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TECHS: Price Signal Summary - USD Retreats

MARKET INSIGHT
  • In the equity space, bullish conditions continue to prevail. S&P E-minis are trading closer to recent highs and 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 this morning and importantly cleared 1.1990, Mar 11 high. This reinforces current bullish conditions and opens 1.2037 next, 61.8% of the Feb 25 - Mar 31 sell-off. GBPUSD is firmer too. Key resistance is at 1.3919, Apr 6 high where a break is required to signal scope for a stronger rally. 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 pressuring the 50-day EMA. A break of the average would open 107.50, trendline support drawn off the Jan 6 low
  • On the commodity front, Gold is firmer. The focus is on $1805.7, Feb 25 high. Brent (M1) remains firm. Scope if for a climb towards $69.50 - High Mar 15. WTI (K1) is firmer too with potential for gains towards $64.88, 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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