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EGB/Gilt - Holding onto gains


BLOCK, Large 2Y Buy


Estoxx dips below 3700.00



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  • In the equity space, S&P E-minis have cleared the psychological 40000.00 level and appear comfortable above this former key hurdle. The focus is on 4080.99, 1.236 projection of the Feb 1 - Feb 16 - Mar 4 price swing. EUROSTOXX 50 is trading higher too and approaching 4000. A break would open 4047.72, 2.236 projection of the Dec 21 - Jan 8 - Jan 28 price swing
  • In the FX space, EURUSD gains are considered corrective. The next resistance is 1.1828, a former bear channel base drawn off the Jan 6 high. A break of this level would suggest scope for a stronger bounce. The GBPUSD outlook remains bearish. Recent gains have stalled at the former bull channel base drawn off the Nov 2 low. Resistance has been defined at 1.3919, today's intraday high. USDJPY remains bullish and pullbacks are considered corrective. The focus is on 111.30 next, Mar 26, 2020 high.
  • On the commodity front:
    • Gold is holding onto recent gains. Key resistance is at $1755.5, Mar 18 high, where a break is required to suggest scope for a stronger bounce.
    • Brent (M1) key directional triggers are:
      • Resistance at $65.39, Mar 29 high and key support at $60.33, Mar 23 low and the bear trigger
    • WTI (K1) directional triggers are:
      • Resistance at $62.27, Mar 30 high and support at $57.25, Mar 23 low and the bear trigger
  • 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 {GB} Gilts (M1) is at 126.79, Mar 18 low.
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