FINLAND T-BILL AUCTION PREVIEW: On offer next week

• RES 4: 94.15 2.000 proj of the May 22 - 27 - 29 price swing
• RES 3: 94.00 Round number resistance      
• RES 2: 93.73 1.764 proj of the May 22 - 27 - 29 price swing
• RES 1: 93.57/93.68 High Jun 25 / 13
• PRICE: 93.03 @ Close Jun 30
• SUP 1: 92.70 20-day EMA 
• SUP 2: 92.23 Low Jun 16 and a key short-term support 
• SUP 3: 91.56 Low Jun 9   
• SUP 4: 91.44 Low Jun 8        

A bull cycle in Gilt futures remains in play and recent weakness appears to have been a correction. Last week’s gains reinforce the current bullish theme. Key short-term support has been defined 92.23, the Jun 16 low. A break of this level is required to undermine a bull theme and signal scope for a deeper retracement. On the upside, sights are on 93.68, the Jun 13 high and bull trigger. 

• RES 4: 5486.00 High May 20 and a key bull trigger  
• RES 3: 5456.00 High Jun 11 
• RES 2: 5403.00 High Jun 12 
• RES 1: 5366.00 High Jun 30    
• PRICE: 5333.00 @ 06:43 BST Jul 1 
• SUP 1: 5194.00 Low Jun 23 and a bear trigger    
• SUP 2: 5182.00 Low May 2 
• SUP 3: 5100.94 38.2% retracement of the Apr 7 - May 20 bull leg
• SUP 4: 5078.00 Low Apr 30  

Trend signals in Eurostoxx 50 futures remain bearish, however, the recovery from the Jun 23 low appears to be a reversal and the contract is holding on to its most recent gains. Price has traded through the 20- and 50-day EMAs. A clear break of both averages would strengthen a reversal theme. This would open 5486.00, the May 20 high and bull trigger. On the downside, a breach of 5194.00, the Jun 23 low, would reinstate a bearish theme.

• RES 4: 0.8694 High Apr 14   
• RES 3: 0.8648 76.4% retracement of the Apr 11 - May 29 downleg
• RES 2: 0.8624 High Apr 21 
• RES 1: 0.8592 61.8% retracement of the Apr 11 - May 29 downleg
• PRICE: 0.8574 @ 06:54 BST Jul 1
• SUP 1: 0.8514/8482 20- and 50-day EMA values 
• SUP 2: 0.8459 Low Jun 11 
• SUP 3: 0.8407 Low Jun 4 
• SUP 4: 0.8356 Low May 29 and the bear trigger 

The trend condition in EURGBP remains bullish and Monday’s strong start to the week reinforces current conditions. Moving average studies have recently crossed and are currently in a bull-mode position - highlighting a dominant uptrend. Scope is seen for a test of 0.8592 next, a Fibonacci retracement. On the downside, support to watch lies at 0.8482, the 50-day EMA. Clearance of this level would highlight a possible reversal.