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Market News Topics
February 02, 2022 10:52 GMT
Price Signal Summary - FI Futures Remain Vulnerable
MARKET INSIGHT
- In the equity space, S&P E-minis continue to climb and the contract is approaching a key resistance area at the 50-day EMA. The average intersects at 4576.53. A clear breach of this average is required to improve bullish conditions and would highlight potential for a climb towards 4671.75, the Jan 18 high. For now, gains are still considered corrective. A resumption of weakness would refocus attention on 4121.75, the Jan 24 low. EUROSTOXX 50 futures are trading higher and price has breached the 50-day EMA at 4211.80. This average marks a key resistance area and a clear break of it would suggest scope for stronger recovery. This would open 4324.50, the Jan 13 high. Gains are, for now at least, still considered corrective. A reversal lower would refocus attention on 3990.50, the Jan 24 low.
- In FX, EURUSD continues to strengthen, having recovered from 1.1121, the Jan 28 low. Attention is on the recent 3-day Japanese candle reversal known as a morning star. This suggests scope for a stronger short-term corrective bounce. Price has breached the 20-day EMA and attention turns to the 50-day EMA at 1.1339. Key support and the bear trigger is 1.1121. GBPUSD is firmer too as the pair extends the recovery from last week’s 1.3358 low on Jan 27. Resistance at 1.3525, the Jan 26 high, has been breached. This opens 1.3566 next, Jan 24 high. A turn lower would open 1.3358, Jan 27 low and the short-term bear trigger. USDJPY has continued to retrace, having pulled back from 115.68, the Jan 28 high. Key short-term support has been defined at 113.47, the Jan 24 low. While this level holds, the outlook remains bullish and a reversal higher would refocus attention on 116.35, the Jan 4 high.
- On the commodity front, Gold remains vulnerable following the recent break of its bull channel base drawn off the Aug 9 low. The clear breach signals potential for a move lower towards $1753.6, the Dec 15 low. Resistance to watch is $1822.2, the Jan 27 high. WTI futures remain in an uptrend. The contract has cleared $87.10, the Jan 20 high and attention is on the psychological $90.00 handle.
- In the FI space, Bund futures remains in a downtrend. The contract resumed the downtrend Monday following the breach of support at 168.95, Jan 19 low. This maintains the bearish sequence of lower lows and lower highs. The focus is on 168.46, 4.00 projection of the Dec 8 - Dec 20 price swing. Gilts Monday traded through support 121.93, Jan 19 low. This confirms a resumption of the downtrend and opens 121.61 next, the Nov 13 2018 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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