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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 and the contract is holding on to the bulk of its recent gains. Last week’s climb resulted in a move above the 50-day EMA. This reinforces short-term bullish conditions and a resumption of gains would open 4145.75 next, the Jun 9 high. The 20-day EMA, at 3898.26, is the first support to watch. EUROSTOXX 50 futures are consolidating. This pause in the current bull cycle appears to be a bull flag. If correct, it reinforces short-term bullish conditions and suggests scope for a stronger recovery towards 3689.00, Jun 10 high. Initial support is at 3467.00, Jul 18 / 19 low.
- In FX, the short-term outlook in EURUSD remains bullish following the recent recovery from the base of its bear channel, drawn from the Feb 10 high. The current consolidation appears to be a bull flag and this reinforces the current uptrend. The focus is on 1.0359 next, the Jun 15 low. GBPUSD is consolidating and holding onto its recent gains. A continuation higher would signal potential for a climb towards 1.2220, the 50-day EMA. Key support and the bear trigger is at 1.1760, the Jul 14 low. The recent move lower in USDJPY is still considered corrective and attention is on two key support levels; 135.10, the base of a bull channel drawn from the Mar 4 low, and 134.27, the Jun 23 low. A break of this support zone would signal scope for stronger reversal. The primary uptrend remains intact and 139.39 is the bull trigger, Jul 14 high.
- On the commodity front, Gold remains in a downtrend and the latest recovery is considered corrective. The bear trigger is $1681.0, the Jul 21 low. Key short-term resistance to watch is at $1745.4, the Jul 13 high. In the Oil space, WTI futures trend conditions remain bearish. The contract continues to trade below the 50-day EMA that intersects at $101.43. The average represents an important pivot point - if breached, the move higher would signal scope for a stronger rally. On the downside, first support to watch is $93.01, the Jul 25 low.
- In the FI space, a short-term bull cycle in Bund futures remains in play, and the contract has traded higher today to once again confirm a resumption of the upleg. The focus is on 155.87, the May 12 high. The trend condition in Gilts remains bullish. The focus is on 118.16, 1.382 projection of the Jun 16 - 24- 29 price swing.
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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