BUND TECHS: (Z5) Corrective Phase Exposes Support At The 50-Day EMA
* RES 4: 130.99 76.4% retracement of Jun 13 - Sep 25 bear leg (cont) * RES 3: 130.80 High Jun 13 and...
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USDJPY TECHS: Corrective Pullback
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 151.21 High Mar 28
- RES 2: 150.92 High Aug 1 and a key resistance
- RES 1: 149.96 High Sep 26
- PRICE: 148.78 @ 07:05 BST Sep 29
- SUP 1: 148.38/147.55 High Sep 22 / 50-day EMA
- SUP 2: 146.77 Low Sep 18
- SUP 3: 145.49 Low Sep 17 and a pivot support
- SUP 4: 144.23 Low Jul 7
USDJPY traded higher last week as the pair extended the recovery that started Sep 17. A bullish candle on Sep 17 - a hammer - provided an early reversal signal and remains valid. Also, MA studies remain in a bull-mode condition, highlighting a dominant uptrend. 149.14, the Sep 3 high, has been cleared. Sights are on 150.92, the Aug 1 high and key resistance. Pivot support is 145.49, Sep 17 low. Short-term weakness is considered corrective.
RATINGS: Upgrades For Spain, Negative Outlook Action For France
Sovereign rating reviews of note from after hours on Friday include:
- Fitch upgraded {SP} Spain to A; Outlook Stable
- Fitch affirmed {SW} Sweden at AAA; Outlook Stable
- Moody's upgraded {SP} Spain to A3, outlook stable
- Morningstar DBRS confirmed {HR} Croatia at A, Stable Trend
- Scope Ratings affirmed {HR} Croatia at A-; Outlook changed to Positive
- Scope Ratings affirmed {FR} France at AA-; Outlook changed to Negative
GILT TECHS: (Z5) Bearish Structure
- RES 4: 92.30 High Aug 7
- RES 3: 92.06 High Aug 14
- RES 2: 92.00 Round number resistance
- RES 1: 91.28/82 High Sep 24 / 11
- PRICE: 90.50 @ Close Sep 26
- SUP 1: 90.26/89.94 Low Sep 26 / 76.4% of the Sep 3 - 11 correction
- SUP 2: 90.31/89.36 Low Sep 4 / 3
- SUP 3: 89.36 Low Sep 3
- SUP 4: 89.22 1.618 proj of the Aug 21 - 27 - 28 price swing
Gilt futures traded lower late last week. The move down strengthens a bearish theme and does suggest the end of the recent corrective phase between Sep 3 - 11. Note that on the continuation chart, moving average studies are in a bear-mode position, highlighting a dominant downtrend. A continuation lower would open 89.94, a Fibonacci retracement. Initial resistance to watch is 91.28, the Sep 24 high.
