Technical Analysis
BUND ANALYSIS
(139,25)The BUND confirmed a new high after having failed to extend the drop below 138,43 where it even formed a small double bottom. The move up aborted of course the suggested S_H_S formation, re-launching the move up.
FX Daily Strategist: Europe
FX back in the doldrums Following decidedly ‘risk-on’’ Asian and European morning sessions, momentum ground to a halt in the New York session and FX markets have been treading water ever since. US stocks traded and closed in positive territory but gains were meagre compared to earlier European market strength.
Daily FX Technical Strategy – EUR weakness is the consistent theme
A strong day for equity markets caught the headlines yesterday, but we are not convinced that it was a game changer and we believe caution is still merited. Despite two days of buying, the Shanghai Composite is still locked in a well-defined downtrend and the S&P500 has not yet broken decisively higher.
STOXX 50 ANALYSIS
(2335)The EUROSTOXX 50 confirmed a strong closing last night confirming the positive day reversal it formed on Monday. The indicators of the daily chart are well positive and also those of the s/t ones are above the line but they are missing to confirm strong signals.
DAX ANALYSIS
(6146) The DAX confirmed a strong closing confirmed the positive day reversal. Only a daily closing above 6186 will however confirm higher levels. The indicators of the daily chart are still well positive as well as those of the s/t ones supporting further upside potential.
BUND ANALYSIS
(138,72)The BUND failed to confirm the small negative day reversal but it failed also to confirm higher levels for now. The BUND is however still finding good resistance above 139. The s/t charts are still showing a potential S_H_S formation with the neck line at 138,13!!
Technical Analysis
The correctional moves higher in EURUSD & EURGBP seem to be cut short. Back under 1.2720 & 0.8239 would strongly argue for fresh lows… EURSEK over 8.83 would correctively target ~8.85\8.87 and EURNOK added a potentially bullish print yesterday and a 7.6760 watch is warranted…
S&P ANALYSIS
(1284,50)The S&P is confirming a break above 1282,40 but only a daily closing will confirm the break supporting the suggested 1300 overshooting. The indicators of the daily chart are well positive pointing toward higher levels.
Technical Focus: Industrial metals weekly
Copper – still in the bear triangle Nickel – short term unclear Alu – key support still in focus Zink – soon time to resell Steel billets – 55/233d ma bands capping
CRUDE OIL ANALYSIS
(101,99) CRUDE OIL confirmed yesterday a test of the 100,10 level where it found however good support favouring a resumption of the move up, already last night with an overshooting of the 200 hours line, now s/t support at 101,21.
Technical Alert: Weaker GBP stronger AUD (& SEK). Lower GER yield.
The dollar index advance is temporarily halted & EURUSD could correctively test 1.2813\1.2860 and later resume the downtrend. Below 1.2720 would end this attempt higher… Bullish EURGBP print yesterday points higher towards somewhere above 0.83… AUDUSD bigger picture clouded but in a short-term ~1.04 lie within reach… EURSEK gap-opens lower.
STOXX 50 ANALYSIS
(2303)The EUROSTOXX 50 is confirming a rebound this morning after the drop yesterday that confirmed an undershooting of the 200 hours line, now again support at 2292. The indicators of the daily chart are still positive but those of the s/t ones are still showing a mixed picture.