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EUROSTOXX50 TECHS

(U1) Holding Onto Gains

BTP TECHS

(U1) Needle Still Points North

ASIA RATES

China Repo Rates Creep Higher

GILT TECHS

(U1) Still Needs To Tackle Recent Highs

SCHATZ TECHS

(U1) Northbound

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  • In the equity space, sentiment remains bullish and the E-mini S&P (U1) continues to grind higher, confirming again that the path of least resistance remains up. The focus is on 4264.41, a Fibonacci projection. Further out, the recent break higher also exposes 4300.00. Initial firm support is at 4155.00, Jun 3 low.
  • In the FX space, EURUSD still appears vulnerable following Friday's move low that saw the pair breach 1.2111 50-day EMA and probe the 1.2104 Jun 4 low. These levels represent a key short-term support and a clear break would signal scope for a deeper sell-off. This would open 1.2052, May 13 low. GBPUSD attention remains on the key support at 1.4006, May 13 low. The 50-day EMA is just above at 1.4039 and also represents a key support. The outlook is bullish while these levels hold. A break of 1.4006 though would suggest scope for a deeper pullback. Recent USDJPY remains above support at 109.19, Jun 7 low. Gains yesterday and today refocus attention on resistance and the near-term bull trigger at 110.33, Jun 4 high.
  • On the commodity front, Gold yesterday probed support at $1856.2, Jun 4 low. A deeper sell-off would open $1842.6, the 50-day EMA. Trend conditions in oil remain bullish and price continues to trend higher. The Brent (Q1) focus is on $74.20, Apr 26, 2019 high (cont). WTI (N1) traded higher yesterday as the uptrend extends. The focus is on $72.06, 3.00 projection of Mar 23 - 30 - Apr 5 price swing
  • Within FI, Bunds (U1) maintain a bullish tone with the focus on 173.32 next, 76.4% of the Mar 25 - May 19 sell-off. Gilts (U1) cleared 127.74/82 last week, the highs between Apr 20 and May 26. This opens 128.50, 1.00 projection of the May 13 - 26 - Jun 3 price swing.