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Price Signal Summary - Trend Needle In Bunds Points South

OUTLOOK
  • In the FI space, the trend outlook in Bund futures remains bearish and the latest recovery is considered corrective. The contract traded to fresh cycle lows last week, confirming once again a resumption of the downtrend. Key support at 131.23, the Feb 29 low, has also recently been cleared. Sights are on 129.26,the 1.618 projection of the Mar 8 - 18 - 27 price swing. On the upside, first resistance to watch is at 131.20, the 20-day EMA.
  • A bearish theme in Gilt futures remains intact. Last week’s breach of support at 96.01, the Apr 17 low, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Furthermore, moving average studies have recently crossed, highlighting a bear-mode set-up. Scope is seen for a move towards the 95.00 handle next. Initial firm resistance to watch is 96.90, the 20-day EMA.
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