BUND TECHS: (Z5) Pierces Support At The 50-Day EMA
- RES 4: 130.63 1.500 proj of the Sep 3 - 10 - 25 price swing
- RES 3: 130.59 High Oct 17 and the bull trigger
- RES 2: 130.07 High Oct 24
- RES 1: 129.47/129.73 Intraday high / High Oct 28
- PRICE: 129.01 @ 05:52 GMT Nov 6
- SUP 1: 128.96 Low Nov 5
- SUP 2: 128.92 61.8% retracement of the Sep 25 - Oct 17 bull leg
- SUP 3: 128.52 76.4% retracement of the Sep 25 - Oct 17 bull leg
- SUP 4: 128.25 Low Oct 7
Yesterday's extension in Bund futures strengthens the current bear theme. Note that the move down that started on Oct 17 still appears corrective and has allowed an overbought trend condition to unwind. However, price has pierced a key support at 129.14, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. The next support is 128.92, a Fibonacci retracement. First important resistance is 129.73, Oct 28 high.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURJPY TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 178.94 1.236 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 3: 177.67 1.000 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 2: 177.00 Round number resistance
- RES 1: 176.35 High Oct 6
- PRICE: 175.96 @ 06:58 BST Oct 7
- SUP 1: 173.92 Monday’s low
- SUP 2: 172.27 Low Oct 2 and key support
- SUP 3: 171.12 Low Aug 28
- SUP 4: 170.62 Low Aug 6
The trend in EURJPY remains bullish and Monday’s strong start to this week’s session reinforces current conditions. The cross has cleared resistance at 175.13, the Sep 29 high, to confirm a resumption of the primary uptrend. This maintains the bullish sequence of higher highs and higher lows and opens the 177.00 handle next. On the downside, key short-term support has been defined at 172.27, the Oct 2 low.
MNI: GERMANY AUG FACTORY ORDERS -0.8% M/M (VS -2.7% JUL)
- MNI: GERMANY AUG FACTORY ORDERS -0.8% M/M (VS -2.7% JUL)
USDJPY TECHS: Approaching Key Resistance
- 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: 150.48 High Oct 6
- PRICE: 150.48 @ 06:53 BST Oct 7
- SUP 1: 149.05 Low Oct 6
- SUP 2: 148.10/147.67 20- and 50-day EMA values
- SUP 3: 146.59 Trendline support drawn from the Apr 22 low
- SUP 4: 145.49 Low Sept 17
A bullish theme remains intact in USDJPY following Monday's strong start to the week. Yesterday’s rally resulted in a breach of resistance at 149.96, the Sep 26 high and a key short-term resistance. This paves the way for a test of the key medium-term resistance at 150.92, the Aug 1 high. A break of this hurdle would confirm a resumption of the bull leg that started Apr 22. Monday’s intraday low at 149.05 is first support.
