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Price Signal Summary - Corrective Cycle In Bunds

OUTLOOK
  • In the FI space, Bund futures remain in a downtrend, however, yesterday’s gains and today’s follow through highlight a strong corrective cycle. The break higher has resulted in a move through the 20-day EMA and this has exposed resistance at the 50-day EMA, which intersects at 129.61. Clearance of this average would expose the key resistance at 130.20, the Oct 12 high. Initial support to watch is 127.18, the Oct 23 low. A break would be a bearish development.
  • Gilt futures traded lower Monday and the contract maintains a bearish theme. Today’s bullish start and the recovery from yesterday’s low is considered corrective. Resistance to watch is 93.91, the Oct 17 high. The contract has recently traded through key support at 91.47, the Aug 17 low. This confirms a resumption of the downtrend and paves the way for a move towards 90.38, the Oct 12 2022 low (cont) and a major support.
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