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TECHS: Price Signal Summary - Gilts Remain Below Key Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis continue to push higher and have registered a fresh trend high today. The focus is on 4195.50, 1.618 projection of the Feb 1 - Feb 16 - Mar 4 price swing. Key support is unchanged at 4110.50, Apr 21 low.
  • In the FX world, EURUSD remains below the bear channel resistance drawn off the Jan 6 high that intersects at 1.2116 today. Yesterday's high of 1.2117 also represents resistance and a clear break would strengthen bullish conditions. Key short-term support is at 1.1994, Apr 22 low. GBPUSD remains below last week's high of 1.4009 on Apr 20. A bearish risk dominates while this level remains intact. Support to watch is at 1.3824, Apr 22 low. USDJPY has found support at 107.48. Just below trendline support drawn off the Jan 6 low. A strong break of the 20-day EMA at 108.68 would ease bearish pressure. The bear trigger is 107.48.
  • On the commodity front, Gold is consolidating but 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 $63.50, the 50-day EMA. WTI (M1) found resistance last week at $64.38 on Apr 20. The 50-day EMA at $60.15 is seen as a firm intraday support.
  • In the FI space, Bunds (M1) have defined a short-term resistance at 171.15/27, 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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