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Price Signal Summary - Bund Futures Appear Vulnerable

MARKET INSIGHT
  • On the equity front, S&P E-minis are consolidating near recent highs and yesterday's pullback is likely a correction. This week's climb to a fresh all-time high confirmed a resumption of the uptrend and attention is on the 4500.00 handle. EUROSTOXX 50 key support has been defined at 4078.00, Aug 19 low. The outlook is bullish while this level holds.
  • In the FX space, the USD remains in an uptrend and this week's weakness is still considered corrective. The recent move below 1.1704, Mar 31 low in EURUSD opens 1.1621 next, 1.00 projection of the Jan 6 - Mar 31 - May 25 price swing. Firm resistance to watch is 1.1805, Aug 13 high. GBPUSD remains vulnerable despite this week's bounce. The focus is on the bear trigger at 1.3572, Jul 20 low. Resistance is at 1.3768, Aug 26 high. The Aug 20 price pattern in USDCAD was a bearish shooting star candle and Monday's weak close reinforces the bearish pattern. An extension would expose 1.2522, the 50-day EMA.
  • On the commodity front, Gold maintains a bullish tone following this week's breach of the 50-day EMA. The break signals scope for a climb towards $1834.1, Jul 15 high and a bull trigger. WTI futures support has been defined at $61.74, Aug 23 low. Note, Monday's price action was a bullish engulfing reversal candle, highlighting a positive short-term theme. Further gains would open $69.39. Aug 12 high.
  • In FI, Bunds support at 176.21, Aug 11 low was cleared Wednesday, highlighting a short-term bearish theme. The focus is on 175.39, the 50-day EMA. Gilt futures appear vulnerable following recent weakness. An extension lower would open 128.03, Jul 6 low (cont).
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