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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 consolidating but remain in a clear uptrend. The next objective is 4591.25, the 1.00 projection of the Jul 19 - Aug 16 - Aug 19 price swing. Scope is also seen for a break of the 4600.00 handle. Support to watch is at 4543.75, Wednesday's low. EUROSTOXX 50 futures yesterday probed key resistance at 4223.00, Sep 6 high and the bull trigger. A clear break would confirm a resumption of the broader uptrend and open 4290.50, 1.00 projection of the Jul 19 - Sep 6 - Oct 6 price swing. The outlook remains bullish.
- In FX, EURUSD rallied yesterday and did probe the 50-day EMA. While this is a positive development, a key resistance at 1.1706 remains intact, the bear channel top drawn off the Jun 1 high. A channel breakout is required to signal a more decisive reversal. Initial support lies at 1.1582, yesterday's low. GBPUSD short-term bullish conditions remain intact and corrections so far have been shallow. The focus is on 1.3913, Sep 14 high and a key resistance. Support to watch is at 3710, Wednesday's low. USDJPY remains below recent highs but maintains a bullish tone. Scope is seen for a climb towards 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. The support zone to watch is 113.14-00, the 20-day EMA and Oct 12 low respectively.
- On the commodity front, Gold is consolidating but maintains a positive short-term tone. Scope is seen for a climb towards $1834.0, the Sep 3 high. Initial support is at$1780.8, the 50-day EMA. WTI broader trend conditions are unchanged although futures have faced selling pressure this week. Support to watch is at $80.58, the 20-day EMA and yesterday's low.
- In the FI space, price action was extremely volatile yesterday. Bund futures sights are on 167.79, 2.50 projection of the Sep 9 - 17 - 21 price swing. Key resistance at 169.92, Oct 14 high, remains intact. Gilts breached and closed above resistance at 152.57 Wednesday, Oct 14 high. This confirmed a double bottom reversal on the daily chart and signals scope for a climb towards 126.39, 50.0% retracement of the Aug - Oct downleg. Initial support is at 124.55, Oct 27 low. BTPs continue their slide, extending yesterday' sharp sell-off. The focus is on 148.04 1.236 projection of the Sep 23 - Oct 6 - 14 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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