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OUTLOOK: Price Signal Summary - Bull Phase In Bunds Remains Intact

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In the FI space, Bund futures ended last week on a bullish note. The contract traded higher Friday and in the process traded more convincingly through the 20- and 50-day EMAs. This undermines the recent bearish theme and exposes 133.39, the 50.0% retracement of the Oct 1 - Nov 6 bear leg (pierced). Clearance of this level would strengthen the bullish theme and open 134.25, the Oct 16 and 18 high. Support to watch lies at 131.28, the Nov 14 low. A breach would be a bearish development.
  • The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and the contract traded to a fresh short-term high on Friday. Resistance at 94.73, the Nov 1 high, has been pierced. A continuation higher would expose 95.78, 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.
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  • In the FI space, Bund futures ended last week on a bullish note. The contract traded higher Friday and in the process traded more convincingly through the 20- and 50-day EMAs. This undermines the recent bearish theme and exposes 133.39, the 50.0% retracement of the Oct 1 - Nov 6 bear leg (pierced). Clearance of this level would strengthen the bullish theme and open 134.25, the Oct 16 and 18 high. Support to watch lies at 131.28, the Nov 14 low. A breach would be a bearish development.
  • The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and the contract traded to a fresh short-term high on Friday. Resistance at 94.73, the Nov 1 high, has been pierced. A continuation higher would expose 95.78, 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.