Technical Weekly 24042006

EQUITIES
European and US markets managed to recover and were upgraded to short-term bullish.
As you can see on the chart of the Euro Stoxx 50 below, the daily Macd indicator is now bullish.(lower panel)
The long-term bull trend is intact but another upside acceleration is likely to precede another correction as the weekly indicator is looking toppish.(mid panel)


















COMMODITIES

Brent
Crude Oil remains in a clear uptrend and surges to the 75$ level last week.
As long as the 67 level holds, the uptrend remains intact.
Technically speaking my target remains in the 84-85$ area in the coming weeks.
















Gold
Gold has exceeded my target of 630$ and is now overbought.
This current upside acceleration is not sustainable in the short term.
Further short-term correction in Gold is thus expected in the coming days.Nonetheless, the favourable global growth outlook and liquidity conditions do not herald a major reversal.

















GERMAN 10 YEAR YIELD
Nothing new this week, as the yield trades close the 4% psychological resistance.
Short-term pullbacks are probable but the next major resistance, which is also the technical upside target remains 4.5%.



















EURO-DOLLAR
Breaking above the 1.22 level again.
The bullish trend is slower because of many technical corrections punctuate the rise but I continue to favour $ selling and believe that the rate could reach 1.24 in the coming weeks.