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Price Signal Summary - Bunds Remain Above Support At The 20-day EMA

OUTLOOK
  • In the FI space, Bund futures traded higher last week as the recovery from 134.70, the Mar 31 low, extended. The short-term outlook appears bullish and a continuation higher would signal scope for gains above the 138.00 handle. Note that the latest pullback appears to be a correction. Key resistance is still far off at 140.30, the Mar 20 high. Initial support to watch is 136.01, the 20-day EMA. The bear trigger lies at 134.70, a break would resume the recent bearish theme.
  • A short-term bearish threat in Gilt futures remains present - recent weakness resulted in a breach of support at the 20-day EMA which intersects at 103.94 and price is once again trading below this average. A continuation lower would expose 102.74, the Mar 20 low and bear trigger. Clearance of this level would open 102.31 next, the 61.8% retracement of the Feb 28 - Mar 20 rally. On the upside, initial key resistance is seen at 104.97, the Apr 6 high.
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