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Price Signal Summary - Bonds Remain In A Downtrend

MARKET INSIGHT
  • 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.
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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