EUROZONE T-BILL ISSUANCE: W/C October 27
France, Austria, Italy and Greece have sold bills this week. We expect issuance to have been E13.9bln in first round operations, down from E20.6bln last week.
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AUDUSD TECHS: Remains Above Support
- RES 4: 0.6763 1.382 proj of the Jun 23 - Jul 24 - Aug 21 price swing
- RES 3: 0.6726 1.236 proj of the Jun 23 - Jul 24 - Aug 21 price swing
- RES 2: 0.6660/6707 High Sep 18 / 17 and key resistance
- RES 1: 0.6628/29 High Sep 24/30
- PRICE: 0.6609 @ 07:36 BST Oct 1
- SUP 1: 0.6527/21 61.8% of the Aug 21 - Sep 17 bull leg / Low Sep 26
- SUP 2: 0.6484 76.4% retracement of the Aug 21 - Sep 17 bull leg
- SUP 3: 0.6463/6415 Low Aug 27 / Low Aug 21 / 22 and a bear trigger
- SUP 4: 0.6373 Low Jun 23
The AUDUSD uptrend remains intact and recent weakness appears to have been a correction. Attention is on support at the 50-day EMA, at 0.6554. A clear break of this average would signal scope for a deeper retracement and expose 0.6527 once again (pierced), a Fibonacci retracement. For bulls, a stronger reversal higher would refocus attention on 0.6707, the Sep 17 high. Initial firm resistance to watch is 0.6628, the Sep 24 high.
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.
