Intermarket Analysis SLUG

Cross-asset correlation studies — how oil, yields, equities, and FX interact and what divergences signal

USOIL - Last Week's Bearish Thesis Invalidated as Price Clears 73.35, Iran War Escalation Reverses the Entire Oil-Glut Narrative

USOIL - SUMMARY 09/07/2026 Regime: Last week's High Bear thesis invalidated as price cleared the 73.35 invalidation level, due to Iran war escalation rather than analytical error. Shifted to Medium Bull (risk premium), moderate conviction. Bias: Medium Bull (risk premium), shifted from High Bear last week. New factors: US revoked Iran's oil sale authorization, struck 80+ targets, Iran retaliated against Bahrain and Kuwait, price surged as much as 7% in a session. Simultaneously, EIA reported a surprise inventory build of 2.998M, breaking an 8-week streak of draws -- a bearish fundamental signal being overwhelmed by risk premium. Key precedent: the Iran war's outbreak in February pushed Brent up 65% before fully reversing over 4 months. Caution warranted given this precedent could repeat. D1 structure: support 69-70, medium-term resistance 87.5-92.5. Upside target: 108-112. Downside target: 63.57-57.60. Scenarios: continued escalation toward 87.5-112 (35%); range 70-85 pending developments (40%); cooling as in the precedent, resuming the downtrend (25%). This is the hardest-to-forecast variable in the current 9-instrument basket; continuous monitoring of geopolitical developments is required. For informational purposes only, not investment advice.

Jul 9, 2026

Intermarket Analysis SLUG

EURJPY - US Strikes Iran, VIX Jumps 14%, Head and Shoulders Retests the Right Shoulder Right as Geopolitical Risk Escalates

EURJPY - SUMMARY 08/07/2026 Regime: US struck 80+ targets in Iran, reimposed oil sanctions, Iran retaliated against Kuwait and Bahrain. VIX spiked 14.25%, oil rose over 3.7%. High Bear, unchanged from last week, potentially reinforced by risk-off. Bias: High Bear. New factors: recalculated DE-JP spread narrowed to just +0.18%, nearly collapsed. Escalating US-Iran geopolitical risk, ceasefire highly fragile. Data corrections: JP10Y 2.87% (not 1.47%); BoJ already hiked to 1.00% hawkish (not "gradual hike path"); ECB neutral hold 2.00% (not cutting cycle). D1 structure: confirmed head and shoulders, left shoulder 186.5-187, head 187.936-188.012, right shoulder 186.048-187.936, neckline 181.018-181.985. Price at 185.279 testing the right shoulder. Target: 177 then 171.047. Invalidation above 186.547. Scenarios: neckline break toward 177-171 if escalation continues (45%); range 181-186.5 pending developments (35%); bounce, break above 186.547 invalidating the pattern (20%). Close monitoring needed over the next 24-48 hours to confirm price reaction to geopolitical developments. For informational purposes only, not investment advice.

Jul 8, 2026

Intermarket Analysis SLUG

GBPUSD - Best Bounce in 12 Weeks Stalls Right at 1.339-1.346 Resistance, Medium-Term Wave (c) Decline Remains Intact

GBPUSD - SUMMARY 07/07/2026 Regime: Best 12-week bounce stalls right at 1.339-1.346 resistance, Medium Bear medium-term (trimmed from Medium-High Bear last week). Weaker dollar and reportedly easing UK political risk (details unconfirmed) pushed price to a three-week high, but the seven-session rally was halted right at resistance. Bias: Medium Bear medium-term. New factors: corrected UK-US 10Y spread at +0.31% favoring the pound (pipeline showed only 0.021%). BoE's Mann hawkish, watching 2027 wage negotiations. DXY fell from 101.112 to 100.911. Data corrections: UK10Y 4.81% (not 4.50%); UK-US spread +0.31% (not 0.021%); US CPI 4.2% (not 2.4%). D1 structure: wave (c) declining from the (b) peak at 1.380, tested 1.315 then bounced harder than expected, now testing 1.339-1.346 resistance. Break above opens 1.360-1.365. Break below 1.310 risks the (a) low zone at 1.300-1.308. Scenarios: break above resistance to 1.360-1.365 (30%); range pending confirmation (40%); rejected, turning to 1.310-1.315 (20%); break below 1.310 continuing lower (10%). Not fully certain about the specific details behind the easing UK political risk; monitor further. For informational purposes only, not investment advice.

Jul 7, 2026

Intermarket Analysis SLUG

DXY - Price Holds Above 100.98 Despite a Sharp June NFP Miss at Just 57K, Wave (5) Toward 103-104.5 Remains Intact

DXY - SUMMARY 06/07/2026 Regime: Dollar holds steady after a sharp NFP miss, Medium Bull. June NFP came in at just +57K versus a 110K forecast, weakest in four months, yet DXY still stands at 100.982 because wave (4) had already finished absorbing at 99.1-99.6 before the data landed, real yield remains positive at +0.27%, and the Fed stays hawkish post the Warsh FOMC. Bias: Medium Bull (trimmed from Medium-High Bull last week). New factor: June NFP missed sharply at +57K, May revised down from +172K to +129K, unemployment held at 4.2%. VIX low at 15.81, no defensive risk-off yet. Data corrections: CPI 4.2% (not 2.4%); US2Y 4.12% (not 3.668%); Fed Hold with hawkish bias post-Warsh (not "40% hike odds"). D1 structure: wave (4) absorbed 99.113-99.618, price cleared to 100.982, retesting the reaction high at 101.5-102. Wave (5) targets: 101.808 then 103.957, zone 103-104.5. Invalidation below 97.695. Scenarios: wave (5) continues toward 103-104.5 (40%); weak ISM Services pulls price back to retest 99.1-99.6 (30%); range pending confirmation (15%); break below 97.695 invalidates the wave count (15%). Decisive event today: ISM Services PMI and a Waller speech. For informational purposes only, not investment advice.

Jul 6, 2026

Intermarket Analysis SLUG

USDJPY - Resistance at 161.94 Still Unbroken After Repeated Tests, MoF Intervention Risk Rising, Wave (a) Correction Targets 155.2

USDJPY - SUMMARY 03/07/2026 Regime: Wave (5) Exhaustion Confirmed, Medium Bear Near-Term. USDJPY 161.11 (0.00%), the 161.940 resistance has been tested repeatedly for over a week without breaking. Bias: Medium Bear near-term (not High given the wildcards). Three high-conviction bearish forces: (1) classic 161.940 resistance exhaustion, (2) actual US-JP carry spread only 1.71% (pipeline wrongly reports 3.015% using stale JP10Y 1.47%), (3) rising MoF intervention risk (Katayama remarks, confirmed "ambush tactics" per news). Additionally: NFP preview shows June expected to slow to 110K -- dovish risk if accurate. Further confirmation: VIX -2.65% risk-on today yet resistance still unbroken -- 161.940 is a genuine technical chokepoint. Data corrections: JP10Y 2.77% (not 1.47%); US-JP spread 1.71% (not 3.015%); US CPI 4.2% (not 2.4%); real yield +0.28% (not 2.085%); BoJ already hiked to 1.00% (not Hold). D1 structure: wave (a) correction expected along Fib 158.953 (0.382) → ~157 (0.5) → 155.207-154.539 (0.618, primary target). Scenarios: wave (a) confirmed toward 155.2 (45%); sideways awaiting NFP (25%); NFP strong, final breakout before correcting (15%); actual MoF intervention, sharp decline (15%). Do not chase long at resistance without confirmed breakout. Invalidation: daily close above 161.940. For informational purposes only. Not financial advice.

Jul 3, 2026

Intermarket Analysis SLUG

USOIL - Five Consecutive Weekly Draws and Price Keeps Falling: When the Market Ignores Inventory, the Supply Narrative Is Winning Absolutely

USOIL - SUMMARY 02/07/2026 Regime: High Bear Continues, Supply Narrative in Total Control. USOIL 67.85 (-0.34%), the 67 target from last week's analysis has been hit. Falling channel from the 117.50 war peak remains intact. Bias: High Bear. Core story: 5 consecutive weekly EIA draws totalling -33.3M barrels (1 July: -3.775M vs forecast -2.900M) -- the strongest destocking sequence this year -- and price still fell from 75 to 67.85. When a market ignores the most bullish data available, bulls have lost control. The strongest behavioural bearish signal that exists. Supply narrative: OPEC+ +411kbpd from June, Hormuz flows recovered (OCBC + UBS both cut forecasts), Iran-US talks progressing -- each round another leg lower. Data corrections: EIA -3.775M released (pipeline "awaiting" stale); CPI 4.2% (not 2.4%); real yield +0.28%. D1 structure: 69.34-73.35 support broken. Resistance: 69.34 / 73.35 (channel invalidation). Targets: 63.57 → 62.77 → 57.60 (major support Q4 2025 base -- where OPEC+ fiscal pressure peaks, production-cut intervention likely). Extension: 52.88. Scenarios: downtrend continues to 63.57 (50%); extends to 57.60 (25%); oversold bounce 69-73 then resumes (15%); Iran talks collapse, breakout 73-85 (10%). Event risk: NFP 3 July, EIA 8 July (sixth draw?), OPEC+ communique, Iran talks wildcard. Stops for shorts: above 69.34. For informational purposes only. Not financial advice.

Jul 2, 2026

Intermarket Analysis SLUG

XAUUSD - Wave (4) Running After the 5,100 Peak Confirmed, 4,296 Broken and Price Seeking Its Floor at 3,797-3,881

XAUUSD - SUMMARY 29/06/2026 Regime: Wave (4) In Progress, Medium Bear. XAUUSD 4,023.995 (-1.57%), the 4,296-4,381 support zone broke this week. Following wave 3 completion at the ~5,100 peak (April 2026), gold is executing a wave (4) structural correction with four forces aligned bearish. Bias: Medium Bear, wave (4) in progress. Four bearish drivers: actual real yield +0.172% (pipeline 1.972% wrong -- uses stale CPI 2.4%; actual 4.2%), Fed Warsh hawkish hold (H2 2026 hike not excluded), DXY structurally bullish (wave (5) targeting 103-104, inverse relationship with gold active), risk-on SPX +0.68% VIX 18.7 (reduced safe-haven demand). XAGUSD -1.68% declining faster than gold confirms structural bearish trend. Data corrections: CPI 4.2% (not 2.4%); real yield +0.172% (not 1.972%); JP10Y 2.63% (not 1.47%); ECB neutral 2.00% (not cutting 2.50%). D1 structure: 4,296-4,381 broken, flipped to resistance. Wave (4) target: 3,881 (Fib 0.382) then 3,797. RSI ~34 near oversold may generate technical bounce toward 4,100-4,200 without altering structure. Extended wave (4): 3,500-3,600. Invalidation: daily close above 4,296. Hard invalidation: below 2,997. Scenarios: wave (4) continues to 3,797-3,881 (55%); bounce to 4,100-4,200 then resumes (25%); NFP miss + geopolitical spike reclaims 4,296 (15%); extended to 3,500-3,600 (5%). Do not buy the dip before NFP 3 July. Wait for reversal signals at 3,797-3,881. For informational purposes only. Not financial advice.

Jun 29, 2026

Intermarket Analysis SLUG

DXY - Wave (4) Absorbing After Completing a 13-Month High, NFP on 3 July Is the Decisive Catalyst for Wave (5)

DXY - SUMMARY 29/06/2026 Regime: Wave (4) Absorbing, Neutral Near Term, Bullish Medium Term. DXY 101.019, pulled back from wave (3) high at 104.2 -- a 13-month high -- to 100.6 last week then bounced modestly to 101.0. Elliott five-wave structure intact. Declining volume in the pullback confirms correction, not reversal. Bias: Medium-High Bull medium term. Neutral within current wave (4). Macro foundation: US CPI actual 4.2% (pipeline 2.4% stale), Fed Warsh hawkish hold, rate differential +225bps vs EUR (ECB 2.00% neutral hold), +325bps vs JPY (BoJ 1.00%). US10Y 4.372%, yield curve steepening +27bps, real yield +0.172%. Data corrections: JP10Y 2.63% (not 1.47%); US-JP spread 1.742% (not 2.924%); DE10Y 2.85% (not 2.99%); ECB neutral 2.00% (not cutting 2.50%). D1 structure: wave (4) absorption zone 99.6 (Fib 0.382) to 99.1 (Fib 0.5). Resistance: 101.5 / 102.0 / 102.5. Support: 100.48 (Higher Low) / 99.6 / 99.1 / 98.0. Wave (5) target 103-104.5. Extended: 106. Invalidation: 97.695. Scenarios: test 99.6-99.1 then wave (5) 103-104.5 (60%); low already printed at 100.6, break of 102.0 = early wave (5) (30%); NFP miss, below 98 (10%). Event risk: Chicago PMI 30 June, ADP 1 July, NFP 3 July -- decisive catalyst. Above 220K = early wave (5) trigger. Do not chase before NFP. For informational purposes only. Not financial advice.

Jun 29, 2026

Intermarket Analysis SLUG

USDJPY - Wave (5) Exhaustion Confirmed as Price Failed to Break 161.94 for an Entire Week, Tokyo CPI Beat Gives the BoJ More Ammunition

USDJPY 161.651 | Wave (5) exhaustion confirmed, Tokyo CPI beats | 26 June 2026 Last week: "Wave (5) exhaustion at the intervention ceiling, expect correction to 155-157." One week later: price stood at 161.6, unable to break 161.94 despite DXY at a 13-month high. Exhaustion is no longer speculation. Then Tokyo CPI June released today. Core-core 1.9% y/y, beat 1.8% forecast, up from 1.6%. The BoJ has fresh ammunition to hike again. Yen-supportive. DXY pulled back from 101.5 to 100.6. VIX jumped to 20.20 (+7.1%). Risk-off intensifying, carry-unwind pressure. Pipeline showed wrong numbers. JP10Y: 1.47% (actual 2.600%). US-JP spread: 2.924% (actual 1.790%). BoJ: "Hold" (actual: hiked to 1.00%). D1 structure: wave (5) at the 161.94 ceiling, failed to break after one full week. Correction targets: 158.953 (0.382), 155.244 (0.5), 153.5 (0.618). Extension if breaks 161.94: 164. Invalidation: below 152. Three scenarios: → Correction (a)(b)(c) to 155-157. Probability: 40% → MOF intervention, sharp drop to 155 then 152. Probability: 25% → DXY bounces, breaks 161.94, extension to 164. Probability: 20% The tell: one week at the ceiling, it didn't break. Then the BoJ's data came in hot. Exhaustion confirmed. Conviction: Medium Bear near-term (shifted from Med Bull correction lean). --- Intermarket Edge | Institutional Macro & Intermarket Analysis For informational purposes only. Not financial advice.

Jun 26, 2026