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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
MNI European Morning FI Technical Analysis
10 April 2018
By Kyle Shortland
Please click on this link to access MNI's daily European FI Technical Analysis
Pdf - http://tinyurl.com/nhjogts
BUND TECHS: (M18) 158.89 Support Remains Key
*RES 4: 160.98 Monthly High Dec 11
*RES 3: 160.26 Low Dec 13 now resistance
*RES 2: 160.14 Bollinger band top
*RES 1: 159.69 High Mar 28
*PREVIOUS CLOSE: 159.46
*SUP 1: 159.15 Low Apr 6
*SUP 2: 158.89 Low Apr 5
*SUP 3: 158.53 Hourly resistance Mar 22 now support
*SUP 4: 158.35 High Mar 16 now support
*COMMENTARY: Bears failed to capitalise on rejections around 159.69 last week
with the bounce and bullish close Friday seeing immediate pressure on this
level. The 159.69-160.26 resistance region is key with bulls needing a close
above to confirm a break of the channel top and initially target 160.98 Dec
highs. Bears still need a close below 158.89 to pressure the key 158.17-55
support region where the bull channel base, 21 & 55-DMAs are noted.
BOBL TECHS: (M18) Hesitating Ahead Of Key Resistance
*RES 4: 131.482 Bollinger band top
*RES 3: 131.450 High Jan 23 (Cont)
*RES 2: 131.310 High Apr 3
*RES 1: 131.237 100-WMA (Cont)
*PREVIOUS CLOSE: 131.160
*SUP 1: 131.110 Low Apr 6
*SUP 2: 131.040 Low Apr 5
*SUP 3: 130.860 Hourly resistance Mar 22 now support
*SUP 4: 130.846 100-DMA
*COMMENTARY: Fresh 3mth highs lacked follow through above the 100-WMA last
Tuesday with M18 looking a little offered and dipping Thursday. Bears now look
for a close below 131.040 to add weight to the case for a test of 130.760-849
where 21 & 100-DMAs are found. Bulls continue look for a close above 131.310 to
end bearish hopes, confirm a break of the 100-WMA and focus on 131.450-583 where
the 200-WMA is found.
SCHATZ TECHS: (M18) 111.905 Support Now Key
*RES 4: 112.065 Monthly Low Sept 21 now resistance (Cont)
*RES 3: 112.050 2018 High Mar 5 (Cont)
*RES 2: 111.990 Monthly High Mar 28
*RES 1: 111.960 High Apr 4
*PREVIOUS CLOSE: 111.920
*SUP 1: 111.905 Low Apr 9
*SUP 2: 111.864 100-DMA
*SUP 3: 111.855 Low Mar 15
*SUP 4: 111.830 Low Mar 14
*COMMENTARY: Topside hesitation has taken its toll resulting in a dip below the
21-DMA (111.911). Bears now need a close below 111.905 to confirm a break of the
21-DMA and to target layers of support 111.784-111.864 where key 55 & 100-DMAs
are located. The 111.960-990 resistance region is key this week. Bulls need a
close above 111.990 to kick start bullish momentum and reconfirm focus on
112.050-065.
GILT TECHS: (M18) 21-DMA & 122.59 Levels Key
*RES 4: 123.57 Low Dec 1 now resistance
*RES 3: 123.48 Daily Bull channel top
*RES 2: 123.03 High Apr 4
*RES 1: 122.59 Low Apr 4 now resistance
*PREVIOUS CLOSE: 122.35
*SUP 1: 122.10 Low Apr 6
*SUP 2: 121.95 21-DMA
*SUP 3: 121.38 Daily Bull channel base off Feb low
*SUP 4: 121.36 55-DMA
*COMMENTARY: Hesitation ahead of the daily bull channel top has taken its toll
with the contract now flirting with the 100-DMA (122.34). The 21-DMA is key
support this week with bears needing a close below to confirm focus on
120.69-121.38 where the 55-DMA and daily bull channel base are located. While
the 21-DMA supports bulls remain focused on the channel top with a close above
122.59 needed to gain breathing room.
SHORT-STERLING TECHS: (M18) 99.120-150 Resistance Key This Week
*RES 4: 99.200 Repeated daily highs Mar
*RES 3: 99.170 High Mar 21
*RES 2: 99.150 Alternating daily support/resistance
*RES 1: 99.120 Low Mar 26 now resistance
*PREVIOUS CLOSE: 99.110
*SUP 1: 99.075 2018 Low Apr 4
*SUP 2: 99.060 Monthly Low June 23 2016
*SUP 3: 99.003 Weekly Bear channel base
*SUP 4: 98.990 Monthly Low May 31 2016
*COMMENTARY: Bulls take comfort in the correction back towards the 99.120-150
resistance region with the 21-DMA noted at 99.139. Bulls still need a close
above 99.120 gain breathing room and above 99.150 remains needed to shift focus
back to 99.200-220 where the 55-DMA (99.200) is noted. While 99.120 caps
immediate focus remains on 98.930 April 2016 monthly lows.
EURIBOR TECHS: (Z18) 100.285 Support Remains Key
*RES 4: 100.340 - High Oct 10 2016
*RES 3: 100.325 - High Oct 19 2016, High Dec 15
*RES 2: 100.320 - Repeated Daily highs Dec
*RES 1: 100.305 - 2018 High Mar 27 & 28, Apr 6 & 9
*PREVIOUS CLOSE: 100.300
*SUP 1: 100.295 - Repeated daily lows Mar, 21-DMA
*SUP 2: 100.290 - Highs Mar 13 & 14 now support
*SUP 3: 100.285 - Low Mar 15
*SUP 4: 100.273 - 55-DMA
*COMMENTARY: Continued hesitation around 2018 highs has taken its toll with the
contract continuing to dip back to initial support. In saying that, bears
continue to look for a close below 100.285 to confirm an easing of bullish
pressure. 55 & 100-DMAs are noted 100.267-273 with a close below the 100-DMA
needed to shift initial focus back to 100.250.
US 10-YR FUTURE TECHS: (M18) 120-11 & 121-12 Levels Key This Week
*RES 4: 122-02 Monthly High Feb 6
*RES 3: 121-30+ 100-DMA
*RES 2: 121-12 High Apr 2
*RES 1: 121-05 High Apr 4
*PRICE: 120-24+ @ 0430GMT
*SUP 1: 120-23 Low Apr 9
*SUP 2: 120-17+ 55-DMA
*SUP 3: 120-16+ Low Apr 5
*SUP 4: 120-11 Low Mar 26 & 27
*COMMENTARY: Bulls take comfort from support emerging around the 21-DMA
(120-19+) last week and providing the base for a bounce Friday. The 120-11
support remains key this week. Bears still need a close below 120-11 to confirm
a break of DMAs & shift focus back to 119-14/21+. The 121-12 resistance remains
key also. Bulls need a close above this level to kick start topside momentum and
initially target 121-31+/122-02.
US 10-YR YIELD TECHS: 2.859 Resistance Key This Week
*RES 4: 2.936 - High Feb 21
*RES 3: 2.889 - High Mar 22
*RES 2: 2.859 - High Mar 27
*RES 1: 2.838 - High Apr 5
*PRICE: 2.808 @ 0430GMT
*SUP 1: 2.768 - Low Apr 6
*SUP 2: 2.748 - Low Apr 4
*SUP 3: 2.717 - Low Apr 2
*SUP 4: 2.648 - Monthly Low Feb 6
*COMMENTARY: The yield continues to trade below 21 (2.817) & 55 (2.817) DMAs,
although follow through has been lacking, with bears now needing a close below
2.768 to add weight to the case for a test of 2.609-648 where the 100-DMA
(2.641) is found. The 2.859 resistance remains key this week. Bulls need a close
above to shift initial focus to tests of 2018 highs. Correcting O/S studies
remain a concern for bears.
EUROSTOXX50 TECHS: Capped On Approach To 55-DMA
*RES 4: 3499.09 100-DMA
*RES 3: 3476.21 High Feb 27
*RES 2: 3448.63 High Mar 16
*RES 1: 3438.20 55-DMA
*PREVIOUS CLOSE: 3414.85
*SUP 1: 3383.17 Alternating daily support/resistance
*SUP 2: 3300.81 Low Apr 4
*SUP 3: 3261.86 2018 Low Mar 26
*SUP 4: 3252.29 High Feb 8 2017 now support
*COMMENTARY: The recovery from 2018 lows remains capped ahead of the 55-DMA.
Bulls now need a close above 3448.63 to confirm a break of the 55-DMA and above
3523.28 to shift focus to 2018 highs. Bears hold the advantage while the 55-DMA
caps but continue to look for a close below 3383.17 to return initial focus to
2018 lows.
--MNI Beijing Bureau; tel: +44 207-862-7435; email: kyle.shortland@mni-news.com
[TOPICS: MTABLE]
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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.