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Price Signal Summary - Bund Futures Bear Threat Remains Present

OUTLOOK
  • In the FI space, Bund futures traded in a volatile manner late last week and the contract is trading closer to its recent lows. Price has breached 132.23, 61.8% of the Jul 10 - 19 rally. This undermines the recent bullish theme and signals scope for a continuation lower. The focus is on 131.61, the 76.4% retracement. Further out, key support is at 130.60, the Jul 10 low. Initial firm resistance is at 134.01, the Jul 24 high. A break would be bullish. A break would be bullish.
  • Gilt futures traded lower late last week and breached first support at 96.11, the Jul 21 low. This highlights a bearish threat and note that the 20-day EMA, at 95.67, has also been cleared. This signals scope for a deeper pullback, potentially towards 94.58, the Jul 17 low. On the upside, key short-term resistance is unchanged at 97.84, the high on Jul 19. A break is required to resume the uptrend. Initial firm resistance is at 96.81, the Jul 27 high.
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