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Price Signal Summary - Bond Market Reprieve

MARKET INSIGHT
  • In the equity space, S&P E-minis sold off sharply yesterday and are trading below the 50-day EMA once again - the average intersects at 4407.78 and represents initial resistance. A deeper sell-off would highlight the risk of a pullback towards key support at 4293.75, Sep 20 low. EUROSTOXX 50 futures have also pulled away from recent highs. A deeper pullback would expose the key support at 3974.00, Sep 20 low. 4115.40, the 50-day EMA represents initial resistance.
  • In FX, EURUSD remains in a downtrend. The pair has probed resistance at 1.1664, Aug 20 low. A clear break would confirm a resumption of the broader downtrend and open 1.1621, 1.00 projection of the Jan 6 - Mar 31 - May 25 price swing. GBPUSD remains under pressure following yesterday's sell-off. The focus is on 1.3462, 50.0% retracement of the Sep '20 - Jan bull phase. USDJPY has traded through 110.80, Aug 11 high this week and has today probed key resistance at 111.66, Jul 2 high and the bull trigger. A clear break would strengthen a bull case and open 112.23, Feb 20, 2020 high. The USD Index (DXY) key resistance at 93.73, Aug 20 high has been breached. The break confirms a resumption of the uptrend that started May 25 and reinforces the general bullish USD theme.
  • On the commodity front, the Gold traded lower yesterday and the trend needle still points south. The focus is on $1742.5, 76.4% of the Aug 9 - Sep 3 rally. WTI futures have pulled away from yesterday's high of $76.67. Dips are considered corrective and firm support is seen at $73.58, Jul 6 high and a recent breakout level.
  • In FI, Bund futures remain in a clear downtrend with the focus on 169.46 next, 1.50 projection of the Sep 9 - 17 - 21 price swing. Short-term gains are considered corrective. Gilt futures remain heavy despite the rebound from yesterday's low of 124.84. Resistance is seen at 126.44, Sep 24 high. Treasuries remain in a downtrend. Scope is seen for weakness towards 131-03+, Jun 25 low. Gains are also considered corrective.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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