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Price Signal Summary - Bunds Extend Sequence of Higher Highs

MARKET INSIGHT
  • In the equity space, S&P E-minis outlook is bullish despite Friday's pullback. Recent gains confirmed a resumption of the uptrend and signal scope for a continuation near-term. Support to watch is at 4348.92, the 20-day EMA. EUROSTOXX 50 futures traded firmly from the Monday open, keeping the bullish short-term theme intact. This follows the recent print above a key near-term resistance at 4101.50, Jul 1 high. The breach of this level places on hold a recent bearish outlook and instead signals scope for a stronger recovery.
  • In FX, the USD is weaker. EURUSD traded higher Thursday and Friday to clear a former resistance at 1.1851, Jul 15 high. The extension has exposed the 50-day EMA at 1.1916. GBPUSD traded higher again Friday before fading into the close. The pair has cleared the 50-day EMA. The move above this average strengthens the current corrective recovery, signalling scope for gains towards 1.3990 next, a Fibonacci retracement. USDJPY resumed the modest decline Monday, edging through the Friday lows to print down at 109.20. A bearish focus dominates. This follows the recent Jul 19 break of support at 109.48, Jul 29 low.
  • On the commodity front, Gold has faded off last week's highs, but remains in recovery mode after printing 1790.0 in mid-July. The outlook is bullish and the recent pullback was considered corrective. Brent futures corrected Monday, slipping over $2.50 as markets gravitated back toward the 50-dma at $72.33.
  • Within FI, Bund futures rallied through last week's highs with relatively little effort early Monday, keeping the ball in bulls' court. The current bullish sequence of higher highs and higher lows remains intact and this signals scope for a climb towards 177.19 next, a Fibonacci extension. BTPs remain bullish and are trading at recent highs. A positive outlook follows the recent resumption of the uptrend that started May 19 - gains on Jul 6 and 7 resulted in a breach of a former key resistance at 152.47.
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