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Market News Topics
April 04, 2022 09:49 GMT
Price Signal Summary - EURUSD Struggles To Remain Above Its 50-Day EMA
MARKET INSIGHT
- In the equity space, short-term pullbacks in S&P E-Minis are still considered corrective. The bull cycle that started Mar 15, remains intact. The focus is on 4663.50, Jan 18 high. Watch initial resistance at 4633.44, 76.4% of the Jan 4 - Feb 24 downleg. The 50-day EMA continues to represent key support - it intersects at 4444.75. EUROSTOXX 50 futures maintain a short-term bullish tone and the most recent pullback is considered corrective. Last week’s break higher confirmed a bull flag breakout on the daily chart and price did trade above the 50-day EMA for a period. The focus is on 3965.50 next, the Feb 23 high. Support to watch lies at 3735.00, the Mar 18 low.
- In FX, EURUSD is lower this morning but, following last week’s gains and the break of 1.1137, Mar 17 high, maintains a bullish short-term tone. The bull trigger is 1.1185, the Mar 31 high. A resumption of gains would open 1.1232 initially, 61.8% of Feb 10-Mar 7 sell-off. Note that the pair also traded above the 50-day EMA last week, but has failed to remain above this average. This is a potential concern for bulls. Key support to watch is at 1.0945, the Mar 28 low. GBPUSD still appears vulnerable following the pullback from 1.3298, Mar 23 high. Prices have this week breached 1.3120, the Mar 22 low and this opens 1.3000, Mar 15 low and the bear trigger. Key resistance remains the 50-day EMA, at 1.3299 today. A break would signal a reversal. USDJPY remains in a corrective cycle following the pullback from the 125.09 trend high (Mar 28). Initial support has been established at 121.28, the Mar 31 low. A break of this level would trigger a deeper pullback and open 120.95, Mar 24 low ahead of the 120.00 handle. Initial resistance is seen at 123.20, Mar 30 high.
- On the commodity front, Gold is range bound but remains vulnerable. The yellow metal found support last week at $1890.2 on Mar 29 and this level represents the short-term bear trigger. Initial resistance is at $1966.1, Mar 24 high. In the Oil space, WTI traded lower Friday. A bearish threat remains present and the focus is on 50-day EMA at $97.38. A break would signal scope for a deeper pullback.
- In the FI space, the Bund futures primary trend direction remains down and current gains are considered corrective. Key near-term resistance is seen at 160.26, the 20-day EMA. A resumption of weakness would open the 156.00 handle. Gilts are firmer this morning and have broken out of the recent range. The contract has also moved above the 20-day EMA and this exposes key resistance at 122.72, the Mar 18 high. The broader trend direction is bearish though and gains are considered corrective. The bear trigger is at 119.86, the Mar 28 low.
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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