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Price Signal Summary - FI Futures Downtrend Intact

MARKET INSIGHT
  • In the equity space, the trend condition in the S&P E-Minis is unchanged and remains bearish - a corrective cycle is still in play. The 20-day EMA has been cleared and this opens the 4082.78, the 50-day EMA - a key pivot support. EUROSTOXX 50 futures remain in a short-term downtrend and the contract is trading closer to its recent lows. The 20-day EMA has been cleared and the 50-day EMA at 3650.60, has been pierced. A clear break of the 50-day average would strengthen the bearish theme and open 3582.50, 50.0% of the Jul 5 - Aug 17 rally.
  • In FX, EURUSD has cleared key support at 0.9952, the Jul 14 low. This confirms a resumption of the primary downtrend and signals scope for an extension lower. The focus is on 0.9883 next, 1.764 projection of the Jun 9 - 15 - 27 price swing. GBPUSD remains vulnerable. The pair has breached support at 1.1760, the Jul 14 low and bear trigger. This confirms a resumption of the downtrend and paves the way for weakness towards 1.1673, the 1.00 projection of the May 27 - Jun 14 - 16 price swing. USDJPY has pulled back from its most recent highs. The outlook remains bullish though and the focus is on a climb towards 137.96 next, the Jul 22 high. Initial support is at 135.25, the 20-day EMA.
  • On the commodity front, Gold remains bearish following the recent extension lower and break of support at $1754.4, Aug 3 low. Sights are on $1711.7 next, the Jul 27 low. In the Oil space, WTI futures are trading higher and the recovery has improved conditions for bulls. Futures have traded above the 50-day EMA, at $94.31. A clear break would strengthen the fresh bullish case and open $99.75, the Jul 29 high.
  • In the FI space, Bund futures remain in a bear trend and the contract continues to weaken. The focus is on the 150.00 handle next. Gilts remain vulnerable and sights are set on the key support and bear trigger at 109.89, the Jun 16 low. Treasuries maintain a softer tone. Scope is seen for an extension towards 117-07 next, 61.8% of the Jun 14 - Aug 2 bull cycle
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