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March 31, 2022 09:59 GMT
Price Signal Summary - FI Trend Needle Still Points South
MARKET INSIGHT
- In the equity space, S&P E-Minis traded higher Tuesday, extending the bull cycle that started Mar 15 and the contract is holding onto its recent gains. The break has opened 4663.50, Jan 18 high. Watch initial resistance at 4633.44, 76.4% of the Jan 4 - Feb 24 downleg. EUROSTOXX 50 futures cleared resistance at the 50-day EMA on Tuesday. This average, at 3863.50 today, represented an important resistance and the break higher confirms a resumption of the bull cycle that started Mar 7. Also, the move higher has confirmed a bull flag breakout on the daily chart. The focus is on 3965.50 next, the Feb 23 high.
- In FX, EURUSD is lower this morning but maintains a firmer short-term tone following this week’s gains and the break of key near-term resistance at 1.1137, Mar 17 high. The break highlights a resumption of the bull cycle that started Mar 7 and paves the way for strength towards 1.1232 initially, 61.8% of Feb 10-Mar 7 sell-off. GBPUSD still appears vulnerable following the pullback from 1.3298, Mar 23 high. Prices have this week breached 1.3120, the Mar 22 low and this opens 1.3000, Mar 15 low and the key support. Key resistance remains the 50-day EMA, at 1.3306. A break would signal a reversal. USDJPY remains below Monday’s high of 125.09 and has traded through initial support at 121.97, the Mar 28 low. A pullback is seen as a much needed correction that would allow an overbought condition to unwind. An extension lower would open 120.95, the Mar 24 low ahead of the 120.00 handle.
- On the commodity front, Gold remains vulnerable near-term. The yellow metal traded lower Tuesday but did bounce off the day low. Key support is seen at the 50-day EMA, at $1904.5, just ahead of the Mar 15 low of $1895.3. Both have been probed this week, a clear break would signal scope for a deeper pullback. Initial resistance is at $1966.1, Mar 24 high. In the Oil space, WTI is trading lower today but remains above Tuesday’s low of $98.44. The short-term outlook is bearish and attention is on the 50-day EMA at $97.18. A break would signal scope for a deeper pullback.
- In the FI space, Bund futures remain bearish and the trend needle still points south. The focus is on a move to 156.00 next. Gilts are consolidating - this is seen as a pause in the downtrend. The focus is on 119.75, 123.6% retracement of the Feb 15 - Mar 1 climb.
To read the full story
Close
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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