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Price Signal Summary - Bunds Test Resistance At The 50-Day EMA

OUTLOOK
  • In the FI space, Bund futures traded higher Tuesday and in the process, the contract pierced 133.27, the 50-day EMA. A clear break of this average would signal scope for an extension and open 134.18, the Feb 15 high. Note that a break higher would also result in a bear channel breakout - drawn from the Dec 27 high. A clear breach of the channel top would also highlight a likely reversal. On the downside, the bear trigger lies at 131.23 the Feb 29 low.
  • Gilt futures traded sharply higher Tuesday, extending the recovery from last week’s low. Resistance at 98.53, the Feb 26 high, has been cleared. The break eases recent bearish pressure and instead signals scope for a continuation higher near-term. 99.00 has also been cleared and sights are on 99.52 next, 1.618 retracement of the Feb 26 - 29 bear leg. Key support and the bear trigger has been defined at 96.83, the Feb 29 low.
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