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Price Signal Summary - Gilts Are Approaching A Key Short-Term Support

OUTLOOK
  • In the FI space, Bund futures are trading lower - the contract remains below last week’s high of 138.09 (Apr 6). Price is through the 20-day EMA, at 135.99 and a continuation lower would expose 134.70, the Mar 31 low and a bear trigger. A break of this level would be bearish. For bulls, a move above 138.09 is required to reinstate the recent bullish theme.
  • A short-term bearish threat in Gilt futures remains present - recent weakness resulted in a breach of support at the 20-day EMA which intersects at 103.87 and price is once again trading below this average. The latest move lower has exposed 102.74, the Mar 20 low and bear trigger. Clearance of this level would open 102.31 next, 61.8% of the Feb 28 - Mar 20 rally. On the upside, key resistance is seen at 104.97, the Apr 6 high. First resistance is at 103.87, the 20-day EMA.
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