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TECHS: Price Signal Summary - USD Bulls In Charge and Yields Climb

MARKET INSIGHT
  • In the equity space, S&P E-minis are holding onto recent gains and remain bullish. Initial resistance to watch is 3978.50, Mar 18 high. A break would resume the uptrend and expose 4000. Key short-term support is at 3843.25. EUROSTOXX 50 has traded to a fresh trend high today. This reinforces the underlying bullish theme and opens 3926.56, 1.764 projection of Dec 21 - Jan 8 rally from Jan 28 low.
  • In the FX space, EURUSD maintains a weaker tone. The focus on 1.1711 next, Nov 5 low. The GBPUSD outlook remains bearish and recent gains are considered corrective. The pair last week cleared a bull channel base drawn off the Nov 2 low. The focus is on 1.3641, 38.2% of the Sep 23 - Feb 24 bull cycle. Resistance, at the former channel base, is 1.3864. USDJPY remains bullish and has cleared 110.00. Scope is for a climb to 110.63 Fibonacci projection, 0.764 of the Mar - Apr 2020 rally from the Jan 6 low.
  • On the commodity front, Gold is heavy and has cleared near-term supports. This has exposed $1676.9, Mar 8 low and the bear trigger. Brent (K1) has probed resistance at $65.12, Mar 22 high. An extension higher would signal scope for a move towards $68.15, Mar 18 high. WTI (K1) has also probed resistance at $62.04, Mar 22 high. This signals scope for a climb towards $64.88, Mar 18 high
  • In the FI space, futures are soft and yields are climbing. Bunds (M1) are sharply lower this morning. Key support to watch is at 170.52, Mar 18 low. Gilts (M1) are trading lower too. The key support and bear trigger is at 126.79, Mar 18 low. Treasuries have traded to fresh trend lows. The focus is on 130-07, Feb 2, 2020 low and the psychological 130-00 handle.
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