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- In the equity space, E-minis traded in a volatile manner yesterday. Support levels to watch are; 4110.50, Apr 20 low and trendline support that intersects at 4099.00, drawn off the Mar 4 low. The support zone will likely determine the outcome of this correction - will it be a shallow one if support holds or develop into a deeper pullback on a break?
- In FX, EURUSD last week failed to confirm a clear break of the bear channel resistance drawn off the Jan 6 high. The subsequent sell-off highlights a bearish threat. Watch support at, 1.2014/1988, the 20- and 50-day EMAs. This support zone has been probed. A clear break would open 1.1943, Apr 19 low. GBPUSD remains below 1.4009, Apr 20 high. The break on Apr 30 of support at 1.3824, Apr 22 low strengthens a bearish case. The focus is on 1.3717, Apr 16 low. The USDJPY maintains a bullish tone following last week's gains. Attention is on 109.96 next, Apr 9 high.
- On the commodity front, the Gold outlook is bullish and the focus is on $1805.7, Feb 25 high. Watch key short-term support at $1756.2, Apr 29 low. The Brent (N1) uptrend has resumed. The focus is on the psychological $70.00 level and $71.75, Jan 8 2020 high (cont). WTI is firmer too and bulls are eyeing the key resistance at $67.29, Mar 8 high.
- In the FI space, Bunds (M1) have recently breached 170.05, 76.4% of the Feb 25 - Mar 25 rally. This opens 169.24, Feb 25 low. Short-term gains are considered corrective. Short-term risk in Gilts is skewed to the downside. The next support and intraday bear trigger is at 127.32, Apr 1 low.