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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

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  • In the equity space, conditions have improved for bulls. S&P E-minis found support at Monday's low and importantly, the 50-day EMA contained the recent corrective pullback. The contract is approaching the bull trigger at 4384.50, Jul 14 high. EUROSTOXX 50 futures are firmer today as the contract extends the recovery from 3895.00, Jul 19 low and a pivotal short-term support. Watch resistance at 4101.50, Jul 1 high.
  • In FX, the USD outlook remains bullish. EURUSD focus is on 1.1704, Mar 31 low and a key support. GBPUSD has recovered from Tuesday's low of 1.3572. Gains are still considered corrective with resistance at 1.3813, the 20-day EMA. USDJPY is trading above Monday's low and is firmer today. This week's low print of 109.07 did confirm a resumption of the downtrend paving the way for an extension lower. The focus is on 108.47, 76.4% of the Apr 23 - Jul 2 rally. Watch resistance is at 110.70, Jul 14 high. A break would be a bullish development.
  • On the commodity front, Gold is consolidating and maintains a bullish tone. Key short-term support is at $1791.7, Jul 12 low. A break of this level would however be bearish. Brent (U1) is testing $73.87, 61.8% of the Jul 6 - 20 downleg. A clear breach would open $75.39, the 76.4%v level. WTI (U1) is holding on this week's gains. An extension would open $73.46, 76% of the Jul 6 - 20 downleg.
  • Within FI, Bund futures remain firm following this week's break of 174.77, Jul 8 high. Sights are on 176.30, 76.4% of the Dec '20 - May sell-off (cont). Gilts remain in a bullish condition despite the recent pullback. The break of 129.92, Jul 8 high opens 130.72, 2.236 projection of the May 13 - 26 - Jun 3 price swing. We are still monitoring a bearish candle pattern, an evening star reversal. A deeper pullback would expose support at 128.54, low Jul 14.