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Price Signal Summary - Gold Bear Flag and USDJPY Approaches 2021 High

MARKET INSIGHT
  • In the equity space, S&P E-minis are firmer having this week recovered from support around the 50-day EMA. Key support has been defined at 4126.75, Jun 21 low. This level also represents a key short-term pivot support. The bull trigger is 4258.25, last week's high.
  • In FX, the EURUSD outlook remains bearish following last week's sharp sell-off and recent gains are considered corrective. The focus is on 1.1837 next, 76.4% of the Mar 31 - May 25 rally. GBPUSD remains vulnerable following last week's bearish pressure and recent gains are considered corrective. Attention is on 1.3717 next, Apr 16 low. USDJPY is firmer and approaching this year's high print of 110.97 on Mar 31.A break would confirm a resumption of the underlying uptrend and open 111.30, Mar 26, 2020 high. Support to watch is at 109.72, Monday's low.
  • On the commodity front, Gold is consolidating. The outlook remains weak and the current consolidation appears to be a bear flag. This reinforces the current bear theme and the focus is on $1756.2, low Apr 29. The Oil market remains firm and is trending higher. Brent (Q1) is at fresh trend highs having cleared $74.96, Jun 16 high. The focus is on the $76.00 handle. WTI (Q1) is pushing higher too and attention is on $74.00. .
  • Within FI, Bund futures traded lower yesterday and probed support at 171.80, Jun 17 low. A stronger pullback would expose 171.37, Jun 3 low and 170.99, Mar 31 low and a key short-term support. Key support to watch in Gilt futures is unchanged at 126.70, Jun 3 low.
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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