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Bunds Approach Key Short-Term Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis traded higher again yesterday and are approaching the next objective of 4650.60, 1.236 projection of Jul 19 - Aug 16 - Aug 19 price swing. EUROSTOXX 50 futures started the week on a firm note and have maintained this tone. Attention is on 4600.00 and a near-term breach of this resistance handle.
  • In FX, EURUSD remains below recent highs. The move lower on Oct 29 highlights a failure to clear the 50-day EMA and means the bear channel top - a key resistance - at 1.1691 today, remains intact. The channel is drawn off the Jun 1 high. The focus is on 1.1524, Oct 12 low and bear trigger. GBPUSD is softer. A deeper pullback would open 1.3544, the Oct 6 low and highlight a potential resumption of the downtrend. USDJPY remains below recent highs but above support at 113.35-00, the 20-day EMA and Oct 12 low respectively. A break would signal scope for a deeper pullback.
  • On the commodity front, Gold is consolidating but maintains a positive short-term tone. Scope is seen for a climb towards $1834.0, the Sep 3 high. Initial support is at $1772.0, Oct 29 low. WTI broader trend conditions are unchanged and remain bullish, although futures remain below last week's high. Support to watch is at $80.58, Oct 28 low.
  • In the FI space, Bund futures are firmer. Short-term gains are considered corrective, however watch resistance at 169.83, Oct 27 high. A break would alter the short-term picture and suggest scope for a stronger recovery. Gilts breached resistance at 152.57 last week. This confirmed a double bottom reversal on the daily chart and if correct, signals scope for a climb towards 126.39, 50.0% retracement of the Aug - Oct downleg. Support is at 124.25, Nov 1 low. Key support though has been defined at 123.43, Oct 21 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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