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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.
OUTLOOK
- In FX, EURUSD bulls remain in the driver’s seat and this week’s appreciation reinforces the current set-up. Moving average studies remain in a bull-mode set-up, highlighting a rising trend. Sights are on 1.1201next, a 1.50 projection of the Jun 26 - Jul 17 - Aug 1 price swing. The trend has entered overbought territory and any corrective pullback would allow this condition to unwind. Key short-term support is seen at 1.0973, the 20-day EMA. Initial support lies at 1.1072, the Aug 19 low.
- GBPUSD bullish conditions remain intact. The pair has traded higher this week resulting in a break of key resistance at 1.3044, the Jul 17 high and a bull trigger. The clear breach of this hurdle strengthens a bullish condition and confirms a resumption of the uptrend that started Apr 22. Scope is seen for a climb towards 1.3140/42, the top of a bull channel drawn from the Oct 4 ‘23 low and the Jul 14’23 high. Firm support to watch is 1.2880, the 20-day EMA.
- USDJPY continues to trade below the Aug 15 high, and firm resistance at the 20-day EMA is intact. The trend structure is bearish and MA studies remain in a bear-mode set-up. A stronger reversal lower would refocus attention on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the bear trend. Resistance to watch is 148.70, the 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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