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​Price Signal Summary - Bunds Approach The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-minis are drifting off the week's highs, but major supports remain intact and the outlook remains bullish. This keeps nearby resistance at the 4238.25 May 10 high in sight. Key trend support is unchanged at 4029.25, May 13 low. EUROSTOXX 50 futures are flat on the week. Trend conditions remain bullish and the modest uptrend is still in play with the focus on 4099.00,1.00 projection of the Mar - Jul - Oct 2020 price swing.
  • In the FX space, EURUSD continues to trade inside the April-May uptrend, maintaining a bullish tone. The pair this week cleared 1.2245 with sights set on 1.2285 next, Jan 8 high. Watch support at 1.2160, May 19 low. The GBPUSD outlook remains bullish. The focus is on 1.4237, Feb 24 high and this year's high print. A break would confirm a resumption of the broader uptrend. USDJPY has traded higher and is holding above initial support at 108.56, May 25 low. Key support lies at 108.34, May 7 low where a break is required to threaten the bullish theme. Attention is on resistance at 109.79, may 13 high and the bull trigger.
  • On the commodity front, Gold traded higher again yesterday, cementing the bullish theme. The yellow metal has topped $1,900 this week and this opens the Jan 8 high of $1917.6. Trend conditions remain overbought, with the 14-day RSI at its highest level since August last year. $1872.8/52.3, May 25 low is first support. Oil contracts are trading near recent highs. Brent (N1) key resistance is at $70.24, May 18 high and this marks the bull trigger. WTI (N1) bulls are eyeing $67.02, May 18 high.
  • Within FI, Bunds (M1) continue to climb and are through the 20-day EMA. The next resistance is the 170.49, 50-day EMA. Gilts (U1) initial resistance is 127.74, May 7 and 26 high. Recent gains are considered corrective.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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