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TECHS: Price Signal Summary - FI Bearish Risk Still Present

MARKET INSIGHT
  • Equity indices outlook is unchanged and the broader bull trend remains intact. The EUROSTOXX50 index has traded just short of key resistance at 3742.53, Feb 15 high and the bull trigger. A break would resume the uptrend and open 3798.19, 0.764 projection of the Mar - Jul - Oct 2020 swing. E-mini S&P futures have managed thus far to find support at the 50-day EMA. Levels to watch today are:
    • Support at 3785.00, Friday's low. A break would trigger a deeper sell-off.
    • Initial resistance at 3934.50, Feb 25 high
  • In the FX space, EURUSD remains vulnerable despite yesterday's gains. The breach of support yesterday at 1.2023, Feb 17 opens 1.1952, Feb 5 low. USDJPY uptrend remains intact and the pair is holding onto recent gains. The focus is on 107.05 next, Aug 13, 2020 high. On the USD Index, key resistance is 91.60, Feb 5 high.
  • On the commodity front, Gold remains in a clear downtrend. Resistance is at $1775.9, Feb 26 high. The focus is on $1700.0. Oil contracts are firmer today but remain in a bearish corrective cycle. Brent (K1) targets the $70.00 psychological handle but watch support at $61.39 Feb 19 low. WTI (J1) targets the round number resistance at $65.00. However keep an eye on support at $58.60, Feb 19 low.
  • In the FI space, gains in Bunds (H1) are still considered corrective. Firm resistance is seen at 175.03, the 20-day EMA. The average remains intact and the contract is lower today. Gilts (M1) remains bearish. Scope is for a move towards the 127.00 handle. Resistance seen at 129.27, yesterday's high. Treasuries are still trading within the body of price action from Feb 25. In candle terms the pattern on this day is a bearish standard line - a continuation pattern. Attention is on 131-31, Feb 25 low. Key S/T resistance is at 134-06+, the Feb 25 high.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets

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