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Price Signal Summary - Bund Futures Remain Vulnerable

OUTLOOK
  • In the FI space, Bund futures continue to trade closer to their recent lows and remain vulnerable. Last week’s move lower resulted in a break of 131.18, the Aug 28 low. The move down undermines the recent bullish theme and signals scope for a deeper retracement. Furthermore, the contract has breached support at 130.71, the Aug 23 low. A continuation would expose 129.72, the Aug 15 low and a key support. Key resistance is at 132.91, the Aug 8 high.
  • The short-term outlook in Gilt futures remains bearish, remains bearish, despite the latest recovery. A move lower earlier last week resulted in a break of support at 94.14, the Aug 29 low. The breach undermines the recent bullish theme and highlights potential for a deeper retracement with next key support at 93.12, 61.8% of the Aug 17 - Sep 1 rally. On the upside, key short-term resistance is 95.79, the Sep 1 high. Clearance of this level would reinstate a bullish theme.
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