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HUNGARY

Selling Pressure On HUF Remains High

EQUITIES

Technology under early pressure

USD

In the Green across the board now

GILT AUCTION PREVIEW

1.25% Jul-51

GILTS

Opening calls

SOUTH AFRICA

SAGBs Take a Knock, 2Y Notches +12.1bp Higher

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  • In the equity space, the recent pullback in the S&P E-minis is considered corrective. The outlook remains bullish and the focus is on 4420.92, 0.764 projection of the Jun 21 - Jul 14 - 19 price swing. Support to watch is at 4348.92, the 20-day EMA. A bullish theme remains intact in EUROSTOXX 50 and potential is for a climb towards the 4153.00 key resistance, Jun 17 high. Support is at 4029.50, Jul 22 high.
  • In FX, the USD is weaker. EURUSD focus is on the 50-day EMA at 1.1916. This represents a short-term pivot resistance. GBPUSD is holding onto recent gains. The pair has cleared its 50-day EMA strengthening the current bullish recovery. The next band of resistance is at 1.3990, 61.8% retracement of the Jun 1 - Jul 20 sell-off and 1.4001, the Jun 23 high. A break through this zone would strengthen a short-term bullish outlook. USDJPY remains above 109.07, Jul 19 low, the key short-term support and bear trigger. Key near-term resistance is 110.70, Jul 14 high. A break of 110.70 would be bullish.
  • On the commodity front, Gold has recovered from recent lows. The focus is on the bull trigger at $1834.1, Jul 15 high. Key short-term support is at $1790.0, Jul 23 low. Brent (V1) has cleared $74.47, 76.4% of the Jul 6 - 20 downleg. The focus is on $75.92, Jul 14 high. WTI (U1) is firmer and the focus is on $74.90, Jul 13 high.
  • Within FI, Bund futures remain firm with sights on 176.79, 1.50 projection of the May 19 - Jun 11 - Jun 22 price swing. Gilts maintain a bullish tone. The recent break of 129.92, Jul 8 high opens 130.72, 2.236 projection of the May 13 - 26 - Jun 3 price swing. We continue to monitor a bearish candle pattern, an evening star reversal from the Jul 21 close. A deeper pullback would expose 128.54, low Jul 14.