EURJPY TECHS: Uptrend Intact Despite The Latest Pullback
- RES 4: 167.40 61.8% retracement of the Jul 11 - Aug ‘24 sell-off
- RES 3: 166.69 High Oct 31 2024 and a key resistance
- RES 2: 166.10 High Nov 6
- RES 1: 165.21/43 High May 13 / High Nov 8 2024
- PRICE: 163.39 @ 07:32 GMT May 15
- SUP 1: 163.10 20-day EMA
- SUP 2: 162.18/161.60 50-day EMA / Low May 6
- SUP 3: 160.99 Low Apr 22
- SUP 4: 159.48 Low Apr 9
EURJPY has pulled back from its recent highs but for now, is holding on to the bulk of its recent gains. The latest bullish extension paves the way for a move towards 165.43, the Nov 8 ‘24 high. Moving average studies are in a bull mode position, highlighting a dominant uptrend. Support to watch is 162.18, the 50-day EMA. A break of this level is required to signal a possible reversal.
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EQUITY TECHS: E-MINI S&P: (M5) Corrective Cycle Still In Play
- RES 4: 5906.75 High Mar 6
- RES 3: 5837.25 High Mar 25 and the reversal trigger
- RES 2: 5713.01 50-day EMA
- RES 1: 5505.38 20-day EMA
- PRICE: 5433.75 @ 07:21 BST Apr 15
- SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce
- SUP 2: 4832.00 Low Apr 7 and the bear trigger
- SUP 3: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
- SUP 4: 4663.75 1.764 proj of the Feb 19 - Mar 13 - 25 price swing
A short-term reversal higher in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5524.91, the 20-day EMA. Resistance at the 50-day EMA is at 5737.71. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low.
WTI TECHS: (K5) Corrective Cycle
- RES 4: $74.66 - High Jan 22
- RES 3: $72.91 - High Feb 11
- RES 2: $67.32/72.28 - 50-day EMA / High Apr 2 and key resistance
- RES 1: $64.85 Low Mar 5 low and a recent breakout level.
- PRICE: $61.69 @ 07:19 BST Apr 15
- SUP 1: $55.12 - Low Apr 9
- SUP 2: $54.26 - 2.236 proj of the Feb 11 - Mar 5 - Apr 2 price swing
- SUP 3: $56.81 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
- SUP 4: $50.00 - Psychological round number
A bearish theme in WTI futures remains intact and the rally last Wednesday is - for now - considered corrective. The move higher is allowing an oversold trend condition to unwind. Recent weakness has resulted in the breach of a number of important support levels, reinforcing a bearish threat. A resumption of the bear cycle would open $54.26, a Fibonacci projection. Initial firm resistance is seen at $64.85, the Mar 5 low and a recent breakout level.
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