TURKEY: Borsa Istanbul Index Declines 5%, Triggering Circuit Breaker
* Turkey's benchmark Borsa Istanbul 100 index declined 5% this morning, triggering market-wide cir...
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EQUITIES: Another strong start for the EU Bank Index
- While the Cash Estoxx (SX5E) hasn't quite managed to test Yesterday's record printed high at 5544.00, it is another strong start for the Banking index .
- SX7E spiked to a new ~14yrs high on the open (best since April 2011), and close to a 30% gain from the December low.
- Some investors will look at the Psychological 180.00 level next, but upside target is at 181.50, the April 2011 high.
AUDUSD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 0.6471 High Dec 9 ‘24
- RES 3: 0.6429 High Dec 12 ‘24
- RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 1: 0.6384 High Dec 13
- PRICE: 0.6363 @ 08:02 GMT Feb 19
- SUP 1: 0.6305/6231 50-day EMA / Low Feb 10
- SUP 3: 0.6171/6088 Low Feb 4 / 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
AUDUSD is trading at its recent highs and a bull theme remains intact. The pair has cleared 0.6331, the Jan 24 high and a key short-term resistance. The breach highlights a stronger reversal and paves the way for gains towards 0.6414, a Fibonacci retracement. Note that moving average studies remain in a bear-mode position. This suggests the latest recovery is a correction. Initial firm support to watch is 0.6231, the Feb 10 low.
EURJPY TECHS: Resistance Remains Intact
- RES 4: 164.08 High Jan 24
- RES 3: 162.71 76.4% retracement of the Dec 30 - Feb 10 bear leg
- RES 2: 162.49 High Jan 29
- RES 1: 160.88/161.19 50-day EMA / High Feb 13
- PRICE: 158.44 @ 08:00 GMT Feb 19
- SUP 1: 157.90/155.61 Low Feb 11 / 10 and the bear trigger
- SUP 2: 155.15 Low Sep 16 ‘24
- SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
- SUP 4: 153.87 Low Dec 14 ‘23
EURJPY has pulled back from its recent high. For now, resistance at 160.88, the 50-day EMA, remains intact. It has been pierced, however, a clear break is required to strengthen a bullish condition and signal scope for an extension towards 162.71, a Fibonacci retracement. For bears, a stronger reversal would refocus attention on 155.61, the Feb 10 low and a bear trigger. Clearance of this level would resume the downtrend.
