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EuroStoxx50 Technical Analysis

The move lower continued for Stoxx50 on Tuesday closing below both the rising daily channel base, 55-DMA and June monthly low.

The pair started at Y101.57 this morning and went through last night’s US low of Y101.48, to a low of Y101.47 in early dealings following

The Westpac-Melbourne Institute Index of Consumer Sentiment rose by 1.9% to 94.9 over July consolidating on June’ssmall 0.2% rise,

The month of June was hallmarked by two blows for our bearish NZD/USD view, delivered by the two central banks critical to that cross.

Despite statements to the contrary, the euro, at current levels around $1.3600, is not all that “crazy” and

The NZD topped the G10 leaderboard overnight, thoughlagged gains among emerging market currencies. It is 0.3%stronger against the USD at 0.8790.

AUD/USD managed a spike above the 21-DMA Tuesday before closing marginally below.

Having not managed to display a single daily close (10pm CET) above key-Fib.-resistance at

With the latest break below key-pivotal support at 0.7959 we see the internal 76.4 % retreatment at

Having finally managed to break decisively above key-pivotal resistance 1.7044/49 (2009 high/2005 low)

The failure to even come close to 1.3877 (minor 38.2 %) and the following break below hourly trend line support

Markets are quiet leading into the NA session that will kick off earnings season with the release of Alcoa’s earnings.