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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, current bullish conditions in S&P E-Minis remains intact. Fresh highs this week reinforces the current trend direction and this signals scope for a climb towards 4204.75 next, May 31 high and the next key resistance. Initial key support is 3991.98, the 50-day EMA. EUROSTOXX 50 futures trend conditions remain bullish and yesterday’s high print reinforces this theme. The contract has breached the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40. Scope is seen for gains towards 3840.00, the Jun 6 high. Initial firm support to watch is 3592.30, the 50-day EMA.
- In FX, the EURUSD short-term outlook is bullish and the pair remains above support at 1.0097, the Jul 27 low. A resumption of gains would signal scope for an extension higher within the bull channel - the top intersects at 1.0379. Weakness below 1.0097 would alter the picture. A bullish short-term theme in GBPUSD remains intact. Price has recently traded above the 50-day EMA. This reinforces current conditions with the next objective at 1.2332, the Jun 27 high. Potential is also seen for a climb towards 1.2406, the Jun 16 high and a key resistance. Initial firm support to watch lies at 1.2063, the Jul 29 low. USDJPY remains above support at 130.41, Tuesday’s low. Gains are - for now - considered corrective. A resumption of weakness would open 130.00. Initial resistance is at 135.09, the 20-day EMA.
- On the commodity front, Gold maintains a firmer tone. The yellow metal has breached the 50-day EMA and attention is on trendline resistance at $1802.1. A breach of the trendline would represent an important technical break and highlight a stronger reversal of the 5-month downtrend. A break would open $1825.1, the Jun 30 high. Initial firm support lies at $1754.4 the Aug 3 low. In the Oil space, WTI futures remain vulnerable and yesterday’s extension lower reinforces current bearish conditions. Price has breached support at $88.23, Jul 14 low and a key support. This opens $91.22, Jul 14 low.
- In the FI space, a short-term bull cycle in Bund futures remains intact. Scope is seen for a climb to 159.79 next, the Apr 4 high (cont). Initial firm support is 154.77, the 20-day EMA. The trend condition in Gilts remain bullish and pullbacks are considered corrective. A resumption of gains would open 120.00. Support is at 116.93 20-day EMA.
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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