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TECHS: Price Signal Summary - Bunds And Gilts Appear Vulnerable

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a bullish tone. The focus is on 4239.26, 1.764 projection of the Feb 1 - Feb 16 - Mar 4 price swing. Key support is unchanged at 4110.50, Apr 21 low.
  • In FX, EURUSD has this week cleared the bear channel resistance drawn off the Jan 6 high. This reinforces the current uptrend and paves the way for strength towards 1.2184 next, Feb 26 high. Initial support is at 1.2056, Apr 28 low. GBPUSD remains below 1.4009, Apr 20 high. A break is required to signal scope for stronger gains. Support to watch is at 1.3824, Apr 22 low. USDCAD resumed its underlying downtrend this week with fresh cycle lows. The focus is on 1.2239, 1.236 projection of Jan 28 - Feb 25 - Feb 26 price swing. The JPY remains vulnerable:
    • USDJPY is holding above support at 107.48, Apr 23 low and trendline support drawn off the Jan 6 low remains intact. The focus is on 109.23, 50.0% of the Mar 31 - Apr 23 sell-off.
    • EURJPY this week confirmed a resumption of the underlying uptrend. The move higher opens 133.19, the channel top.
  • On the commodity front, Gold is consolidating. The outlook is bullish and the focus is on $1805.7, Feb 25 high. Watch support at $1756.2, Apr 29 low. Brent (M1) has traded higher this week. The key bull trigger is $69.73, Mar 8 high WTI (M1) key resistance and bull trigger is at $67.29 - Mar 8 high.
  • In the FI space, Bunds (M1) have breached 170.05, 76.4% of the Feb 25 - Mar 25 rally. This opens 169.24, Feb 25 low. Gilts (M1) maintain a weaker tone. The next level to watch is 127.32, Apr 1 low.
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