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Free AccessPrice Signal Summary - Oil Futures Breach Resistance At The The 50-Day EMA
- In the equity space, the short-term trend condition in the S&P E-Minis is unchanged and remains bearish. Short-term gains are considered corrective - for now. Attention is on pivot support at 4085.13, the 50-day EMA. EUROSTOXX 50 futures remain in a short-term downtrend too following recent gains. The 20-day EMA has been cleared and the 50-day EMA at 3651.30, has been pierced. A clear break of the 50-day average would strengthen the bearish theme and open 3582.50, 50.0% of the Jul 5 - Aug 17 rally. The latest bounce is likely a correction.
- In FX, EURUSD is bearish following this week’s breach of key support at 0.9952, Jul 14 low. This confirmed a resumption of the primary downtrend. The focus is on 0.9883 next, 1.764 projection of the Jun 9 - 15 - 27 price swing. The GBPUSD trend needle continues to point south. This follows this week’s break of support at 1.1760, the Jul 14 low and bear trigger. Sights are on 1.1673, the 1.00 projection of the May 27 - Jun 14 - 16 price swing. USDJPY remains below its most recent highs. The outlook is bullish though and the focus is on a climb towards 137.96 next, the Jul 22 high. Initial support is at 135.43, the 20-day EMA.
- On the commodity front, Gold has found support and remains above Monday’s low of $1727.8. Gains are considered corrective and firm resistance is seen at $1777.2, the 50-day EMA. A resumption of weakness would open $1711.7 next, the Jul 27 low. In the Oil space, WTI futures are trading higher and this week’s gains have improved conditions for bulls. Futures have traded above the 50-day EMA and the break signals scope for $99.75, the Jul 29 high. A break below $90.42, Aug 23 low is required to signal a top.
- In the FI space, Bund futures remain in a bear trend. The focus is on the 150.00 handle next, a break would open 149.69, the Jul 21 low and key short-term support. Gilts remain vulnerable and sights are set on the key support and bear trigger at 109.89, the Jun 16 low. Treasuries maintain a softer tone. Scope is seen for an extension towards 116-26+, the Jun 29 low.
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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.