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Price Signal Summary - Bund Resistance At The 50-Day EMA Remains Intact

OUTLOOK
  • In the FI space, Bund futures are holding on to the bulk of their recent gains. The trend outlook is unchanged, it remains bearish and the latest short-term gains appear to be a correction. Key support at 131.23, the Feb 29 low, has recently been cleared. This confirmed a continuation of the downtrend. A resumption of weakness would open 129.26, the 1.618 projection of the Mar 8 - 18 - 27 price swing. Firm resistance is at 131.87, the 50-day EMA. A clear break of the average would be bullish.
  • Gilt futures traded higher Tuesday, extending the recovery from the Apr 25 low of 95.36. The contract has recently cleared the 20-day EMA, and yesterday’s gains resulted in a break of the the 50-day EMA at 97.64. This undermines the recent bear theme and a clear break the EMA would highlight a stronger short-term bullish condition and open 98.23, the Apr 12 high. A reversal lower would refocus attention on 95.36, the bear trigger. 96.43 is first support, the May 3 low.
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