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Price Signal Summary - Bunds Reinforce S/T Bullish Conditions

MARKET INSIGHT
  • S&P E-Minis remain below recent highs. The short-term outlook is bullish and short-term dips are considered corrective. For bulls, a break of Monday’s 4147.25 high would confirm a resumption of recent gains and open 4204.75 next, the May 31 high and the next key resistance. EUROSTOXX 50 futures trend conditions remain bullish following last week’s gains and short-term pullbacks are considered corrective. The contract has recently pierced the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40.
  • EURUSD faced resistance yesterday, pulling back from the session high. The short-term outlook remains bullish though, as long as support at 1.0097, the Jul 27 low, remains intact. USDJPY recovered losses into the Tuesday close, having found support at 130.41. Gains are considered corrective - for now. Recent weakness has resulted in the break of a number of important technical chart points. AUDUSD traded higher Monday, but has since faced resistance and traded sharply lower Tuesday. The short-term outlook is bullish and for now, the pullback is considered corrective.
  • Gold maintains a firmer tone despite the pullback from yesterday’s high. Attention is on resistance at the 50-day EMA, at $1783.80. The average was pierced yesterday, a clear break would suggest potential for a bullish extension and expose trendline resistance at $1807.1. WTI futures remain vulnerable, having traded sharply lower Monday. The contract has recently failed to clear key resistance around the 50-day EMA - the average intersects at $100.25.
  • Bund futures maintain a bullish tone and yesterday’s fresh trend high reinforces current short-term conditions. The move higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The short-term outlook in Gilt futures remains bullish and fresh highs yesterday reinforce this setup. Continued gains highlight an extension of the recent break of resistance at 117.09, the Jul 6 high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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