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Price Signal Summary - USD Under Pressure

  • In the equity space, the trend outlook remains bullish. S&P E-minis are holding onto recent gains. A key support has been defined at 4029.25, May 13 low. A break of this level would risk a deeper pullback. While it holds, the trend remains up.
  • In the FX space, EURUSD has rallied today and cleared former resistance at 1.2182, May 11 high. With price trading above 1.2200, the focus turns to key resistance at 1.2243, Feb 25 high. GBPUSD is bullish following last week's gains. Attention is on 1.4237, Feb 24 high and this year's high. USDJPY support has been defined at 108.34, May 7 low. A bullish theme remains intact while it holds and attention is on 109.79, May 13 high. A break of support would highlight a trendline break drawn off the Jan 6 low and risk a deeper pullback. USDCAD is back below 1.2062, Sep 2017 low. Attention turns to the psychological 1.2000 handle.
  • On the commodity front, Gold remains bullish. The focus is on $1875.7, Jan 29 high. Oil is stronger. Brent (N1) focus is on the psychological $70.00 level that has been probed today. A clear break would open and $71.75, Jan 8 2020 high (cont). WTI bulls are eyeing the key resistance at $67.29, Mar 8 high. Key near-term support is at $63.09, May 3 low
  • In the FI space, Bunds (M1) remain vulnerable and the risk is for a revisit of the 2020 lows at 167.52. A break of 168.59, May 13 low would trigger a resumption of the downtrend. Near-term risk in Gilts (M1) is still skewed to the downside. The key support and bear trigger is 126.79, Mar 18 low. BTPs (M1) remain in a clear downtrend. The focus is on 144.16, 1.236 projection of the Feb 12 - 26 - Mar 11 price swing.

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