EUROZONE DATA: Unit Labour Cost Growth Weaker Than Expected In Q4
Mar-07 11:44
Eurozone GDP deflator growth eased to 2.44% in Q4, down from 2.72% in Q3 for the seventh consecutive...
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US 10YR FUTURE TECHS: (H5) Challenging Resistance
Feb-05 11:43
- RES 4: 110-25 High Dec 12
- RES 3: 110-19 76.4% retracement of the Dec 6 - Jan 13 bear leg.
- RES 2: 109-31 High Dec 18
- RES 1: 109-10/15+ 50-day EMA / High Feb 3
- PRICE: 109-14+ @ 11:32 GMT Feb 5
- SUP 1: 108-20+ Low Feb 4
- SUP 2: 108-06/107-06 Low Jan 23 / 13 and the bear trigger
- SUP 3: 107-04 Low Apr 25 ‘24 and a key support
- SUP 4: 106-11 2.00 proj of the Oct 1 - 14 - 16 price swing
Treasury futures are trading higher today. The contract is also holding on to its recent gains and price has once again pierced resistance at the 50-day EMA, at 109-10. A clear break of the average would strengthen a short-term bullish case and highlight a stronger reversal. This would open 109.30, a Fibonacci retracement. On the downside, initial support to watch is 108-20+, Tuesday’s low. Clearance of it would signal a reversal.
BONDS: OAT vs BTP block trade
Feb-05 11:39
- OATH5 bought for 124.56 in ~1.7k.
- IKH5 sold at 120.66 in 750 and 120.65 in 750.
OUTLOOK: Price Signal Summary - GBPUSD Clears Resistance
Feb-05 11:34
- In FX, gains in EURUSD are considered corrective. A strong reversal from Monday’s low does highlight a potential hammer candle formation on that day. However, additional reinforcing price evidence is required to signal a turn in the trend. MA studies are in a bear-mode position, highlighting a downtrend. 1.0386 (pierced) to 1.0443, the area between the 20-and 50-days EMAs, marks an important resistance zone. A clear break of it would be a bullish development.
- Resistance in GBPUSD at 1.2503, the 50-day EMA, and 1.2523, the Jan 27 high, has been cleared. This cancels a recent bearish threat and instead reinstates the bull cycle that started Jan 13. The break higher paves the way for a climb towards 1.2610, a Fibonacci retracement. Key short-term support has been defined at 1.2249, the Jan 3 low. A break of this level would highlight a reversal.
- USDJPY is trading lower today and this has resulted in a break of short-term support at 153.72, the Jan 27 low. The move marks an extension of the bear cycle that started Jan 10 and clears the way for 152.55 next, 61.8% of the Dec 3 - Jan 10 bull leg. Clearance of this level would open 151.81, the Dec 12 low. On the upside, initial firm resistance is seen at 155.59, the 20-day EMA.
