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Free AccessPrice Signal Summary - Bonds Remain In A Downtrend
- In the equity space, S&P E-minis have failed to hold onto Wednesday’s high. Key near-term resistance is at 4739.50, Wednesday’s high and 4752.67, 76.4% of the Jan 4 - 10 sell-off. A break of this resistance zone would reinstate a bullish theme and expose the key resistance at 4808.25, the Jan 4 all-time high. EUROSTOXX 50 futures remain above the 50-day EMA. Key short-term support is unchanged at 4216.50, the Jan 10 low. A stronger recovery would open 4381.5, the Jan 5 high. Initial resistance is at 4324.50, Thursday’s high.
- In FX, EURUSD has this week cleared the top of its range and resistance at 1.1383/86, the Nov 30 and Dec 31 high. The pair has also traded through the top of a bear channel drawn from the Jun 1, 2021 high. This strengthens the bull theme and highlights an important reversal. The focus is on 1.1514 next, the Nov 5 low. GBPUSD maintains a bullish tone. The 200-dma at 1.3737 has been probed, a clear break would open 1.3835, Oct 20 high. USDJPY has continued to weaken and is through its 50-day EMA. This signals scope for an extension towards 113.14 next, Dec 17 low.
- On the commodity front, Gold maintains a bullish short-term tone. The yellow metal has managed to remain inside its bull channel drawn from the Aug 9 low - the Jan 7 low of $1782.8 and the recovery from this level means the channel base provided support. The focus is on key near-term resistance at $1831.9, Jan 3 high where a break would open $1849.1, the Nov 22 high. WTI futures remain in an uptrend. The contract has cleared key resistance at $82.13, Oct 25 high to confirm a resumption of the broader uptrend. The focus is on $83.71, 1.618 projection of the Dec 2 - 9 - 20 price swing.
- In the FI space, the Bund futures trend direction is unchanged and remains bearish. Short-term gains are considered corrective. The focus is on 169.34, Oct 29 low and resistance is at 171.44, the 20-day EMA. Gilts remain in a downtrend too and recent gains appear to be corrective. The focus is on 122.66 next, 3.764 projection of the Dec 8 - 16 - 20 price swing.
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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.