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TECHS: Price Signal Summary - Equity Bulls Still In Charge

MARKET INSIGHT
  • In the FX space:
    • EURUSD, has this week found support at 1.1836, Tuesday's low. Gains are considered corrective however, the move above 1.1952, Feb 5 low does signal scope for a stronger short-term recovery with attention on 1.2024, the 20-day EMA. Today's move lower though also highlights support at 1.1836, a break would resume the downtrend.
    • USDJPY remains in an uptrend. The focus is on 109.56, 61.8% of the Mar 2020 - Jan downleg and an important pivot resistance. Support is seen at 107.82 Mar 5 low.
      • The trend is overbought and this is being monitored. Price has yet to display a reversal though and signal a top.
  • On the commodity front, a bullish engulfing candle in Gold Tuesday suggests a potential short-term base at $1676.9, Monday's low. The focus is on the 20-day EMA at $1750.4. The yellow metal is softer today. A break of $1676.9 is needed to resume the downtrend instead. Oil contracts remain below Monday's high and appear to have entered a corrective phase. Brent (K1) weakness would open $65.04, the 20-day EMA. The bull trigger is at $71.38, Mar 8 high. In WTI (J1) a deeper pullback would open $61.92, the 20-day EMA. Key resistance is at $67.98, Mar 8 high.
  • In the FI space, BTP futures (M1) rallied yesterday. A break of 150.69, 76.4% retracement of the Feb 12 - 26 sell-off is needed to further strengthen a bullish argument. In Bunds (M1), the resistance to watch today is 172.30, yesterday's high and in Gilts (M1), 129.27, Mar 2 high remains the key near-term resistance. A breach of these hurdles would signal scope for a stronger short-term recovery.
  • In the equity space, bulls managed to deliver fresh trend highs in the E-mini S&P futures yesterday. The bull trigger is at yesterday's high of 3949.00. A break would open the psychological 4000.00 level.
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