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Price Signal Summary - EUROSTOXX 50 Is Through Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis are firmer and approaching the key resistance at 4238.25 May 10. Key trend support is unchanged at 4029.25, May 13 low. The 20-day EMA marks initial support at 4158.91. EUROSTOXX 50 futures trend conditions remain bullish with the focus on 4099.00,1.00 projection of the Mar - Jul - Oct 2020 price swing.
  • In the FX space, EURUSD continues to trade within its recent range. The pair this week cleared 1.2245 and sights set on 1.2285 next, Jan 8 high. Watch support at 1.2160, May 19 low. GBPUSD traded higher yesterday and remains bullish. The focus is on 1.4237, Feb 24 high and this year's high print. A break would confirm a resumption of the broader uptrend. USDJPY has resumed its uptrend breaking above 109.79, May 13 high and the bull trigger. This opens 110.15 next, 76.4% retracement of the Mar 31 - Apr 23 sell-off.
  • On the commodity front, Gold remains bullish. The yellow metal has topped $1,900 this week and this opens the Jan 8 high of $1917.6. Trend conditions remain overbought, however this is not impacting the trend. $1872.8, May 25 low is first support. Oil contracts are trading near recent highs. Brent (N1) key resistance is at $70.24, May 18 high and this marks the bull trigger. WTI (N1) has confirmed a fresh trend high print of $67.45 today. This marks a resumption of the underlying uptrend. The focus is on $67.95, Oct 29 2018 high (cont)
  • Within FI, Bunds (M1) has stalled ahead of the 50-day EMA at 1470.48. This signals the end of the recent correction. A clear breach of the average is required to signal scope for further gains. Gilts (U1) faced selling pressure yesterday. A firm resistance exists at 127.74/82, high between Apr 20 and May 26.
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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