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Price Signal Summary -Bunds Find Support At The 20-Day EMA

OUTLOOK
  • In the FI space, Bund futures traded lower Wednesday but managed to recover from session lows of 134.80. A key support at the 20-day EMA, which intersects at 134.84 today, remains intact. A clear break of the average is required to signal scope for a deeper pullback. For now, the recent retracement down is considered corrective and the move lower is allowing a recent overbought condition to unwind. Initial firm resistance is seen at 137.55, 50.0% of the Mar 20 - 23 sell-off.
  • Gilt futures traded lower Wednesday before finding support at the day low of 102.84. The contract has pierced support at the 20-day EMA which intersects at 103.18. A clear break of this average would strengthen any developing bearish threat and expose 101.31, 61.8% of the entire rally from Feb 28. For bulls, a strong resumption of gains would refocus attention on the recent high of 107.33, the Mar 20 high. Initial firm resistance is at 105.08, 50.0% of the Mar 20 - 22 sell-off. The bear trigger for today is yesterday’s low of 102.84.
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