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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.
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Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisMetals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsForeign Exchange BulletsEnergy Technical Analysis

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