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OUTLOOK: Price Signal Summary - Bull Cycle In Bunds Remains In Play

OUTLOOK
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In the FI space, Bund futures maintain a firmer tone and the contract traded higher yesterday. Price has traded more convincingly through the 20- and 50-day EMAs. This undermines the recent bearish theme and note that 133.39 has been breached, the 50.0% retracement of the Oct 1 - Nov 6 bear leg. Clearance of this level strengthens a bullish theme and opens 134.05, the 61.8% retracement point. Support to watch lies at 131.28, the Nov 14 low. Initial support is at 132.88, the 50-day EMA.
  • The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and Monday's gains reinforce current bullish conditions. Resistance at 94.73, the Nov 1 high, has been breached. A continuation higher would expose 95.76, the 50-day EMA. On the downside, a reversal lower would refocus attention on key support and the bear trigger at 92.53, the Nov 6 low. Clearance of this level resumes the downtrend. Initial support is at 94.48, the 20-day EMA.
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  • In the FI space, Bund futures maintain a firmer tone and the contract traded higher yesterday. Price has traded more convincingly through the 20- and 50-day EMAs. This undermines the recent bearish theme and note that 133.39 has been breached, the 50.0% retracement of the Oct 1 - Nov 6 bear leg. Clearance of this level strengthens a bullish theme and opens 134.05, the 61.8% retracement point. Support to watch lies at 131.28, the Nov 14 low. Initial support is at 132.88, the 50-day EMA.
  • The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and Monday's gains reinforce current bullish conditions. Resistance at 94.73, the Nov 1 high, has been breached. A continuation higher would expose 95.76, the 50-day EMA. On the downside, a reversal lower would refocus attention on key support and the bear trigger at 92.53, the Nov 6 low. Clearance of this level resumes the downtrend. Initial support is at 94.48, the 20-day EMA.