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CROSS ASSET

Bitcoin crash through the Range support

US TSY FUTURES

BLOCK, Sep Ultra-Bond Buy

SOY TECHS

(N2) In A Range

COPPER TECHS

(N2) Remains Below Monday’s High

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MARKET INSIGHT
  • In the equity space, S&P E-minis continue to consolidate but remain vulnerable following last week's selling pressure from 3978.50, Mar 18 high. The support to watch is 3875.00, Mar 19 low. A break would confirm a move through the 20-day EMA and reinforce short-term bearish conditions.
  • In the FX space, EURUSD maintains a weaker tone following this week's breach of support at 1.1836, Mar 19 low. This opens 1.1800 next, the Nov 23 low and 1.1752, 1.236 projection of the Jan 6 - Feb 5 - Feb 25 price swing. The GBPUSD outlook remains bearish. The pair has this week cleared 1.3779, Mar 5 low and a bear trigger. Note this has also confirmed a breach of the 50-day EMA and a bull channel base drawn off the Nov 2 low. The focus is on 1.3641, 38.2% of the Sep 23 - Feb 24 bull cycle. USDJPY remains in an uptrend. Attention is on 109.56, 76.4% of the Mar 2020 - Jan downleg and an important pivot resistance. Watch support at 108.34 Mar 10 low.
  • On the commodity front, a bullish theme in Gold remains in place following the recovery that started Mar 8. The focus is on $1777.6, the 50-day EMA. Support is at $1719.3, Mar 18 low. Oil contracts remain in bear mode despite yesterday's strong gains. Recent weakness in Brent (K1) opens $58.56, 38.2% of the Nov 2 - Mar 8 rally. Resistance is at $65.12, Mar 22 high. In WTI (K1), scope is for a move to $55.65, also 38.2% of the Nov 2 - Mar 8 rally. Resistance is at $62.04, Mar 22 high.
  • In the FI space:
    • Bunds (M1) have probed resistance at 172.20, Mar 11 high. A clear break would open 172.51, Feb 16 high.
    • Gilts (M1) have cleared resistance at 128.33, Mar 16 high, suggesting scope for an extension higher. The next key resistance is at 129.27, Mar 2 high.
    • Treasuries (M1) remain in a downtrend and gains are considered corrective. Resistance is at 132-09, Mar 17 / 24 high.
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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