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TECHS: Price Signal Summary - EURUSD Approaches Its Bear Channel Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis ended last week on a firm note and a fresh trend high of 4186.75. The outlook remains bullish with attention on 4195.50, 1.618 projection of the Feb 1 - Feb 16 - Mar 4 price swing. Key support is at 4110.50, Apr 21 low.
  • In the FX world, EURUSD traded higher Friday to resume the current uptrend. Key near-term resistance is at 1.2119, the bear channel top drawn off the Jan 6 high. A break would strengthen the bullish theme. GBPUSD remains below last week's high of 1.4009 on Apr 20. A bearish risk dominates while 1.4009 remains intact. Support to watch is at 1.3824, Apr 22 low. USDJPY is testing and has probed trendline support drawn off the Jan 6 low. A clear break would signal scope for a deeper pullback and open 106.78, 50.0% retracement of the Jan - Mar rally.
  • On the commodity front, Gold maintains a bullish tone. The focus is on $1805.7, Feb 25 high. Brent (M1) remains below last week's high. Key support to watch is $63.42, the 50-day EMA. WTI (M1) found resistance last week at $64.38 on Apr 20. The 50-day EMA at $60.08 is seen as a firm intraday support.
  • In the FI space, Bunds (M1) have defined a short-term resistance at 171.18/2, the 20-day EMA and Apr 22 high. On the downside support is at 170.05, 76.4% of the Feb 25 - Mar 25 rally. Support to watch in Gilts (M1) remains 127.81, Apr 14 low. The key resistance is at 129.27, Mar 2 high and the reversal trigger.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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