MNI China Daily Summary: Tuesday, March 21

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ZEW Expectations Reflect Volatile Market Backdrop

Robust Start to Q1 EZ Construction

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Extends gains versus the NZD and the AUD.

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CPI Inflation - 0830ET

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200 ticks range now for Bund

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Bearish Retracement Extends

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Slightly disappointing green Bobl auction

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One-Way Sell-Off To Start Day One Of FOMC Meeting

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Price Signal Summary - WTI Bear Cycle In Play As Price Heads South

OUTLOOK
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  • On the commodity front, the trend condition in Gold remains bullish, however, a short-term corrective cycle has resulted in a pullback from recent highs. Support to watch lies at $1899.5, the 20-day EMA. A break of this average would signal scope for a deeper pullback, potentially towards the 50-day EMA, at $1842.7. Key short-term resistance has been defined at $1949.2, the Jan 26 high. A breach would resume the primary uptrend.
  • In the Oil space, WTI futures traded sharply lower Monday and in the process breached support at $78.45, the Jan 19 low. The move lower undermines the recent bull theme and a continuation (price is lower today) would signal potential for an extension towards $72.74, the Jan 5 low. On the upside, the bull trigger has been defined at $82.66, the Jan 18 high. A break of this level is required to reinstate the recent bullish theme.
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  • On the commodity front, the trend condition in Gold remains bullish, however, a short-term corrective cycle has resulted in a pullback from recent highs. Support to watch lies at $1899.5, the 20-day EMA. A break of this average would signal scope for a deeper pullback, potentially towards the 50-day EMA, at $1842.7. Key short-term resistance has been defined at $1949.2, the Jan 26 high. A breach would resume the primary uptrend.
  • In the Oil space, WTI futures traded sharply lower Monday and in the process breached support at $78.45, the Jan 19 low. The move lower undermines the recent bull theme and a continuation (price is lower today) would signal potential for an extension towards $72.74, the Jan 5 low. On the upside, the bull trigger has been defined at $82.66, the Jan 18 high. A break of this level is required to reinstate the recent bullish theme.