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TECHS: Price Signal Summary - Oil Stays Firm And AUDUSD Remains Bid

MARKET INSIGHT
  • In the equity space, S&P E-minis bulls are still in charge. The focus is on 4160.13 next, 1.500 projection of the Feb 1 - Feb 16 - Mar 4 price swing.
  • In the FX world, EURUSD has cleared the 50-day EMA and is testing resistance at 1.1990, Mar 11 high. A break would reinforce current bullish conditions and open 1.2037, 61.8% of the Feb 25 - Mar 31 sell-off. The GBPUSD outlook remains bearish despite recent gains. 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 is 0.8731, Feb 26 high. A break is required to suggest scope for an extension of recent gains. USDJPY remains vulnerable, attention is on 108.41, Mar 23 low. AUDUSD is firmer and has traded above the neckline of a recent head and shoulders reversal. The key pivot resistance is 0.7849, Mar 18 high.
  • On the commodity front:
    • Gold remains below recent highs. Resistance has been defined at $1758.8, Apr 8 high. Watch support at $1721.4, Apr 5 low.
    • Brent (M1) rallied yesterday. Resistance to watch is at $67.30, 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 $64.47/88, 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 127.32, Apr 1 low. Initial firm resistance is 128.93, Mar 25 high.
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