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Bunds Resume Their Downtrend

MARKET INSIGHT
  • In the equity space, S&P E-minis remain firm and futures have breached resistance at 4472.00, Sep 27 high and the 4500.00 handle. This signals potential for stronger gains near-term and attention is on 4539.50, Sep 3 high and the bull trigger. EUROSTOXX 50 futures are consolidating and trading close to recent highs and holding onto the bulk of last week's gains. The focus is on 4200.50, Sep 24 high.
  • In FX, EURUSD traded higher yesterday and has breached its 20-day EMA at 1.1625. The break signals scope for a stronger short-term corrective bounce and a resumption of strength would open the 50-day EMA that intersects at 1.1701. Support is at 1.1572/24, Oct 18 low. GBPUSD traded above resistance at 1.3795, 76.4% of the Sep 14 - 29 downleg. An extension would open 1.3913, Sep 14 high. USDJPY maintains a bullish tone and has traded to a fresh trend high today. Attention is on 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing
  • On the commodity front, Gold remains below recent highs and the sharp reversal lower on Oct 15 highlights a developing bearish threat. Short-term resistance has been defined at $1800.6, the Oct 14 high. Support to watch is at $1746.0, Oct 6 low. Both levels represent key short-term directional triggers. WTI trend conditions remain bullish. The focus is on $85.01, 1.00 projection of the Sep 21 - Oct 6 - 7 price swing.
  • In the FI space, the path of least resistance remains down. Bund futures have traded to a fresh trend low today and confirmed a resumption of the underlying downtrend. This has exposed 167.98, 2.382 projection of the Sep 9 - 17 - 21 price swing. Resistance is at 169.92, Oct 14 high. Gilt futures remain in a downtrend. A resumption of weakness would open 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Resistance is at 125.27, the Oct 14 high.
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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