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Price Signal Summary - Bunds Remain Below Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis continue to consolidate ahead of resistance at 4238.25 May 10 high. Key trend support is unchanged at 4029.25, May 13 low. The 20-day EMA represents initial support at 4170.22. A break would signal scope for a deeper pullback.
  • In the FX space, the EURUSD outlook remains bullish. Key short-term directional parameters have been defined. They are; 1.2133 support, May 28 low and 1.2266 resistance, May 25 high. The latter is the bull trigger. A break of the former would signal scope for a deeper corrective pullback. GBPUSD traded above resistance at 1.4237, Feb 24 high on Tuesday but has since pulled back. A clear break higher would confirm a resumption of the broader uptrend. Support to watch lies at 1.4092, May 27 low. USDJPY attention is on 110.20, May 28 high where a break would resume the recent recovery. Key support is unchanged at 108.56, May 25 low.
  • On the commodity front, Gold remains bullish despite this week's pullback. The focus is on the Jan 8 high of $1917.6. The trend remains overbought and we continue to monitor this technical warning sign. $1872.8, May 25 low marks initial support. Trend conditions in Oil remain bullish. Brent (Q1) gains have opened $72.21 next, 0.764 projection of the Mar 23 - May 18 - May 21 price swing. WTI (N1) is approaching the $70.00 psychological level.
  • Within FI, Bunds (M1) remain below the 50-day EMA at 170.38. While it holds, the outlook is bearish. A clear break of the average is required to highlight scope for further gains. Support is at 169.02. May 24 low. Gilts (U1) remains below resistance at 127.74/82, highs between Apr 20 and May 26. A bearish risk remains present.
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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