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Price Signal Summary - Trend Direction In The FI Space Remains Down

MARKET INSIGHT
  • In the equity space, S&P E-Minis recovered Tuesday. Short-term gains are considered corrective though. A bearish theme remains in place following recent weakness that resulted in a move below the 50-day EMA. A resumption of weakness would open 4321.07, 61.8% retracement of the Mar 15 - Mar 29 rally. Resistance to watch is at 4519.75, Apr 8 high. EUROSTOXX 50 futures are firmer today. Short-term gains are most likely a correction. The recent pullback from 3944.00, Mar 29 high, suggests scope for an extension lower near-term. A resumption of weakness would open 3626.50, 50.0% of the Mar 7 - 29 rally. Initial resistance is at 3888.00 , the Apr 5 high.
  • In FX, EURUSD remains in a downtrend and near-term gains are considered corrective. Last week’s low print of 1.0758 confirmed a resumption of the trend. Attention is on 1.0727 next, the Apr 24 2020 low and bear trigger. Resistance is seen at 1.0909, the 20-day EMA. GBPUSD remains below 1.3147, the Apr 14 high. The pullback from this high marks a bearish development. The primary trend is down and a breach of 1.2974, Apr 13 low, would confirm a resumption of the bearish activity. This would open 1.2933, the Nov 5 2020 low. USDJPY has once again delivered a fresh trend high today, of 129.40. The uptrend remains firmly intact and short-term pullbacks would be considered corrective. The focus on 129.44 next, 0.764 projection of the Feb 24 - Mar 28 - 31 price swing. The pair is also closing in on the psychological 130.00 handle.
  • On the commodity front, Gold has failed to hold onto recent highs. The pullback from $1998.4, the Apr 18 high, has resulted in a move below the 20-day EMA and attention turns to the 50-day EMA at $1925.2. A break of this EMA would suggest scope for a deeper pullback and expose $1915.5, Apr 6 low and the key support. In the Oil space, WTI futures maintain a bullish tone despite yesterday’s move lower. Further gains would open $116.64, the Mar 24 high. Initial resistance is at $109.81, Monday’s high. The support to watch lies at the 50-day EMA, at $98.82.
  • Trend conditions in the FI space remain bearish. Bund futures resumed the downtrend Tuesday, breaking below last week’s lows and delivering a fresh cycle low. The focus is on 153.00 next. Gilts also resumed their downtrend yesterday and traded through the 118.00 handle. The focus is on 117.04, 0.764 projection of the Mar 1 - 28 - Apr 4 price swing. Short-term gains are considered corrective.
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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