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Market News Topics
March 22, 2022 10:49 GMT
Price Signal Summary - USDJPY Clears 120.00 And The Bond Market Bear Cycle Extends
MARKET INSIGHT
- In the equity space, S&P E-Minis are trading at recent highs. The contract remains above the 50-day EMA that intersects at 4402.23 today. The break of this average has improved the short-term bullish condition and opens 4578.50, the Feb 9 high. A strong reversal from current levels would instead be seen as a bearish warning signal. Initial support is seen at 4336.06, the 20-day EMA. EUROSTOXX 50 futures are consolidating. The contract traded higher last week and price remains at its recent highs. These recent gains have exposed the 50-day EMA, at 3878.10 - a key short-term resistance.
- In FX, EURUSD has pulled away from last week’s high of 1.1137. Recent price action challenged resistance at 1.1121, the Jan 28 low. The failure to confirm a clear break though reinforces bearish conditions - the trend remains down. Further weakness would open 1.0890, the Mar 9 low and 1.0806, the Mar 7 low and bear trigger. GBPUSD remains in a downtrend and recent gains are considered corrective. A resumption of weakness would open 1.2954, the 1.764 projection of the Jan 13 - 27 - Feb 10 price swing. The bear trigger is 1.3000, the Mar 15 low. Resistance is seen at 1.3228, 20-day EMA where a break would alter the short-term picture. USDJPY has resumed its push higher today. Price has cleared the top of the bull channel, drawn from the Jun 1 2021 high. More importantly though, the USD has also breached the psychological 120.00 handle. This confirms a resumption of the uptrend and the focus shifts to 121.04 next, the Feb 2 2016 high.
- On the commodity front, Gold is consolidating. Short-term conditions remain bearish though following the recent pullback from $2070.4, Mar 8 high. Attention is on $1894.3, the 50-day EMA. The broader trend condition is bullish though and the recent pullback is considered corrective. Initial resistance to watch is at $1954.7, the Mar 15 high. A break of the 50-day EMA would suggest scope for a deeper pullback. Oil markets have recovered from recent lows and traded higher once again today. WTI sights are on $116.38, 61.8% of the Mar 7 - 15 downleg.
- In the FI space, yields continue to climb. Bund futures have cleared the 160.00 handle, confirming a resumption of the downtrend. This opens 158.84 next, the Oct 22 2018 low (cont). Gilts have breached key support at 121.10, Feb 16 low. This opens 120.00 next and confirms a resumption of the broader downtrend. The downtrend in Treasuries reumed once again yesterday. The focus is on 122-20, 176.4% retracement of the Feb 10 - Mar 7 climb and 122-00 further out.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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