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Price Signal Summary - Bund Futures Trend Needle Points South

OUTLOOK
  • In the FI space, Bund futures maintain a softer tone following last week’s move lower as the contract extended the pullback from 139.54, Mar 24 high. Price has breached a key support at the 20-day EMA which intersects at 135.56. It represents an important pivot level and the break strengthens a bearish threat. 134.80, the Mar 22 low, has been tested. A breach of this support would open 134.15, a Fibonacci retracement. Initial resistance is at 136.77, the Mar 30 high.
  • Gilt futures traded lower again Friday and the contract maintains a bearish short-term tone. Last week’s move down resulted in a break of support at the 20-day EMA which intersects at 103.68. The average represents an important short-term support and the clear break signals scope for a continuation lower near-term, towards 102.31 next, a Fibonacci retracement On the upside, initial resistance is seen at 104.47, last Thursday’s intraday high.
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