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Price Signal Summary - E-Minis Consolidating Ahead Of Key Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis are unchanged and trading close to the all-time high of 4238.25 May 10 high. This remains a key resistance and the trigger for a resumption of the uptrend. Initial support is at 4165.25, Jun 3 low.
  • In the FX space, EURUSD appears vulnerable following last week's price action. The focus is on 1.2102, the 50-day EMA. GBPUSD is consolidating and remains below last week's high of 1.4248 on Jun 1. A deeper pullback would expose 1.4006, May 13 low. Note the 50-day EMA intersects at 1.4019 and also represents a key support level. USDJPY sold off sharply Friday and yesterday support at 109.33, Jun 1 low was probed. A clear break lower would threaten the recent uptrend and expose 108.56, May 25 low.
  • On the commodity front, Gold key short-term directional triggers have been defined at; $1916.6, the Jun 1 high and bull trigger and $1856.2, the Jun 4 low. Trend conditions in Oil remain bullish despite the most recent pullback. Recent Brent (Q1) gains have opened $73.00 next, a round number resistance. WTI (N1) yesterday tested the $70.00 psychological level. A break would open $70.22, 2.618 projection of the Mar 23 - 30 - Apr 5 price swing.
  • Within FI, Bunds (U1) have tested the 50-day EMA at 172.00 but have not yet confirmed a clear break. While it holds, the outlook is bearish. Support to watch is at 170.99. May 31 low. Gilts (U1) remains below resistance at 127.74/82, highs between Apr 20 and May 26. A bearish risk remains present.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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