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Tech Focus: Price Signal Summary - Bunds Under Pressure

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a bullish tone. The focus is on 4239.26, 1.764 projection of the Feb 1 - Feb 16 - Mar 4 price swing. Key support is unchanged at 4110.50, Apr 21 low.
  • In FX, EURUSD last week cleared the bear channel resistance drawn off the Jan 6 high but has failed to remain above it. The warning is a false break and if correct highlights a bearish threat. Watch support at, 1.2009/1984, the 20- and 50-day EMAs. GBPUSD remains below 1.4009, Apr 20 high. The break Friday of support at 1.3824, Apr 22 low strengthens a bearish case. The focus is on 1.3717, Apr 16 low. The USDJPY continues to climb and remains bullish following last week's gains. The focus is on 109.96 next, Apr 9 high.
  • On the commodity front, the Gold outlook is bullish and the focus is on $1805.7, Feb 25 high. Watch support at $1756.2, Apr 29 low. Brent (M1) is off recent highs, watch support at $65.38, the 20-day EMA. WTI (M1) support to watch at the 20-day EMA is $62.33. The trend in both contracts remains up.
  • In the FI space, Bunds (M1) have breached 170.05, 76.4% of the Feb 25 - Mar 25 rally. This opens 169.24, Feb 25 low.
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