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Market News Topics
March 04, 2022 10:58 GMT
Price Signal Summary - EUROSTOXX50 Futures Remain Heavy
MARKET INSIGHT
- In the equity space, S&P E-minis traded to a fresh weekly high Thursday above the 20-day EMA at 4393.16. The break of this EMA suggests scope for an extension of recent gains towards the 50-day EMA at 4473.77. Broader trend conditions though remain bearish. Initial support is seen at 4227.50, Feb 25 low. EUROSTOXX 50 has traded lower again today to confirm a resumption of this year’s downtrend. The contract has retraced just over 50.0% of the entire bull cycle between Mar ‘20 - Nov ‘21. The focus is on 3560.30, 1.764 projection of the Jan 5 - 24 - Feb 2 price swing.
- In FX, EURUSD has resumed its downtrend and technical signals suggest an extension lower is likely near-term. The focus is on 1.1000 and 1.0976, 2.00 projection of the Jan - Jun - May ‘21 price swing. GBPUSD has this week probed 1.3273, Feb 24 low. The outlook is bearish and a clear break lower would open 1.3163, Dec 8 low and a key support. EURGBP has resumed its downtrend this week. The cross has breached support at 0.8285, Feb 3 low and this has resulted in a move through key support at 0.8282/77, the Feb ’20 and Dec’19 lows and a key bear trigger. Note that prices below 0.8300 highlight a potential break of the base of a multi-year range - a key bearish development if confirmed. The focus is on 0.8242, 50% of the 2015-2020 upleg. USDJPY key short-term support at 114.16, the Feb 2 low, remains intact. The trend outlook is bullish above this level. A move higher would refocus attention on the bull trigger at 116.35, this year’s high on Jan 4.
- On the commodity front, Gold is again trading at the top of its bull channel, drawn from the Aug 9 2021 low, that intersects at $1943.4. A clear break to the upside would reinforce bullish conditions and open the Feb 24 high of $1974.3. Key short-term support is unchanged at $1878.4 low, the Feb 24 low. Oil markets are volatile but remain in an uptrend. Gains this week in WTI futures confirmed a significant acceleration of the uptrend. The focus is on the $120.00 handle next.
- In the FI space, Bund futures remain in a short-term uptrend. A resumption of gains would open 172.00. Gilts have pulled back from Tuesday’s high of 126.81. Support is seen at 123.50, the Mar 1 low. A resumption of recent gains would open 126.90, 2.00 projection of the Feb 16 - 18 - 23 price swing.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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