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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 are trading closer to recent highs. The contract maintains a short-term bullish theme following last week’s gains and the break of the 20-day EMA. This signals scope for a climb towards the 50-day EMA, at 4042.61. EUROSTOXX 50 futures are holding on to recent gains and short-term conditions suggest scope for an extension higher. The contract has traded above the 20-day EMA and this opens 3634.40, the 50-day EMA.
- In FX, EURUSD is slightly firmer but remains below key short-term resistance at 1.0627, the bear channel top drawn from Feb 10 high. This level is seen as a pivot point and a break would strengthen bullish conditions and highlight a channel breakout. While inside the channel, bearish conditions remain intact. A reversal lower would open 1.0350, May 13 low and the bear trigger. GBPUSD is unchanged and still trading in a tight range. Key support and the bear trigger lies at 1.1934, Jun 14 low. Resistance to watch is 1.2406, the Jun 16 high. Both 1.1934 and 1.2406 are important short-term directional triggers. USDJPY trend conditions remain bullish and short-term pullbacks are considered corrective. Last week’s gains confirmed a resumption of the primary uptrend. The focus is on 136.88 next, the Oct 30 1998 high. Support to watch is at 133.61, the 20-day EMA.
- On the commodity front, the outlook in Gold is bearish. Attention is on $1787.0, May 16 low, where a break would resume the downtrend. Key trendline resistance to watch is at $1871.7. The trendline is drawn from the Mar 8 high and a break would highlight a potential short-term reversal. In the Oil space, WTI futures remain above last week’s $101.53 low (Jun 22). A bearish threat remains present, following the move lower between Jun 14 - 22. A resumption of weakness would open $100.66, the May 19 low. Resistance to watch is at $116.58, Jun 17 high.
- In the FI space, Bund futures have pulled back from recent highs. Key short-term resistance has been defined at 149.00, the Jun 24 high where a break is required to signal scope for a stronger recovery - towards 150.06, 61.8% retracement of the May 12 - Jun 16 bear leg. First support lies at 144.81, the Jun 23 low. Gilts are weaker too as the contract pulls away from 114.55, the Jun 24 high. A break of 114.55 is required to signal scope for a stronger short-term recovery. Key support and the bear trigger lies at 109.89, the Jun 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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