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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 traded higher Wednesday. Price has recently cleared the 20- and 50-day EMAs. This undermines a recent bearish theme and note that 133.39 has been breached, 50.0% of the Oct 1 - Nov 6 bear leg. The move higher has also resulted in a breach of; 134.05, the 61.8% retracement point, and 134.25, the high on Oct 16 and 18. This opens 134.87 next, the 76.4% retracement. Initial firm support to watch lies at 132.75, the 20-day EMA.
  • The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and this week’s climb reinforces current bullish conditions. A continuation higher would pave the way for a climb towards 96.03 next, a 2.000 projection of the Nov 18 - 19 - 20 price swing. On the downside, a reversal lower would refocus attention on the initial key support at 93.40, the Nov 18 low. A breach of this support would be a bearish development. First support is at 94.66, the Nov 25 low.
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  • In the FI space, Bund futures traded higher Wednesday. Price has recently cleared the 20- and 50-day EMAs. This undermines a recent bearish theme and note that 133.39 has been breached, 50.0% of the Oct 1 - Nov 6 bear leg. The move higher has also resulted in a breach of; 134.05, the 61.8% retracement point, and 134.25, the high on Oct 16 and 18. This opens 134.87 next, the 76.4% retracement. Initial firm support to watch lies at 132.75, the 20-day EMA.
  • The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and this week’s climb reinforces current bullish conditions. A continuation higher would pave the way for a climb towards 96.03 next, a 2.000 projection of the Nov 18 - 19 - 20 price swing. On the downside, a reversal lower would refocus attention on the initial key support at 93.40, the Nov 18 low. A breach of this support would be a bearish development. First support is at 94.66, the Nov 25 low.