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Price Signal Summary - Bonds Remain Under Pressure

MARKET INSIGHT
  • In the equity space, the S&P E-minis have failed to hold onto levels above 4800.00. Price has traded below the 20-day EMA and attention is on the 50-day EMA that intersects at 4645.32. This average is a key pivot chart point and a clear break of it would signal scope for a deeper pullback. EUROSTOXX 50 futures have reversed course as a risk-off mood weighs on price. From a technical standpoint, the pullback at this stage is considered corrective following a strong recovery between Dec 20 and yesterday’s high. Initial support is seen at 4249.50, the 20-day EMA. Price has recovered from today’s low, leaving the 20-day EMA intact.
  • In FX, EURUSD is still consolidating and resistance at 1.1383/86, the Nov 30 and Dec 31 high, remains intact. Support to watch lies at 1.1222, Dec 15 low ahead of the bear trigger at 1.1185, Jul 1, 2020. GBPUSD remains in an uptrend and above its 50-day EMA at 1.3436 - the recent breach of this average reinforced bullish conditions. The focus is on 1.3607 next, the Nov 9 high. USDJPY cleared key resistance at 115.52 Tuesday, the Nov 24 high. The break resumes the uptrend, paving the way for a climb towards 117.08 next, 2.00 projection of Apr 23 - Jul 2 - Aug 4 price swing.
  • On the commodity front, Monday’s high in Gold of $1831.9 is resistance and the channel base, at 1781.5, drawn from the Aug 9 low is support. Both these levels mark the short-term directional triggers. WTI futures remain in an uptrend and the contract has resumed its climb. Monday’s low of $74.27 represents the key short-term support. Scope is seen for a climb towards $79.40, Nov 16 high and the $80.00 handle.
  • In the FI space, Bund futures remain bearish. Last week’s breach of support at 171.77, Nov 24 low strengthened the bearish case, paving the way for a move towards 169.34, the Oct 29 low and major support. Gilts remain in a downtrend. The contract has cleared support at 124.17, Nov 24 low. This opens 123.17 next, the 3.236 projection of the Dec 8 - 16 - 20 price swing. Treasuries have sold off sharply this week. Support at 128-22+, Nov 24 low has been cleared today and this opens 128-00 next.
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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