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TECHS: Price Signal Summary - Gold and Oil Remain Firm

MARKET INSIGHT
  • In the equity space, S&P E-minis rallied again yesterday and bulls remain firmly in control. The focus is on 4195.50 next, 1.618 projection of the Feb 1 - Feb 16 - Mar 4 price swing.
  • In the FX world, EURUSD has this week cleared the 50-day EMA and has probed resistance at 1.1990, Mar 11 high. A clear break of 1.1990 would reinforce current bullish conditions and open 1.2037, 61.8% of the Feb 25 - Mar 31 sell-off. The GBPUSD outlook remains bearish. Firm resistance is at 1.3919, Apr 6 high. The key support and bear trigger to watch is 1.3670/69, Mar 25 and Apr 12 low. EURGBP key near term resistance remains 0.8731, Feb 26 high. A break is required to suggest scope for an extension higher. USDJPY remains vulnerable, attention is on 108.41, Mar 23 low.
  • On the commodity front:
    • Gold is firmer and recent gains have confirmed a double bottom reversal. The focus is on 1784.8, 38.2% retracement of the Jan 6 - Mar 8 sell-off
    • Brent (M1) has rallied this week. Resistance to watch is at $67.55, former trendline support drawn off the Nov 2 low and $67.76, the Mar 18 high
    • WTI (K1) is firmer too. The next resistance is at $64.72/88, former trendline support and the Mar 18 high.
  • In the FI space, key support to watch in Bunds (M1) remains 170.52, Mar 18 low. A break would signal scope for an extension lower and open 170.05, 76.4% of the Feb 25 - Mar 25 rally. Support to watch in Gilts (M1) is 127.81, Apr 14 low. Initial firm resistance is 128.93, Mar 25 high.
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