September 11, 2023 10:54 GMT
Price Signal Summary - Bunds Remain Vulnerable
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- In the FI space, Bund futures remain vulnerable. Last week’s move lower resulted in a break of support at 131.18, the Aug 28 low. The move down undermines the recent bullish theme and signals scope for a deeper retracement. Furthermore, the contract has breached support at 130.71, the Aug 23 low. A continuation would expose 129.72, the Aug 15 low and a key support. Key resistance is at 132.91, the Aug 8 high.
- The short-term outlook in Gilt futures remains bearish, despite the latest recovery. A move lower earlier last week resulted in a break of support at 94.14, the Aug 29 low. The breach undermines the recent bullish theme and highlights potential for a deeper retracement with next key support at 93.12, the 61.8% retracement of the Aug 17 - Sep 1 rally. On the upside, key short-term resistance is 95.79, the Sep 1 high. Clearance of this level would reinstate a bullish theme.