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Market News Topics
March 23, 2022 10:52 GMT
Price Signal Summary - FI Space Remains Vulnerable
MARKET INSIGHT
- In the equity space, S&P E-Minis are trading near recent highs. The contract remains above the 50-day EMA that intersects at 4406.25 today - the break of this EMA has improved bullish conditions. Scope is seen for a climb towards 4578.50, the Feb 9 high. Initial support is seen at 4352.15, the 20-day EMA. EUROSTOXX 50 futures traded higher earlier today and moved out of its recent range. This reinforces current bullish conditions and the contract is closing in on the 50-day EMA at 3873.40. This average represents an important resistance and if cleared, would further strengthen a bullish short-term theme.
- In FX, EURUSD remains below last week’s high of 1.1137 (Mar 17). Trend signals continue to highlight a downtrend and the recent pullback signals a possible resumption of the bear cycle . An extension lower would open 1.0890, the Mar 9 low and 1.0806, the Mar 7 low and bear trigger. GBPUSD traded higher yesterday and through the 20-day EMA. Key short-term resistance is now seen at the 50-day EMA that intersects at 1.3349. A break of the average is required to suggest potential for a stronger recovery. Watch support at 1.3120, yesterday’s low. USDJPY maintains a bullish tone and has traded above 121.00. This week’s breach of the top of the bull channel, drawn from the Jun 1 2021 high and the psychological 120.00 handle, confirms a resumption of the uptrend. The focus is on 121.69, the Jan 29 2016 high.
- On the commodity front, Gold continues to consolidate. Short-term conditions remain bearish following the recent pullback from $2070.4, Mar 8 high. Attention is on $1895.3, the 50-day EMA. The broader trend condition is bullish though and the recent pullback is considered corrective. Initial resistance to watch is at $1954.7, the Mar 15 high. A break of the 50-day EMA would be bearish and instead suggest scope for a deeper pullback. Oil markets have recovered from recent lows and traded higher this week, extending last week’s bounce. WTI sights are on $118.34, 76.4% of the Mar 7 - 15 downleg.
- In the FI space, yields look set to continue rising. Bund futures have cleared the 160.00 handle this week, confirming a resumption of the downtrend. This opens 158.84 next, the Oct 22 2018 low (cont). Gilts have breached key support at 121.10, Feb 16 low. This opens 120.00 next and confirms a resumption of the broader downtrend. The bearish theme in Treasuries remains intact. The focus is on the 122-00 handle.
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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