AUDUSD TECHS: Bearish Trend Sequence Intact
- RES 4: 0.6429 High Dec 12
- RES 3: 0.6384 High Dec 13
- RES 2: 0.6331 High Jan 24 and a key resistance
- RES 1: 0.6305 50-day EMA
- PRICE: 0.6271 @ 07:57 GMT Feb 5
- SUP 1: 0.6171/6088 Low Feb 4 / 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6000 Round number support
- SUP 4: 0.5931 1.764 proj of the Sep 30 - Nov 6 - 7 price swing
AUDUSD continues to recover from Monday’s low. Despite these gains, the trend structure remains bearish. Monday’s cycle low confirmed a continuation of the downtrend and maintains the price sequence of lower lows and lower highs. A resumption of the bear leg would open 0.6045, a Fibonacci projection. Key resistance is at 0.6305, the 50-day EMA, and 0.6331, the Jan 24. A clear breach of both levels would alter the picture.
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EQUITY TECHS: E-MINI S&P: (H5) Monitoring Resistance
- RES 4: 6194.19 1.236 proj of the Aug 5 - Sep 3 - Sep 9 price swing
- RES 3: 6178.75 High Dec 6 and key resistance
- RES 2: 6163.75 High Dec 16
- RES 1: 6006.92/6107.50 50-day EMA / High Dec 26
- PRICE: 5999.25 @ 07:45 GMT Jan 6
- SUP 1: 5911.25/5866.00 Low Jan 3 / Dec 20
- SUP 2: 5811.65 38.2% retracement of the Aug 5 - Dec 6 bull leg
- SUP 3: 5784.00 Low Nov 4
- SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
A bear threat in the S&P E-Minis contract remains present. The reversal lower from the Dec 26 high, highlights the end of the recent Dec 20 - 26 corrective bounce. Attention is on 5866.00, the Dec 20 low and a key short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance to monitor is 6107.50, the Dec 26 high. Clearance of this level is required to open key resistance at 6178.75, the Dec 6 high.
GILTS: Opening calls
Gilt opening calls, 91.91/91.95 range.
EQUITIES: EU Cash Opening calls, set for a Positive Open
The small early Risk On tone will see Cash European markets open in the Green this Morning, price action looked to be US led with the Emini just testing the January high, and the 6000.00 mark.
For VGH5, the index is still short of last Week's high of 4942.00.
- Calls: Estox 50: +0.76%, Dax: +0.48%, CAC: +0.64%, FTSE +0.15%, SMI +0.65%.
