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Price Signal Summary - ESU1 Resumes Its Uptrend

MARKET INSIGHT
  • In the equity space, the S&P E-minis closed Friday at another all-time high. The outlook remains bullish despite today's pullback. The focus is on 4415.48, 1.00 projection of Mar 25 - May 10 - 13 price swing. EUROSTOXX 50 futures traded above the important 4101.50 resistance, Jul 1 high. An extension would open the 4153.00 key resistance, Jun 17 high.
  • In FX, the USD outlook remains bullish. EURUSD is consolidating. The focus remains on 1.1704, Mar 31 low and a key support. GBPUSD is holding onto recent gains. The move higher from 1.3572, Jul 20 low is likely a correction. The resistance to watch is 1.3806, the 20-day EMA. USDJPY continues to trade above 109.07, Jul 19 low. This represents a key short-term support and bear trigger. Near-term resistance is at 110.70, Jul 14 high. A break would be a bullish development.
  • On the commodity front, Gold is consolidating and maintains a bullish tone with the focus on the bull trigger at $1834.1, Jul 15 high. Key short-term support is at $1791.7, Jul 12 low and was tested and briefly probed Friday but has provided support. A clear break of this level would however be bearish. Brent (U1) is testing $73.87, 61.8% of the Jul 6 - 20 downleg. A clear breach would open $75.39, the 76.4% level. WTI (U1) is holding onto the bulk of last week's gains. An extension would open $73.46, 76% of the Jul 6 - 20 downleg.
  • Within FI, Bund futures remain firm following last week's clear break of 174.77, Jul 8 high. Sights are on 176.64, the Feb 11 high (cont). Gilts maintain a bullish tone despite the recent pullback. The break of 129.92, Jul 8 high opens 130.72, 2.236 projection of the May 13 - 26 - Jun 3 price swing. We are however still monitoring a bearish candle pattern, an evening star reversal following the Jul 21 close . A deeper pullback would expose support at 128.54, low Jul 14.
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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