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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
- On the equity front, S&P E-minis are consolidating. The outlook is unchanged and trend conditions remain bullish. The contract traded to a fresh all-time high of 4542.25 on Tuesday and this confirms a resumption of the uptrend once again. The focus is on 4580.21, 1.382 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 remains firm following yesterday's rally and break of 4238.50, Aug 13 high. This confirms a resumption of the uptrend and opens 4294.20, 1.236 projection of the May 13 - Jun 17 - Jul 19 price swing.
- In the FX space, EURUSD is back above its 50-day EMA and holding onto recent gains. An extension would set the scene for a climb towards 1.1909, Jul 30 high and a key short-term resistance. Support to watch is 1.1735, Aug 20 low. GBPUSD key near-term resistance is unchanged at the 50-day EMA, at 1.3824. A break is required to signal potential for a stronger recovery. Support lies at 1.3680.
- On the commodity front, Gold is consolidating but the outlook remains bullish with the focus on $1834.1, Jul 15 high and the next bull trigger. WTI bullish conditions remain intact. Recent gains suggest potential for a climb towards $70.74, the 76.4% retracement of the Jul 30 - Aug 23 sell-off. Support is seen at $66.92, Aug 25 low.
- In FI, Bunds traded sharply lower Tuesday and breached 175.66, Aug 27 low. Price action has also moved below the 50-day EMA reinforcing current bearish conditions. Note too that futures have tested key trendline support at 175.18. The trendline is drawn from the May 19 low. A break would strengthen bearish conditions. Bulls will be looking for the trendline to hold. Gilt futures on Tuesday cleared support at 128.33, Aug 12 low and 128.24, Aug 12 low. The break lower strengthens a bearish case and signals scope for 128.03, the Jul 6 low (cont).
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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