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Price Signal Summary - USD Extends Gains

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a bullish theme and today, has traded above the 4300.00 handle today. This opens 4322.15, 0.764 projection of Mar 25 - May 10 - 13 price swing. EUROSTOXX 50 futures focus is on a key technical pattern from Jun 18 - a bearish engulfing candle - that continues to warn of a short-term top in the trend. A break of 4015.00, Jun 21 low would reinforce the importance of the engulfing line and signal scope for a deeper pullback potentially below 4000.00 towards 3914.00, May 20 low.
  • In FX, the USD remains firm and has resumed its uptrend. The EURUSD support is under pressure. The focus is on 1.1837 next, 76.4% of the Mar 31 - May 25 rally. A break would open 1.1795, Apr 6 low. GBPUSD is trading below 1.3787, Jun 21 low. A clear break would signal scope for weakness towards 1.3717, Apr 16 low. USDJPY is trading higher and has cleared 111.30, the Mar 26, 2020 high. The focus turns to 111.71/73, Mar 24, 2020 high and 1.0% 10-dma envelope.
  • On the commodity front, the yellow metal broke lower Tuesday and cleared support at $1761.1, Jun 18 low. The break confirms a resumption of the downtrend that started Jun 1 and note the move has also confirmed a bear flag that developed during the most recent consolidation phase. The focus is on $1733.5, 76.4% retracement of the Mar 8 - Jun 1 rally. Resistance is at $1795.0, Jun 23 high. The Oil market trend condition remains bullish and pullbacks are considered corrective. Brent (U1) focus is $76.42, 1.236 projection of Mar 23 - May 18 - May 21 price swing. Support lies at $72.94, the 20-day EMA. WTI (Q1) sights are set on $75.01, 1.382 projection of Mar 23 - May 18 - May 21 price swing. Watch support at $71.35, the 20-day EMA.
  • Within FI, Bund futures key short-term directional triggers are; support at 171.67, Jun 22 low and resistance at 173.16, Jun 11 high. Key support in Gilt futures is unchanged at 126.70, Jun 3 low and marks an important pivot level. The key resistance is at 128.39, Jun 11 high.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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