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CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

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Price Signal Summary - S&P E-Minis Holds Onto Gains

MARKET INSIGHT
  • On the equity front, S&P E-minis have recovered from recent lows of 4347.75, Aug 19 low. Importantly, last week's low and rebound, means the 50-day EMA remains intact. This average intersects at 4347.46 and represents a key support area. Attention is on the bull trigger at 4476.50, the Aug 16 high. EUROSTOXX 50 last week probed its 50-day EMA. Key support has been defined at 4078.00, Aug 19 low.
  • In the FX space, the USD remains in an uptrend and current weakness is considered corrective. EURUSD last week cleared 1.1704, Mar 31 low. This signals scope for a move to 1.1621 next, 1.00 projection of the Jan 6 - Mar 31 - May 25 price swing. Firm resistance is at 1.1805, Aug 13 high. GBPUSD remains vulnerable and the focus is on key support and the bear trigger at 1.3572, Jul 20 low. USDCAD resumed its uptrend last week but did stall at 1.2949, the Aug 20 high. The trend remains bullish with the focus on 1.2976, 1.00 projection of the Jun 23 - Jul 19 - 30 price swing. Note, Friday's price pattern is a bearish shooting star candle and a concern for bulls - watch support at 1.2649, Aug 19 low.
  • On the commodity front, Gold remains firm with the focus on the next important resistance at $1796.5, the 50-day EMA. A break would strengthen bullish conditions. WTI futures support at $64.49, Jul 20 low was cleared last week. This strengthens the bearish theme and opens $60.81, 1.236 projection of the Jul 6 - 20 - 30 swing. Resistance is seen at $65.00, Aug 9 low.
  • In FI, Bunds are lower this morning. The support to watch is unchanged at 176.21, the Aug 11 low. Trend conditions remain bullish. The bull trigger is 177.61, Aug 05 high. The Gilt futures outlook is bullish too and attention is on 130.72, Aug 4 high and the bull trigger. Support to watch is at 129.16, the 50-day EMA.
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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