SILVER TECHS: Recent Gains Appear Corrective
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.125 - High Nov 1
- RES 2: $32.338 - High Dec 12 and a key resistance
- RES 1: $31.022 - High Jan 24
- PRICE: $30.417 @ 08:07 GMT Jan 29
- SUP 1: $29.509/28.748 - Low Jan 13 / Low Dec 19 and bear trigger
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
Silver is unchanged. A bear cycle that started on Oct 23 last year remains in play and recent gains are considered corrective. However, the latest move higher does suggest scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would highlight a reversal. On the downside, support to watch is $29.509, the Jan 13 low, and $29.748, the Dec 19 low and the bear trigger.
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EURJPY TECHS: Has Cleared All Key Retracement Points
- RES 4: 166.69 High Oct 31
- RES 3: 166.18 2.0% 10-dma envelope
- RES 2: 166.10 High Nov 6
- RES 1: 165.04 High Nov 15 and a key short-term resistance
- PRICE: 164.66 @ 08:02 GMT Dec 30
- SUP 1: 163.32 Low Dec 26
- SUP 2: 162.22/159.82 20-day EMA / Low Dec 18
- SUP 3: 158.67 Low Dec 11
- SUP 4: 157.87 Low Dec 09
A bullish condition in EURJPY remains intact and the cross is holding on to its recent gains. Price has breached all the relevant Fibonacci retracement points of the bear leg between Oct 31 - Dec 3. Sights are on 165.04, the Nov 15 high. Clearance of this hurdle would open 166.69, the Oct 31 high and the next major resistance. Initial firm support lies at 162.22, the 20-day EMA. A pullback would be considered corrective.
MNI: SWISS KOF DEC ECONOMIC BAROMETER 99.5
- MNI: SWISS KOF DEC ECONOMIC BAROMETER 99.5
MNI: SPAIN DEC FLASH HICP +0.4% M/M, +2.8% Y/Y
- MNI: SPAIN DEC FLASH HICP +0.4% M/M, +2.8% Y/Y
- MNI: SPAIN DEC FLASH CPI +0.4% M/M, +2.8% Y/Y
- MNI: SPAIN DEC FLASH CORE CPI +2.6% Y/Y
