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Price Signal Summary - Bunds Clear Key Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a strong bullish tone, and futures are climbing once again. The focus is on 4400.00 next, a round number resistance. EUROSTOXX 50 (U1) attention is still on the bearish engulfing candle from Jun 18. A break of 4015.00, Jun 21 low would reinforce the importance of this pattern and signal scope for a deeper pullback towards 4000.00 and 3914.00, May 20 low.
  • In FX, the USD is holding its ground and the outlook remains bullish. The EURUSD bear trigger is Friday's/Tuesday's low of 1.1807/8. Resistance to watch is at 1.1895, yesterday's low. A break lower would signal scope for weakness towards 1.1704, Mar 31 low. GBPUSD attention is on a break of Friday's 1.3733 low that would open 1.3717, Apr 16 low. Resistance is at 1.3898, yesterday's high. USDJPY bullish conditions remain intact despite this week's modest weakness. The focus is on 111.71/112.01, Mar 24, 2020 high and 1.0% 10-dma envelope. Key short-term support is at 109.85, the 50-day EMA.
  • On the commodity front, Gold maintains a firmer tone. Attention is on the 50-day EMA that intersects at $1815.0. A clear break of the EMA is required to suggest scope for a stronger rally. This would open $1833.7, 50.0% of the Jun 1 - 29 decline. Brent (U1) focus is on $77.86, 1.382 projection of Mar 23 - May 18 - May 21 price swing. Watch support at $73.91, the 20-day EMA. WTI (Q1) sights are set on $77.35, 1.618 projection of Mar 23 - May 18 - May 21 price swing. The 20-day EMA at $72.17 marks initial support.
  • Within FI, Bund futures are stronger having cleared resistance at 173.16, Jun 11 high. This signals scope for a stronger rally toward 174.28, the 0.764 projection of the May 19 - Jun 11 - Jun 22 price swing. Gilt futures have topped key resistance at 128.39, Jun 11 high, strengthening the bullish case. This opens 129.40, the 1.50 projection of the May 13 - 26 - Jun 3 price swing.
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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