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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).
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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