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Price Signal Summary - USD Bulls Return

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a strong bullish tone. The focus is on 4400.00 next, a round number resistance. EUROSTOXX 50 (U1) on the other appears vulnerable. Attention is on the bearish engulfing candle from Jun 18. A break of support at 4015.00, Jun 21 low would reinforce the importance of the engulfing line and signal scope for a deeper pullback towards 4000.00 and 3914.00, May 20 low.
  • In FX, the USD is strengthening this morning and the outlook remains bullish. The EURUSD bear trigger is Friday's low of 1.1808. Resistance to watch is at 1.1909, Jun 30 high. Recent GBPUSD gains appear to be a correction. Attention is on a break of Friday's 1.3733 low that would open 1.3717, Apr 16 low. Resistance is at 1.3928, the 20-day EMA. USDJPY uptrend remains intact. The focus turns to 111.71/112.01, Mar 24, 2020 high and 1.0% 10-dma envelope. Scope also exists for a climb towards 112.23, Feb 20, 2020 high. Key short-term support lies at 110.42, Jun 30 low.
  • On the commodity front, Gold is firmer. Attention is on the 50-day EMA that intersects at $1815.8. The area around the EMA represents a key short-term resistance and a clear break is required to suggest scope for stronger near-term gains. Brent (U1) focus is on $77.86, 1.382 projection of Mar 23 - May 18 - May 21 price swing. WTI (Q1) sights are set on $77.35, 1.618 projection of Mar 23 - May 18 - May 21 price swing.
  • Within FI, Bund futures short-term directional triggers are; support at 171.67, Jun 22 low and resistance at 173.16, Jun 11 high. Resistance has been probed and the recent high has been 173.19, on Jul 2. A clear break higher is still required to signal scope for a stronger rally. Gilt futures last week tested and probed key resistance at 128.39, Jun 11 high. A clear break would strengthen a bullish case and open 128.50, 1.00 projection of the May 13 - 26 - Jun 3 price swing. Key pivot support is unchanged at 126.70, Jun 3 low.
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