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MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

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Price Signal Summary - USD Continues To Find Support

MARKET INSIGHT
  • In the equity space, S&P E-minis traded lower Friday and in the process cleared the 20-day EMA. This signals potential for a deeper pullback towards the key 50-day EMA at 4405.55. Key resistance is at 4539.50, the Sep 3 high. EUROSTOXX 50 futures remain above 4132.50, Sep 9 low. A clear break of this level would expose 4078.00, Aug 19 low. The bull trigger is unchanged at 4252.00, Sep 6 high.
  • In FX, EURUSD has started the week on a soft note and traded through last week's low of 1.1802, Sep 8 low. The break signals scope for a deeper pullback and has opened 1.1758. Recent activity in GBPUSD has defined short-term directional parameters at; 1.3892 as resistance, Sep 3 high and support at 1.3727, Sep 8 low. A break of either level would provide a clearer directional signal.
  • On the commodity front, Gold has pulled back from recent highs and is consolidating just ahead of recent lows. The near-term outlook remains bullish but a break of $1834.1, Jul 15 high is required to confirm a resumption of gains. Support to watch is $1774.5, Aug 19 low. A break would threaten a bull theme. WTI futures remain in a bull mode. The focus is on $70.74, 76.4.% retracement of the Jul 30 - Aug 23 sell-off and $71.44, the bear channel top drawn from the Jul 6 high.
  • In FI, Bund futures remain vulnerable following last week's move lower. The focus is on 171.30, 2.382 projection of the Aug 5 - 11 - 17 price swing. Resistance to watch is 172.76, Sep 2 and 3 high. Gilt futures remain in a bear mode following last week's breach of support at 128.03, the Jul 6 low (cont). This opens 127.65, 61.8% of the Jun 3 - Aug rally (cont).
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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