MNI BRIEF: Trade War To Increase Volatility Inflation -Panetta

MNI China Daily Summary: Friday, November 15

MNI BRIEF:China Optimistic On Property Despite Investment Fall

CORRECTED-MNI INTERVIEW: NBH To Hold Rates

MNI BRIEF: China Oct Retail Sales Surge On Holiday, Trade-ins

CHINA OCT INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.5% Y/Y: NBS

EZ/UK Bond Supply Calendar: EU Synd; SK, BE Auction on Monday

MNI: US SEP BUSINESS INVENTORIES +0.1%; SALES +0.3%

MNI: US OCT INDUSTRIAL PROD -0.3%; CAP UTIL 77.1%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - EURUSD Bulls Remain In The Driver's Seat

OUTLOOK
  • In FX, EURUSD traded higher yesterday and the pair is climbing again today as it extends this week’s bull phase. Resistance at 1.1008, the Aug 5 high, has been cleared and this confirms a resumption of the uptrend. Sights are on 1.1046, the Jan 2 high, ahead of 1.1084, the Dec 29 ‘23 high. Initial support to watch lies at 1.0901, the 20-day EMA.
  • GBPUSD traded higher Tuesday and the pair is holding on to this week’s gains. Price has traded above the 20-day EMA - at 1.2804. A continuation higher would highlight a stronger reversal and signal scope for a climb towards 1.2955, 76.4% retracement of the Jul 17 - Aug 8 bear leg. Key support has been defined at 1.2665, the Aug 8 low, where a break is required to once again resume recent bearish activity.
  • A bearish condition in USDJPY remains intact and the latest recovery appears to be a correction - for now. The recent impulsive sell-off has strengthened the trend condition. The move down signals scope for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. Note that the downtrend remains oversold, and the latest recovery - a correction - is allowing this set-up to unwind. Resistance to watch is 150.36, 20-day EMA. On the commodity front, recent weakness in {O4} Gold is holding on to its latest gains. Recent weakness appears to be corrective and the trend structure remains bullish. Note that the yellow metal has recently pierced support at the 50-day EMA - currently at $2386.6. A clear break of it would signal scope for a deeper retracement towards $2277.4, May 3 low and a key support. Attention is on $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend. In the oil space, {7I} WTI futures rallied sharply higher Monday. The move undermines a recent bearish theme and price has traded through both the 20- and 50-day EMAs. A continuation higher would signal scope for a climb towards $80.77, 76.4% of the Jul 5 - Aug 5 low. Clearance of this level would open $83.58, the Jul 5 high. On the downside, a return to bearish price action would expose key support at $71.67, the Aug 5 low. Initial support is $74.60, the Aug 8 low.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.