EURJPY TECHS: Has Pierced Resistance At The 50-Day EMA
- RES 4: 162.70 High Jan 28
- RES 3: 161.80 High Jan 30
- RES 2: 161.19 High Feb 13 and a bull trigger
- RES 1: 160.18 Intraday high
- PRICE: 160.12 @ 15:01 GMT Mar 5
- SUP 1: 157.98 20-day EMA
- SUP 2: 155.60 Low Mar 4
- SUP 3: 154.80 Low Feb 28 and a bear trigger
- SUP 4: 154.42 Low Aug 5 ‘24 and key medium-term support
This week’s strong rally in EURJPY undermines a recent bearish threat and instead highlights a possible reversal. The cross has again traded higher, today, and pierced resistance at the 50-day EMA, at 159.52. A clear break of the EMA would strengthen a bull theme and expose the key resistance at 161.19, the Feb 13 high. Initial support to watch is 157.98, the 20-day EMA. Key support has been defined at 154.80, the Feb 28 low.
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MNI: US DEC CONSTRUCT SPENDING +0.5%
- MNI: US DEC CONSTRUCT SPENDING +0.5%
- US DEC PRIVATE CONSTRUCT SPENDING +0.9%
- US DEC PUBLIC CONSTRUCT SPENDING -0.5%
MNI: US ISM JAN MANUF PURCHASING MANAGERS INDEX 50.9
- MNI: US ISM JAN MANUF PURCHASING MANAGERS INDEX 50.9
- US ISM JAN MANUF PRICES PAID INDEX 54.9
- US ISM JAN MANUF NEW ORDERS INDEX 55.1
- US ISM JAN MANUF EMPLOYMENT INDEX 50.3
- US ISM JAN MANUF PRODUCTION INDEX 52.5
- US ISM JAN MANUF SUPPLIER DELIVERY INDEX 50.9
GOLD TECHS: Northbound
- RES 4: $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 3: $2900.0 - Round number resistance
- RES 2: $2867.5 - 1.50 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $2845.2 - 1.382 proj of the Nov 14 - Dec 12 - 19 price swing
- PRICE: $2828.9 @ 14:57 GMT Feb 3
- SUP 1: $2728.1/2687.5 - 20- and 50-day EMA values
- SUP 2: $2656.9 - Low Jan 13
- SUP 3: $2614.8 - Low Jan 6
- SUP 4: $2583.6 - Low Dec 19 and a key support
A bull cycle in Gold remains in play. Last week’s extension higher and today’s gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2845.2 next, a Fibonacci projection. The first key support to watch is $2687.5, the 50-day EMA. The 20-day EMA is at $2728.1.
