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TECHS: Price Signal Summary - USD Remains Weak

MARKET INSIGHT
  • In the equity space, sentiment remains bullish. S&P E-minis are consolidating just below recent lows. 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 rallied again today and bullish conditions remain intact following yesterday's break of 1.1990, Mar 11 high. This opens 1.2116 next, 76.4% of the Feb 25 - Mar 31 sell-off. GBPUSD rallied yesterday and cleared 1.3919, Apr 6 high. A break of 1.4017, Mar 4 high would likely trigger stronger gains and open 1.4103, 76.4%of the Feb 24 - Apr 12 downleg. EURGBP has found resistance at 0.8719, Friday's high. The support to watch is 0.8582, Apr 7 low. USDJPY has traded through 108.41, Mar 23 low and is still pressuring the 50-day EMA. A break of the average would open 107.57, trendline support drawn off the Jan 6 low
  • On the commodity front, Gold maintains a bullish tone despite the pullback from yesterday's high. The focus is on $1805.7, Feb 25 high. Brent (M1) remains firm. Scope if for a climb towards $69.50, Mar 15 high. WTI (K1) is firmer too with potential for gains towards $64.88, Mar 18 high.
  • In the FI space, Bunds (M1) yesterday cleared support at 170.52, Mar 18 low. This strengthens a bearish case and opens 170.05 next, 76.4% of the Feb 25 - Mar 25 rally. Support to watch in Gilts (M1) remains 127.81, Apr 14 low. Initial firm resistance is 128.93, Mar 25 high.
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