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TECHS: Price Signal Summary - BTPs Remain Heavy

MARKET INSIGHT
  • In the equity space, S&P E-minis bulls continue to dominate. The focus is on 4160.13 next, 1.500 projection of the Feb 1 - Feb 16 - Mar 4 price swing.
  • In the FX world, the USD is weaker. EURUSD has cleared the 50-day EMA strengthening a short-term bullish argument. The focus is on 1.1990, Mar 11 high and a key resistance. The GBPUSD outlook remains bearish with a firm resistance at 1.3919, Apr 6 high. The key support and bear trigger to watch is 1.3670/69, Mar 25 and Apr 12 low. EURGBP key near term resistance is 0.8731, Feb 26 high. A break of this hurdle is required to suggest scope for an extension of recent gains. USDJPY remains vulnerable near-term. The 20-day EMA has been breached and attention is on 108.41, Mar 23 low.
  • On the commodity front:
    • Gold remains below recent highs. Resistance has been defined at $1758.8, Apr 8 high. Watch support at $1721.4, Apr 5 low.
    • Brent (M1) is firmer this morning.
      • Resistance to watch is at $65.39, Mar 29 high. Key support is unchanged at $60.33, Mar 23 low.
    • WTI (K1) is edging higher too.
      • Key resistance is at $62.27, Mar 30 high and support is unchanged at $57.25, Mar 23 low.
  • In the FI space, key support to watch in Bunds (M1) remains 170.52, Mar 18 low. The key resistance is at 172.66, Mar 25 high. Initial resistance is at 172.12, Apr 8 high. The key support and bear trigger in Gilts (M1) is unchanged at 126.79, Mar 18 low. Initial firm resistance is 128.93, Mar 25 high. BTPs (M1) cleared support yesterday at 148.36, Mar 18 low. This opens 147.68 next, 76.4% retracement of the Feb 26 - Mar 11 rally.
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