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Price Signal Summary - USD Bulls Return

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a bullish tone however the recent pullback suggests the contract remains in a corrective cycle. A deeper pullback would open 1.4155.50, the Jun 3 low and the 50-day EMA at 4139.35. The EMA represents a key support level. A clear break of the average is required to signal potential for a deeper retracement.
  • In FX, EURUSD fell sharply yesterday on the back of broad post-Fed USD strength, confirming a bearish cycle. The recent breach of the 50-day EMA and 1.2104, Jun 4 low highlights a bearish theme and today's extension lower reinforces the current bearish tone. The focus is on 1.1919, 61.8% retracement of the Mar 31 - May 25 rally. GBPUSD weakness accelerated Wednesday, with prices breaking below the 50-day EMA. The move through the average strengthens a short-term bearish outlook and opens 1.3935, the 100-DMA and 1.3887, May 7 low. USDJPY traded higher yesterday extending the recovery from 109.19, Jun 7 low. The break of 110.33, Jun 4 high exposes 110.97, this year's high on Mar 31.
  • On the commodity front, Gold traded sharply lower yesterday reinforcing the current bearish cycle. The break lower has resulted in a clear breach of the 50-day EMA signalling scope for a deeper pullback towards $1796.8 next, 50% retracement of the Mar 8 - Jun 1 rally. Trend conditions in oil remains bullish and the recent pullback is likely a correction. Brent (Q1) focus is on $75.60, Apr 25 high 2019 (cont). WTI (N1) attention is on $73.20, 3.236 projection of Mar 23 - 30 - Apr 5 price swing.
  • Within FI, Bund futures are weaker and remain below recent highs. The current pullback is still considered corrective but there appears scope for a deeper pullback. The next support is seen at 171.37, Jun 3 low. The pullback in Gilt futures exposes 126.70, Jun 3 and a key near-term support.
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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