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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 traded lower Tuesday and the pair has tested support at the 50-day EMA - at 1.0669. This represents a key short-term level and the recent move down is considered corrective. Yesterday’s activity highlights a doji candle pattern - a potential bullish reversal signal. A recovery would refocus attention on 1.1033, the Feb 2 high. A clear break of the 50-day EMA would instead strengthen the recent bearish cycle and open 1.0634, the Jan 9 low.
- GBPUSD yesterday traded through 1.2000. The move lower reinforces the current short-term bearish theme. Sights are on the 200-dma next, at 1.1952. A move through this level would expose key support at 1.1842, the Jan 6 low. A breach of the latter would highlight a potential trend reversal and a possible double top. Firm resistance is 1.2265, Friday’s high.
- USDJPY has pulled back from its recent highs. The pair has failed to clear a key resistance we have highlighted - at 132.87 today - the 50-day EMA. A clear break of this average is required to suggest scope for an extension higher that would expose 134.77, the Jan 6 high The broader trend direction remains down. Firm support to watch lies at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low.
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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