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10-Year Auction Results


Rupiah Slips In Muted Trade


Peso Loses Some Altitude


Coronavirus Cases Drop To Two-Month Low

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  • In the equity space, S&P E-minis remain above Tuesday's low of 4120.50. Importantly key support at 4110.50, Apr 20 low remains intact. A break would signal a top and also confirm a break of trendline support drawn off the Mar 4 low. The bull trigger is 4211.00, Apr 29 high. EUROSTOXX 50 futures have tested above the recent high and psychological hurdle of 4000.00. The trend remains up and the focus is on 4023.00, Aug 16, 2007 low.
  • In FX, EURUSD is firmer today. Initial resistance is at the trendline drawn off the Jan 6 high. This intersects at 1.2093 with the key resistance at 1.2150, Apr 29 high. Key support and the bear trigger is at 1.1986, May 5 low. GBPUSD is consolidating. The pair remains below 1.4009, Apr 20 high. The break on Apr 30 of support at 1.3824, Apr 22 low highlights a bearish risk. 1.3801, Mar 5 low is today's bear trigger. USDJPY maintains a bullish tone. Attention is on 109.96 next, Apr 9 high. USDCAD major support sits at 1.2062, the Sep 2017 low. It is either the base of a broad range or a double top on the monthly chart.
  • On the commodity front, the Gold outlook is bullish and the uptrend has resumed. This has opened $1851.5, 61.8% retracement of the Jan 6 - Mar 8 sell-off. Oil is off recent highs but the uptrend remains intact. The Brent (N1) focus is on the psychological $70.00 level and $71.75, Jan 8 2020 high (cont). WTI bulls are eyeing the key resistance at $67.29, Mar 8 high.
  • In the FI space, Bunds (M1) have recently breached 170.05, 76.4% of the Feb 25 - Mar 25 rally. This opens 169.24, Feb 25 low. Short-term gains are considered corrective. Near-term risk in Gilts is still skewed to the downside. The next support and intraday bear trigger is at 127.32, Apr 1 low.