US 10YR FUTURE TECHS: (Z5) MA Studies Highlight A Bullish Structure
Oct-24 10:45
- RES 4: 115-00+ High Oct 1 ‘24 (cont)
- RES 3: 114-21+ 1.00 proi of the Aug 18 - Sep 11 - 25 price swing
- RES 2: 114-10 High Apr 7 (cont) and a key resistance
- RES 1: 114-02 High Oct 17
- PRICE: 113-12+ @ 11:29 BST Oct 24
- SUP 1: 113-06+ 20-day EMA
- SUP 2: 112-30 Low Oct 13
- SUP 3: 112-24+ 50-day EMA
- SUP 4: 112-06 Low Sep 25 and a reversal trigger
A bullish structure in Treasuries remains intact and short-term weakness is considered corrective. The contract recently breached a key resistance at 113-29, the Sep 11 high, to confirm a resumption of the medium-term uptrend. Moving average studies are in a bull-mode position and this set-up highlights a dominant uptrend. Sights are on 114-10, the Apr 7 high (cont) and the next key resistance. Firm support lies at 113-06+, the 20-day EMA.
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OUTLOOK: Price Signal Summary - Gold Bulls Remain In The Driver's Seat
Sep-24 10:41
- On the commodity front, Gold is in a clear bull cycle and shallow short-term pullbacks remain corrective. A fresh all-time high once again, yesterday, confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is the $3800.0 handle. Initial firm support lies at $3610.2, the 20-day EMA.
- In the oil space, the trend condition in WTI is unchanged - a bear cycle remains intact and short-term gains are considered corrective. The pullback from the Sep 2 high highlights a possible reversal and the end of a corrective phase between Aug 13 - Sep 2. Initial resistance to watch is $65.43, the Sep 2 high. A stronger resumption of weakness would open $57.50, the May 30 low.
OUTLOOK: Price Signal Summary - USDJPY Bull Cycle Remains In Play
Sep-24 10:29
- In FX, the trend theme in EURUSD is unchanged, it remains bullish and the recent pullback appears corrective. Resistance at 1.1743, the Aug 22 high, has recently been cleared, reinforcing a bull cycle. Last week's gains resulted in a climb above 1.1829 the Jul 01 high and a bull trigger. Clearance of this hurdle confirms a resumption of the uptrend and opens 1.1923, the 2.00 projection of the Feb 28 - Mar 18 - 247 price swing. Support to watch is 1.1678. the 50-day EMA.
- A bullish theme in GBPUSD remains intact and the latest move down from the Sep 17 high is considered corrective - for now. However, the pair has traded through the 50-day EMA and this leaves support at 1.3458 exposed, a trendline drawn from the Aug 1 low. Clearance of this line would strengthen a bearish threat. For bulls, a resumption of gains would refocus attention on key short-term resistance at 1.3726, the Sep 17 high.
- USDJPY is holding onto the bulk of its latest gains. A bullish candle pattern on Sep 17 - a hammer formation - provided an early reversal signal. Note too that moving average studies remain in a bull-mode condition and this continues to highlight a dominant uptrend. A resumption of gains would open 149.14, the Sep 3 high. Pivot support is 145.49, the Sep 17 low.
AUD: A fresh intraday high for the AUDNZD
Sep-24 10:26
- AUDNZD is making an attempt at the previous intraday high of 1.1317, and as noted last Week and this Week it is becoming an interesting Chart.
- The combination of the poor Growth Data out of New Zealand last and the Australia CPI beat overnight are helping the upside continuation.
- The Next resistance is at circa 1.1348 next, and a clear break through the latter opens to 1.1408, then 1.1448 (retracement level) and finally the big Psychological 1.1500, although most will be pointing out that 1.1491 is the 2022 high and highest printed level since October 2013.
- Given that the USDJPY is testing the immediate resistance of 148.38 we have pointed out this Morning, AUDJPY will be eyed for potential extension to 98.426, the September high, but also the best level reached since January.
