MNI BRIEF: Fed Risks Soft Landing If It Doesn’t Cut - Goolsbee

MNI BRIEF: EU Parliament Backs Von Der Leyen For 2nd Term

MNI: ECB LEAVES KEY DEPOSIT RATE UNCHANGED AT 3.75%

MNI China Daily Summary: Thursday, July 18

MNI BRIEF: China To Upgrade Rural Land Reform: 3rd Plenum

MNI BRIEF: China's Third Plenum Eye's Deeper Financial Reform

MNI: FED BALANCE SHEET TOTAL ASSETS -$16B TO $7.208T IN WEEK

MNI: US TSY TICS NET FLOWS IN MAY +$15.8B

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Price Signal Summary - EURUSD Pushes Through Resistance

MARKET INSIGHT
  • In the equity space, S&P E-Minis found resistance last Wednesday at 4095.00. This has left initial key resistance - 4099.00, the May 9 high - intact. The reversal lower, and Friday’s fresh trend low, signals a resumption of the primary downtrend and attention is on 3801.97, 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont). 3807.50, Friday’s low is the bear trigger. A break of resistance at 4099.00 is required to alter the short-term picture. The primary trend direction in EUROSTOXX 50 futures is down. However, a corrective cycle is still in play following the recovery from 3466.00, May 10 low. Price last week probed resistance at 3728.50, the 50-day EMA. A clear break of this average would improve a short-term bullish theme. On the downside, key support and the bear trigger is unchanged at 3466.00.
  • In FX, EURUSD has cleared the 20-day EMA at 1.0570. The break suggests scope for a stronger recovery and note that today’s climb has resulted in a print above 1.0642, May 5 high. The current bull cycle started at 1.0350, May 13 low and, from the base of a bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0857 and is a potential short-term objective. Initial support is at 1.0533, May 20 low. GBPUSD starts the week on a firmer note, trading above last week’s high of 1.2525 and the 20-day EMA at 1.2491. This signals scope for a stronger recovery and opens 1.2638, the May 4 high and a key resistance. Initial firm support lies at 1.2317, the May 17 low. USDJPY traded lower last Thursday. 127.52, the May 12 low has been breached and this exposes the next key support at 126.95, Apr 27 low. The current pullback is likely a correction. A break of 126.95 however would signal scope for an extension towards the 50-day EMA, at 125.77. A reversal higher and a move above 130.05, May 9 high would be bullish.
  • On the commodity front, Gold is starting the week on a firmer note. The yellow metal has traded above resistance at $1859.6, the 20-day EMA. This opens the 50-day EMA at $1886.6. The move higher is still considered corrective and the trend direction remains down. A resumption of bearish activity would refocus attention on last week’s $1787.0 low (May 16). In the Oil space, WTI futures maintain a firm tone. The contract last week breached resistance at $110.07, Mar 24 high. A resumption of gains would open $116.43, the Mar 7 trend high. Initial support is at $103.24, the May 19 low.
  • In the FI space, Bund futures resistance has been defined at $155.33 May 12 high. The trend direction remains down and an extension lower would open 150.49, the May 9 and the bear trigger. The broader trend condition in Gilts remains down. The contract has found resistance at 121.07, May 12 high. The bear trigger is at 116.87, May 9 low.
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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.