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TECHS: Price Signal Summary - FI Gains Considered Corrective

MARKET INSIGHT
  • EURUSD is consolidating. A bear flag has appeared on the charts, reinforcing a short-term bearish risk theme. Support levels to watch are:
    • 1.2130, Dec 21 low and 1.2093, the 50-day EMA. A break of both would signal scope for a deeper pullback.
  • USDJPY attention remains on key resistance at 104.27, the bear channel top drawn off the Mar 24 high. A break would highlight a stronger reversal. Monday's high of 104.40 is the bull trigger.
  • Sterling remains constructive. Resistance levels to watch in Cable today are:
    • 1.3704 High Jan 4 and
    • 1.3750 0.764 projection of May 18 - Sep 1 rally from Sep 23 low
  • EURGBP, this week cleared key support at 08933. The focus is on:
    • 0.8867, Nov 23 low and a key support
  • On the commodity front, Gold still appears vulnerable following recent weakness. Watch support at $1810.7 - 76.4% of the Nov 30 - Jan 6 rally. Oil contracts remain bullish despite trading lower yesterday. Brent (H1) targets $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont). WTI (G1) focus is on $54.50 - high Feb 20, 2020 and a key resistance (cont).
  • In the FI space, short-term gains are considered corrective. Resistance levels to watch:
    • Treasuries (H1) - 136-29+, Jan 8 high.
    • Bunds (H1) - 177.69, 61.8% retracement of the Jan 4 - 12. Today's high so far has been 177.62.
    • Gilts (H1) - 134.66/70, the 20- and 50-day EMAs
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