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Price Signal Summary - Short-Term Bund Bull Cycle Still In Play

OUTLOOK
  • In the FI space, a strong bounce in Bund futures Wednesday resulted in a break of resistance at the 20- and 50-day EMA values. The break higher threatens the recent bearish theme and instead signals scope for a stronger recovery, potentially towards 133.45, the Aug 8 high and a key resistance. Initial firm support lies at yesterday’s low of 131.20. A reversal lower and a break of this level would be seen as a bearish development.
  • A bearish theme in Gilt futures remains intact, however, a strong rally yesterday suggests the contract remains in a short-term corrective cycle. Price has traded through the 20-day EMA. A continuation higher today has resulted in a print above 94.86, the 50-day EMA. A clear break of the average would expose 95.82, the Aug 10 high. Initial firm support lies at 92.38, the Aug 23 low.
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