NATGAS: TTF Market Weighs Tight Supplies and Possible Storage Subsidies

• RES 4: 0.6429 High Dec 12
• RES 3: 0.6384 High Dec 13               
• RES 2: 0.6365 50-day EMA   
• RES 1: 0.6247/0.6302 20-day EMA / High Jan 6
• PRICE: 0.6153 @ 08:11 GMT Jan 13 
• SUP 1: 0.6131 Intraday low   
• SUP 3: 0.6100 Round number support
• SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 4: 0.5994 1.618proj of the Sep 30 - Nov 6 - 7 price swing

A bearish trend condition in AUDUSD remains intact and Friday’s sell-off reinforces this theme. The pair has breached support at 0.6179, the Dec 31 low, maintaining the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too. Scope is seen for an extension towards the 0.6100 handle next. Initial firm resistance to monitor is 0.6247, 20-day EMA. The 50-day EMA is at 0.6365.

• RES 4: 164.90 THigh Dec 30 and a key short-term resistance 
• RES 3: 164.55 High Jan 7   
• RES 2: 163.43 High Jan 9 
• RES 1: 162.55 20-day EMA
• PRICE: 160.89 @ 08:03 GMT Jan 13 
• SUP 1: 160.65 Intraday low    
• SUP 2: 160.54 50.0% retracement of the Dec 3 - 30 bull cycle   
• SUP 3: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
• SUP 4: 158.67 Low Dec 11

The recent move down in EURJPY appears corrective, however the cross is again trading lower, today, and this has resulted in a breach of initial support at 160.91, the Jan 2 low. The next support to watch is 160.54, 50.0% of the Dec 3 - 30 bull cycle. The 61.8% level is at 159.51. A reversal higher would signal the end of the corrective cycle and refocus attention on 164.90, the Dec 30 high.

Gilt calls, 89.26/89.30.