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Market News Topics
June 02, 2022 10:01 GMT
Price Signal Summary - Fresh Cycle Low In Bunds
MARKET INSIGHT
- In the equity space, S&P E-Minis remain firm following recent gains and despite the latest pullback. The contract has this week briefly traded above the 50-day EMA, currently at 4184.74. A clear break of this average would allow for a stronger recovery and open key resistance at 4303.50, the Apr 26/28 high. Gains are still considered corrective and the primary trend direction is down. First support is 3960.50, May 26 low. The short-term outlook in EUROSTOXX 50 futures remains bullish following recent gains and the break above the 50-day EMA. Attention is on resistance at 3883.00, Apr 21 high and the key resistance at 3944.00, Mar 29 high. A break of the latter would strengthen bullish conditions. S/T support has been defined at 3576.00, May 19 low.
- In FX, EURUSD continues to trade below resistance at 1.0786, the top of a bear channel drawn from the Feb 10 high. The channel top marks a key short-term resistance where a break would highlight a stronger short-term outlook. A reversal lower would open 1.0533 initially, the May 20 low. GBPUSD maintains a firmer short-term tone and the current corrective bull cycle is still in play, despite the latest retracement. Attention is on the 50-day EMA at 1.2710. Initial firm support is at 1.2438, May 20 low. USDJPY has recovered from its recent lows and short-term bullish conditions have improved. The focus is on a climb towards 131.35, May 9 high and the bull trigger. Key short-term support has been defined at 126.36, May 24 low and the 50-day EMA.
- On the commodity front, Gold remains below $1869.7, the May 24 high. Key resistance, at the 50-day EMA, intersects at $1877.0 today. A break of the 50-day average is required to suggest scope for a stronger recovery. On the downside, a reversal lower would refocus attention on the key support and bear trigger at $1787.0, May 16 low. In the Oil space, WTI futures earlier this week breached resistance at $116.43, the Mar 7 high and the former contract high. This confirms a resumption of the underlying uptrend and opens the $120.00 handle, and potentially beyond. Initial firm support is seen at $109.47, the 20-day EMA.
- In the FI space, Bund futures continue to weaken. The contract has traded below support at 150.49, May 9 low and a bear trigger. This signals a resumption of the primary downtrend and a continuation lower would open 150.15, 0.764 projection of the Mar 7 - 29 - Apr 4 price swing. A move lower would also expose the psychological 150.00 handle. Initial firm resistance is at 153.21, the 20-day EMA.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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