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Price Signal Summary -Trend Structure In Bunds Remains Bullish

OUTLOOK
  • In the FI space, a bull cycle in Bund futures remains in play and the contract is trading higher this week. Monday's gains resulted in a print above 133.21, the Jun 14 high and a bull trigger. The break confirms a resumption of the uptrend and opens the 134.00 handle next. For bears, a reversal would instead refocus attention on key support at 131.62, the Jul 22 low. First support is 132.26, the 20-day EMA.
  • Gilt futures have traded higher this week. This marks an extension of last Friday’s strong bounce and opens 99.23, the Jun 21 high. Clearance of this level would confirm a resumption of the bull cycle that started May 29. This would signal scope for a climb towards 99.62, a Fibonacci projection. For bears, a reversal and break of 97.46, the Jul 26 low, would instead reinstate a bearish threat. Initial support lies at 98.17, the 20-day EMA.
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