EM LATAM CREDIT: Moody's Downgrades Bolivia to 'Ca' on Governance Issues

Bloomberg reported that there was a US crude inventory build of 4.59mn barrels last week, according to people familiar with the API data. However, they fell 1.14mn at Cushing and there was a product stock drawdown of 1.71mn barrels for gasoline and 2.15mn for distillate. The official EIA data is out later on Wednesday.

• RES 4: 0.6429 High Dec 12 ‘24
• RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg              
• RES 2: 0.6409 High Feb 21 and a bull trigger 
• RES 1: 0.6391 High Mar 17 
• PRICE: 0.6359 @ 16:40 GMT Mar 18
• SUP 1: 0.6308 20-day EMA 
• SUP 2: 0.6259/6187 Low Mar 11 / Low Feb 4
• SUP 3: 0.6171/6088 Low Feb 4 / 3 and a key support
• SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

A short-term bullish theme in AUDUSD remains intact and Monday’s gains reinforce this theme. Sights are on the key resistance at 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen a bull cycle and confirm a resumption of the uptrend that started Feb 3. On the downside, a move below key short-term support at 0.6187, the Mar 4 low, is required to reinstate a bear threat. First support to watch is 0.6259, the Mar 11 low.

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 164.19 High Mar 18
• PRICE: 163.46 @ 16:38 GMT Mar 18 
• SUP 1: 161.50 Low Mar 17  
• SUP 2: 159.96 50-day EMA 
• SUP 3: 158.90 Low Mar 10  
• SUP 4: 158.00 Round number support 

A bull cycle in EURJPY remains in play and this week’s extension and positive start to the week, reinforces current conditions. The contract again traded higher Tuesday and cleared resistance at 164.08, the Jan 24 high. This strengthens the bullish condition and opens 164.90, the Dec 30 ‘24 high. The bull cycle is overbought, a pullback would allow this condition to unwind. Firm support lies at 159.96, the 50-day EMA.