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Price Signal Summary - Equities And Oil Test The 50-Day EMA

MARKET INSIGHT
  • In the space, S&P E-minis have moved away from Tuesday's high print of 4179.50. Futures have also tested the 50-day EMA at 4074.26 which represents an important support area. Last week's low of 4029.25 however marks the key short-term support.
  • In the FX space, EURUSD traded higher yesterday and probed key resistance at 1.2243, Feb 25 high. An extension higher would open 1.2285, Jan 8 high. GBPUSD remains bullish following last week's gains. Attention is on 1.4237, Feb 24 high and this year's high. USDJPY support has been defined at 108.34, May 7 low. A bullish theme remains intact while it holds and attention is on 109.79, May 13 high. A break of 108.34 would highlight a trendline break drawn off the Jan 6 low and risk a deeper pullback.
  • On the commodity front, Gold remains bullish. The focus is on$1892.7, 76.4% retracement of the Jan 6 - Mar 8 sell-off. Oil is off recent highs. Brent (N1) has tested its 50-day EMA. Yesterday's low of $65.30 marks the key short-term support. WTI has entered a corrective phase. Key near-term support is $61.95, yesterday's low.
  • In the FI space, Bunds (M1) traded lower yesterday and cleared support at 168.59, May 13 low. This confirms a resumption of the underlying downtrend and opens 168.09, 0.764 projection of the Jan 27 - Feb 25 - Mar 25 price swing. Near-term risk in Gilts (M1) is still skewed to the downside. The key support and bear trigger is 126.79, Mar 18 low. BTPs (M1) remain in a clear downtrend. The focus is on 144.16, 1.236 projection of the Feb 12 - 26 - Mar 11 price swing.
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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