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Price Signal Summary - Recent Pullback In Bunds Considered Corrective

OUTLOOK
  • In the FI space, Bund futures trend conditions remain bullish and the recent pullback still appears to be a correction. A resumption of gains would open 137.55, the 61.8% retracement of the Mar 20 - Apr 19 bear leg. Clearance of this level would expose 138.09, the Apr 6 high. On the downside, initial firm support is at 135.21, Monday’s low. An extension lower would signal scope for weakness towards 134.35, the May 2 low.
  • Gilt futures maintain a short-term bullish tone despite the most recent pullback. Resistance at the 20-day EMA which intersects at 101.84, has been breached and a resumption of gains would open 102.63, 38.2% of the Mar 20 - Apr 19 bear leg. A break of this retracement would strengthen bullish conditions. On the downside, key support and the bear trigger to watch is at 99.73, the Apr 19 low. A break would resume the downtrend that started Mar 20.
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