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Tech Focus: Price Signal Summary - FI Space Remains Heavy

MARKET INSIGHT
  • Equity indices outlook is unchanged and bullish, E-mini S&P futures still target the 4000.00 handle.
    • An initial objective is at 3988.40, 2.236 projection of the Sep 24 - Oct 12 - Oct 30 price swing last year.
    • Support lies at 3863.53, the 20-day EMA.
  • In the FX space, EURUSD traded lower Wednesday but has since recovered. Tuesday's candle pattern, a shooting star formation, has defined a short-term top at 1.2169, Feb 16 high. A break of this level is required to negate the pattern and resume the uptrend. Support to watch lies at 1.2020, Feb 8 low. EURJPY also appears to have defined a short-term top at Wednesday's 128.46 high. A bearish engulfing candle on this day suggests a corrective pullback is likely near-term. The next key short-term support is at 127.04, Feb 15 low. The bull trigger is 128.46. EURGBP downside has extended this week with 0.8700 cleared. The April 2020 low has been breached, this opens 0.8621, Mar 5, 2020 low. Cable targets 1.4031, Apr 23, 2018 high.
  • On the commodity front, Gold has cleared a number of support levels this week. Today the yellow metal has probed the Nov 30, 2020 low. Scope is seen for a move to $1747.6, Jun 26, 2020 low. Oil contracts remain firm despite the pullback from yesterday's high. Brent (J1) targets $65.88 - 1.764 projection of the Apr - Aug - Nov 2020 price swing. WTI (J1) targets $63.17 - 1.618 projection of the Apr - Aug rally from the Nov 2 low.
  • In the FI space, Bunds(H1) remain heavy. The focus is on 174.06, 2.00 projection of the Jan 4 - 12 sell-off from the Jan 27 high. Gilts(H1) remain in a downtrend and the focus is on the psychological 130.00 handle.
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