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TECHS: Price Signal Summary - Bund Support Remains Exposed

MARKET INSIGHT
  • In the equity space, S&P E-minis are consolidating and remain bullish. Initial resistance to watch is 3978.50, Mar 18 high. A break would resume the uptrend and expose 4000. Key short-term support is at 3843.25. EUROSTOXX 50 traded to a fresh trend high yesterday. This reinforces the underlying bullish theme and opens 3987.14, 2.00 projection of the Dec 21 - Jan 8 rally from the Jan 28 low.
  • In the FX space, EURUSD maintains a weaker tone. The focus is on 1.1695 next, 38.2% retracement of the Mar 2020 - Jan rally. The GBPUSD outlook remains bearish. The focus is on 1.3641, 38.2% of the Sep 23 - Feb 24 bull cycle. Resistance is at 1.3873, the former bull channel base drawn off the Nov 2 low. USDJPY continues to defy gravity. The focus is on 111.30 next, Mar 26, 2020 high.
  • On the commodity front, Gold is heavy and has cleared near-term supports. This has exposed $1676.9, Mar 8 low and the bear trigger. Brent (K1) earlier this week probed resistance at $65.12, Mar 22 high. An extension higher would signal scope for a move towards $68.15, Mar 18 high. WTI (K1) has also probed resistance at $62.04, Mar 22 high. This signals scope for a climb towards $64.88, Mar 18 high
  • In the FI space, Bunds (M1) remain vulnerable. Key support to watch is at 170.52, Mar 18 low. The key support and bear trigger in Gilts (M1) is at 126.79, Mar 18 low. Treasuries traded to fresh trend lows yesterday. The focus is on 130-07, Feb 2, 2020 low and the psychological 130-00 handle.
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