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Market News Topics
April 11, 2022 09:52 GMT
Price Signal Summary - FI Futures Resume Their Downtrend
MARKET INSIGHT
- In the equity space, S&P E-Minis traded lower last week. The contract is testing a key area of support at the 50-day EMA. This average intersects at 4456.43 and marks a key pivot level. A clear break would strengthen a bearish case and allow for a deeper pullback that would open 4425.96 initially, 38.2% retracement of the Feb 24 - Mar 29 rally. Resistance is at 4588.75, the Apr 5 high. EUROSTOXX 50 futures also traded lower last week. Price has moved below the 20- and 50-day EMAs and probed support at 3735.00, the Mar 18 low. The move lower undermines the recent bull theme and highlights a developing bearish threat. An extension lower would open 3626.50, 50.0% of the Ma r 7 - 29 rally. Key short-term resistance has been defined at 3944.00, the Mar 29 high.
- In FX, EURUSD remains vulnerable The recent failure at 1.1185, Mar 31 high, highlights a bearish threat. Attention is on 1.0806, the Mar 7 low and a bear trigger. The GBPUSD outlook remains bearish and the pair has probed the key support at 1.3000, Mar 15 low and the near-term bear trigger. The focus is on 1.2954, 1.764 projection of the Jan 13 - 27 - Feb 10 price swing. Resistance is at 1.3136, the 20-day EMA. USDJPY has started the week on a firmer note and has breached 125.09, the Mar 28 high. The break confirms the end of the recent corrective cycle and more importantly, marks a resumption of the primary uptrend. This paves the way for strength towards 125.86 next, the Jun 5 2015 high and a major resistance.
- On the commodity front, Gold is firmer today but remains inside its range. The yellow metal recently found support at $1890.2, on Mar 29, and this level still represents the short-term bear trigger. Initial resistance is at $1966.1, Mar 24 high. In the Oil space, WTI futures traded lower last week, resulting in a breach of the 50-day EMA. The print below this average suggests scope for a continuation lower. The focus is on the next key support at $92.20, Mar 15 low. Initial firm resistance has been defined at $105.59, the Apr 5 high.
- In the FI space, Bund futures have traded to a fresh cycle low today, confirming a resumption of the primary downtrend. The next objective is 155.03, the Dec 4 2015 low (cont). Gilts continue to trade lower and recent weakness has confirmed a resumption of the primary downtrend. The focus is on 118.93, the Apr 26 2016 low (cont). Treasuries are weaker too as the downtrend extends. This has opened 119-04+ next, the Dec 3 2018 low (cont).
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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.
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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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