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Price Signal Summary - Trend Direction In Bunds Remains Up

OUTLOOK
  • In the FI space, Bund futures traded higher Wednesday and the contract is holding on to the bulk of its recent gains. Bullish conditions remain intact and the focus is on 136.70, the 50.0% retracement of the Mar 20 - Apr 19 bear leg and yesterday’s high. Clearance of this level would open 136.88, the Apr 11 high. On the downside, key short-term support has been defined at the Apr 19 low of 133.10. This is the bear trigger and a break would reinstate the recent bearish theme. Initial support is at 135.11, the 20-day EMA.
  • Gilt futures traded higher Wednesday, breaching resistance at the 20-day EMA which intersects at 101.98. This opens 102.63, 38.2% of the Mar 20 - Apr 19 bear leg. On the downside, key support and the bear trigger has been defined at 99.73. Clearance of this level would resume the downtrend that started Mar 20. Initial firm support to watch is at 100.37, Tuesday’s low.
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