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Price Signal Summary - Bunds Approach Trendline Support, EUROSTOXX 50 Rally

MARKET INSIGHT
  • On the equity front, S&P E-minis outlook is unchanged and remains bullish. The contract traded to a fresh all-time high of 4542.25 yesterday and this confirms a resumption of the uptrend once again. The focus is on 4580.21, 1.382 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 has rallied today and traded above 4238.50, Aug 13 high. This confirms a resumption of the uptrend and opens 4294.20, 1.236 projection of the May 13 - Jun 17 - Jul 19 price swing.
  • In the space, EURUSD failed to hold above its 50-day EMA yesterday. The average intersects at 1.1827 today and a clear break is required to open 1.1909, the Jul 30 high and a key short-term resistance. In terms of patterns, yesterday's activity is a shooting star candle - a potential bearish reversal signal. Watch support at 1.1735, Aug 20 low. GBPUSD key near-term resistance is unchanged at the 50-day EMA, at 1.3826. A break is required to signal potential for a stronger recovery. Recent gains are still considered corrective.
  • On the commodity front, Gold is consolidating but remains bullish. Attention is on $1834.1, Jul 15 high and a bull trigger. WTI remains bullish with the focus on $70.74, 76.4% retracement of the Jul 30 - Aug 23 sell-off. Support is seen at $66.92, Aug 25 low.
  • In FI, Bunds traded sharply lower yesterday and breached 175.66, Aug 27 low. Price action has also moved below the 50-day EMA reinforcing current bearish conditions. The focus is on trendline support at 175.11, drawn off the May 19 low. Gilt futures have cleared support at 128.33, Aug 12 low and 128.24, Aug 12 low. The break lower strengthens a bearish case and signals scope for 128.03, the Jul 6 low (cont).
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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