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Price Signal Summary - Bunds Continue To Appreciate

OUTLOOK
  • In the FI space, a bull cycle in Bund futures remains in play and the contract has traded higher this week. The move has resulted in a break above 133.21, the Jun 14 high and a bull trigger. Clearance of this level confirms a resumption of the uptrend note that the 134.00 handle has been cleared. Sights are on 135.05, 2.50 projection of the May 31 - Jun 5 - 1 price swing. First key support is 132.59, the 20-day EMA. A pullback would be considered corrective.
  • Gilt futures have traded higher this week and the uptrend accelerated Thursday. This week’s climb marks an extension of the reversal on Jul 26 and has resulted in a break of 99.23, the Jun 21 high. Clearance of this level confirms a resumption of the bull cycle that started May 29 and signals scope for a climb towards the 101.00 handle next. Initial support lies at 99.23, the Jun 21 high. A pullback would allow an overbought trend condition to unwind.
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