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Price Signal Summary - Equities Slip, Dollar Rallies

MARKET INSIGHT
  • In the equity space, price continues to pull away from recent highs. S&P E-minis have started the week on a softer note and the contract is extending the pullback from 4384.50 Jul 14 high. Attention turns to the key near-term support at 4279.25, Jul 8 low. EUROSTOXX 50 futures are also weaker this morning. The contract has probed 3951.50, Jul 8 low. A clear break would open 3914.00, May 20 low.
  • In FX, the USD outlook remains bullish. The EURUSD needle still points south and the pair is trading lower. The focus is on 1.1704, Mar 31 low. Initial resistance is 1.1851, Jul 15 low. GBPUSD remains vulnerable and the pair has cleared support at 1.3733, Jul 2 low. This set the scene for weakness towards key S/T support and the bear trigger at 1.3669, Apr 12 low. USDJPY appears vulnerable and the sell-off on Jul 14, suggests the short-term risk remains bearish. The support to watch is 109.53, Jul 8 low and the short-term bear trigger. A break would open 109.19, Jun 7 low. AUDUSD is also sharply lower today and USDCAD has spiked higher reinforcing underlying USD strength.
  • On the commodity front, Gold has pulled back from last week's high. The yellow metal maintains a bullish tone though and the pullback is considered corrective. Price however needs to clear last week's high print to confirm a resumption of the recent upleg. Key support to watch is at $1791.7, Jul 12 low. Brent futures are trading lower today and have breached support at $70.76, Jul 8 low. This signals scope for a deeper pullback towards $71.24, the Jun 17 low. WTI key support at $70.76, Jul 8 low has also been breached. This opens $67.59, Jun 2 low.
  • Within FI, Bund futures trend conditions remain bullish. With 175.00 cleared, attention is on 175.88,1.236 projection of the May 19 - Jun 11 - Jun 22 price swing. Gilt futures remain below recent highs. The outlook is bullish. Key resistance is at 129.92, Jul 8 high. Key support to watch is 128.54/39, Jul 14 low and Jun 11 high and recent breakout level
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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