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Price Signal Summary - Oil Pulls Away From Recent Highs

MARKET INSIGHT
  • In the equity space, the trend needle continues to point south despite yesterday’s gains. Key support lies at 4094.25, the Feb 24 low. A break of this level would confirm a resumption of the downtrend. The 20-day EMA, at 4335.19, represents an important near-term resistance. EUROSTOXX 50 futures remain vulnerable however a bullish corrective cycle dominates for now following this week’s gains. The move higher is allowing an oversold condition to unwind. Resistance to watch is at 3850.60, the 20-day EMA.
  • In FX, yesterday’s gains in EURUSD are considered corrective. The downtrend remains intact and short-term gains are allowing an oversold condition to unwind. A resumption of weakness would open 1.0767 next, the May 7 2020 low. GBPUSD remains weak following Monday's breach of 1.3163, the Dec 8 low. The break confirms a resumption of the downtrend and opens 1.3058 next, 1.50 projection of the Jan 13 - 27 - Feb 10 price swing. USDJPY maintains this week’s firmer tone. The USD has remained above the Feb 24 low of 114.41 and more importantly above its key support at 114.16, Feb 2 low. Attention is on the 116.34/35 key resistance and bull trigger, the Feb 10 and Jan 4 high.
  • On the commodity front, the all-time high print in Gold of $2075.5 on Aug 7 2020 remains intact for now following yesterday's strong sell-off. The broader trend condition is bullish and the pullback is allowing an overbought condition to unwind. The next support is seen at $1961.2, Mar 7 low, while a firmer area of support lies at $1926.1, the 20-day EMA. Oil markets are volatile but remain in an uptrend. The move lower in WTI is allowing the recent overbought trend condition to unwind. The next firm area of support is seen at the 20-day EMA, at $101.80.
  • In the FI space, Bund futures traded lower again Wednesday, extending this week’s bearish pressure. The contract has breached support at 165.51, Mar 3 low to suggest potential for a deeper pullback. Further weakness would open 163.19, 76.4% retracement of the Feb 10 - Mar 7 rally. Gilts have breached support at 123.50, Mar 1 low and 122.47, the 76.4% retracement of the Feb 16 - Mar 1 rally. This has exposed the key support at 121.10, Feb 16 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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