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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 remain bullish following this week's strong rally. Futures have remained above the 50-day EMA, at 4568.46 today. The focus is on 4717.00 next, Nov 26 high ahead of the all-time high of 4740.50. EUROSTOXX 50 futures maintain a bullish theme despite pulling back from Wednesday’s high. The contract has recently breached 4186.00, Dec 1 high and traded above the 20- and 50-day EMAs. Attention is on 4311.70 next, the 76.4% retracement of the Nov 18 - 30 downleg. Support is seen at 4137.00, the Jul 7 low.
- In FX, EURUSD sights are on 1.1383, the Nov 30 high and key short-term resistance. A break of this level is required to signal potential for a stronger short-term recovery. This would open 1.1454, the 50-day EMA and 1.1514, Nov 5 low. The bear trigger is unchanged at 1.1186/85, Nov 24 and Jul 1, 2020 low. GBPUSD remains vulnerable. This week’s break of support at 1.3195, Dec 1 low confirmed a resumption of the downtrend and opens 1.3135, the Dec 11 2020 low. 1.3338 is resistance, the 20-day EMA. USDJPY attention remains on Monday’s bullish engulfing reversal candle. The pattern suggests the pair has found a base. The 20-day EMA at 113.68 is still being challenged. A clear break would reinforce the reversal pattern and open the November high of 115.52. Key support is unchanged at 112.53, the Nov 30 low.
- On the commodity front, Gold is trading close to the base of its bull channel that intersects at $1765.5 today. The channel is drawn from the Aug 9 low and represents a key short-term support. A break would strengthen the bearish condition and open $1721.7, the Sep 29 low. WTI futures remain firm. The focus is on $74.64 next, the 50-day EMA. Initial support lies at $69.52, the Dec 7 low.
- In the FI space, Bund futures remain above the 20-day EMA, at 173.43 today. This week’s high of 175.02 is the bull trigger and a break would confirm a resumption of the uptrend. A break of the 20-day EMA is required to suggest scope for a deeper pullback. The Gilts trend outlook remains bullish. The focus is on 128.00 next, the Aug 31 high.
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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