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Price Signal Summary - USD Pullback Considered Corrective

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a strong bullish theme. The focus is on 4400.00 next, a round number resistance. EUROSTOXX 50 (U1) attention remains on the bearish engulfing candle from Jun 18 that continues to warn of a S/T 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. This would open 4000.00 and 3914.00, May 20 low.
  • In FX, the USD outlook remains bullish and the current pullback is considered corrective. The EURUSD bear trigger is Friday's low of 1.1808. GBPUSD gains are likely corrective too. Attention is on a break of Friday's 1.3733 low to open 1.3717, Apr 16 low. USDJPY uptrend remains intact. The focus turns to 111.71/94, Mar 24, 2020 high and 1.0% 10-dma envelope. Scope also exists for a climb towards 112.23, Feb 20, 2020 high. Key support lies at 110.42, Jun 30 low.
  • On the commodity front, Gold probed $1795.0 Friday, Jun 23 high. A clear break would neutralise recent bearish conditions and open $1825.4, Jun 17 high. Key support lies at $1750.8, Jun 29 low. The Oil market trend condition remains bullish. Brent (U1) focus is on $77.86, 1.382 projection of Mar 23 - May 18 - May 21 price swing. Support lies at $73.49, the 20-day EMA.
  • Within FI, Bund futures are firmer. Key short-term directional triggers are; support at 171.67, Jun 22 low and resistance at 173.16, Jun 11 high. Resistance has been probed, however a clear break is still required to signal scope for a stronger rally. Gilt futures have tested key resistance at 128.39, Jun 11 high. A clear break would 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.
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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