jan | 0855 | DE | S&P Global Services / Composite PMI (f) |
| 06-Jan | 0900 | DE | Regional CPIs |
| 06-Jan | 0900 | EU | S&P Global Services / Composite PMI (f) |
| 06-Jan | 1300 | DE | Germany CPI (p) |
BRENT TECHS: (H6) Corrective Phase
- RES 4: $70.06 - High Jul 30
- RES 3: $68.58 - High Sep 26
- RES 2: $64.81 - High Oct 24 and a key resistance
- RES 1: $62.16/64.81 - 50-day EMA / High Oct 24
- PRICE: $61.23 @ 05:55 GMT Dec 31
- SUP 1: $58.53 - Low Dec 16
- SUP 2: $58.27 - Low Apr 9 and a key support
- SUP 3: $57.87 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
- SUP 4: $56.44 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing
A bearish theme in Brent futures remains present and for now, the latest strong recovery is considered corrective. Note that moving average studies are in a bear-mode condition, highlighting a dominant downtrend. A resumption of the bear cycle would open $58.27, the Apr 9 low. On the upside, key short-term resistance to watch is $64.81, the Oct 24 high. First resistance is $62.16, the 50-day EMA.
USDJPY TECHS: Support Remains Intact
- RES 4: 158.87 High Jan 10 and a key resistance
- RES 3: 158.29 2.618 projection of the Sep 17 - 26 - Oct 1 price swing
- RES 2: 158.00 Round number resistance
- RES 1: 157.89 High Nov 20 and the bull trigger
- PRICE: 156.62 @ 06:02 GMT Dec 31
- SUP 1: 155.56/154.78 Low Dec 24 / 50-day EMA
- SUP 2: 153.62 Low Nov 14
- SUP 3: 152.82 Low Nov 7
- SUP 4: 151.54 Low Oct 29
The trend structure in USDJPY is bullish and the latest pullback - for now - appears corrective. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. Attention is on 157.89, the Nov 20 high and a bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend. Support to watch lies at 154.78, the 50-day EMA. A clear breach of it would undermine the bull theme and signal scope for a deeper correction.
