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Price Signal Summary - Broad USD Uptrend Remains Intact

MARKET INSIGHT
  • In the equity space, S&P E-minis are holding onto recent gains. Price action is likely to remain volatile with the Jan 24 low of 4212.75 intact. Last week’s price action is allowing the recent oversold reading to unwind. Initial resistance to watch is 4446.25, Jan 26 high. The trigger for a resumption of bearish activity is 4212.75 low. The short-term trend direction remains down. EUROSTOXX 50 futures activity is likely to remain volatile. Price continues to trade above last Monday’s low of 3990.50 which is the trigger for a resumption of the recent bearish threat. Resistance to watch is at 4215.50, Jan 24 high.
  • In FX, EURUSD traded sharply lower last week and remains vulnerable. The pair has cleared key support at 1.1186/85, the Nov 24 and Jul 1 2020 lows. This confirms a resumption of the broader downtrend since Jan 6, 2021 and paves the way for a move towards 1.1070 next, the May 29, 2020 low. GBPUSD remains vulnerable following the strong sell-off from the Jan 13 high. The pair has cleared a number of support points and this opens 1.3301 next, 76.4% retracement of the Dec 8 - Jan 13 bull phase. Recent USDJPY price action defined a key short-term support last week at 113.47, Jan 24 low. The break reinstates a bullish theme and opens 116.35, the Jan 4 high and key resistance.
  • On the commodity front, Gold remains vulnerable. Last week’s sharp sell-off resulted in a break of the bull channel base drawn off the Aug 9 low. The clear breach strengthens the bearish threat and signals scope for weakness towards $1753.6, the Dec 15 low. WTI futures resumed their uptrend last week and the outlook remains bullish. The contract has cleared $87.10, Jan 20 high. This opens the psychological $90.00 handle.
  • In the FI space, Bund futures found resistance last week at 171.07 on Jan 24. A clear break of the 171.00/07 zone is required to signal scope for a stronger recovery. The trend remains down and the bear trigger is at 168.95, Jan 19 low. Gilts remain in a downtrend and continue to trade below resistance at 123.79, Jan 13 high. The bear trigger is unchanged at 121.93, Jan 19 low.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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