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Price Signal Summary - Bunds Remain Above Support

OUTLOOK
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  • In the FI space, Bund futures have pulled back from this week’s high. The rally on Wednesday resulted in a print above the 50-day EMA and a breach of a key short-term resistance at 131.86, the May 7 high. This continues to highlight a potential reversal and a resumption of gains would open 132.89, 38.2% of the Dec 27 - Apr 25 bear cycle. Initial key support has been defined at 130.24, the May 14 low. Clearance of this level would instead be a bearish development.
  • Gilt futures traded higher Wednesday, confirming an end to the recent pause in the bull cycle, which appeared to be a bull flag formation. The breach of resistance at 98.29, the May 10 high, confirms the flag and highlights a resumption of the recovery that started Apr 25. This signals scope for a climb towards 99.19, a Fibonacci retracement. Initial firm support has been defined at 97.23, the May 14 low. A break of this level would be bearish.
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  • In the FI space, Bund futures have pulled back from this week’s high. The rally on Wednesday resulted in a print above the 50-day EMA and a breach of a key short-term resistance at 131.86, the May 7 high. This continues to highlight a potential reversal and a resumption of gains would open 132.89, 38.2% of the Dec 27 - Apr 25 bear cycle. Initial key support has been defined at 130.24, the May 14 low. Clearance of this level would instead be a bearish development.
  • Gilt futures traded higher Wednesday, confirming an end to the recent pause in the bull cycle, which appeared to be a bull flag formation. The breach of resistance at 98.29, the May 10 high, confirms the flag and highlights a resumption of the recovery that started Apr 25. This signals scope for a climb towards 99.19, a Fibonacci retracement. Initial firm support has been defined at 97.23, the May 14 low. A break of this level would be bearish.