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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MARKET INSIGHT
- In the equity space, S&P E-minis are unchanged. A bullish theme remains intact though. The contract has recovered from recent lows and attention is on a climb towards 4717.00 next, 1.50 projection of the Jul 19 - Aug 16 - Aug 19 price swing. Initial support to watch is 4606.79, the 20-day EMA. EUROSTOXX 50 futures uptrend remains intact and the contract continues to climb. Attention is on the 4400.00 handle next.
- In FX, a sharp sell-off in EURUSD resumed once again yesterday and the pair has cleared the 1.1400 handle. The focus is on the next key support at 1.1305. This is the base of a bear channel drawn from the Jun 1 high. GBPUSD remains vulnerable following the sharp sell-off on Nov 10 and despite the most recent recovery. The break of 1.3412, Sep 29 low, opens 1.3334 next, 1.00 projection of the Sep 14 - 29 - Oct 20 price swing. EURGBP remains offered as the cross extends yesterday's sharp sell-off. Support at 0.8463, Nov 4 low has been cleared and this exposes the key support at 0.8403, Oct 26 low. The Nov 10 candle pattern in USDJPY is a bullish engulfing reversal and remains an important short-term signal. The pattern signals scope for a climb towards key resistance at 114.70, Oct 20 high. Key support has been defined at 112.73, Nov 9 low. EURCHF is trading just ahead of a major support at 1.0505, the May 14, 2020 low. A break would expose the cross to a deeper sell-off below the 1.0500 handle.
- On the commodity front, Gold is bullish and firmer today. The yellow metal has cleared $1877.7, Jun 14 high and this opens $1903.8, Jun 8 high. WTI key resistance at $85.41, Oct 25 high, remains intact. A break would confirm a resumption of the uptrend. On the downside, key short-term support to watch is unchanged $78.25, Nov 4 low.
- In the FI space, Bund futures maintain a bullish short-term tone but are trading in a range for now. The focus is on 171.95, 61.8% of the Aug - Nov sell-off. Support to watch is 170.06, Nov 5 low. Gilts also maintain a firmer tone and the recent pullback is considered corrective. The focus is on a climb towards 127.69 next, Sep 21 high.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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