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Price Signal Summary – Oil Trades Higher Still

MARKET INSIGHT
  • S&P E-Minis remain firm and continue to trade above the 20-day EMA at 4047.83. The break above the average suggests scope for a continuation of the current corrective cycle and attention turns to key short-term resistance at the 50-day EMA at 4192.00. EUROSTOXX 50 futures traded higher again Friday and this signals a resumption of the current bull cycle. The contract has traded through its 50-day EMA, at 3722.90.
  • EURUSD maintains a positive short-term theme and is once again trading above the 50-day EMA. The pair has also recently cleared the 20-day EMA and breached a key resistance at 1.0642, May 5 high. EURGBP maintains a positive theme despite the pullback from last Tuesday’s high of 0.8619. The break higher earlier this week reinstates a short-term bullish theme and attention is on 0.8619, May 12 high and the next hurdle for bulls. AUDUSD traded higher Friday and maintains a firmer short-term tone. The resumption of gains exposes the 50-day EMA, at 0.7169 today. This average marks an important resistance and a clear break is required to further strengthen bullish conditions.
  • Gold maintains a firmer short-term tone and is trading closer to its recent highs. The yellow metal last week traded above resistance at $1858.3, the 20-day EMA. WTI futures traded higher still Friday to confirm a resumption of the current bull cycle. The break higher paves the way for a climb towards 116.43, the Mar 7 contract high and the bull trigger.
  • Recent fresh cycle lows in Bund futures have maintained the price sequence of lower lows and lower highs - the definition of a downtrend. The primary trend direction in Gilt futures remains down. The pullback from recent highs is a bearish development and suggests the correction between May 9 - 12 is over. Attention is on the key support and bear trigger at 115.70 May 9 low.
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