TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Price Signal Summary - Oil Futures Remain Vulnerable

MARKET INSIGHT
  • In the equity space, S&P E-Minis traded higher Wednesday to reinforce current bullish conditions. The break of Monday’s 4147.25 high confirms a resumption of recent gains and maintains a bullish theme. This opens 4204.75 next, May 31 high and the next key resistance. Initial trend support has been defined at 3913.25, the Jul 26 low. EUROSTOXX 50 futures trend conditions remain bullish and yesterday’s high print reinforces current conditions. The contract has breached the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40. Initial firm support to watch is 3586.00, the 50-day EMA.
  • In FX, the EURUSD short-term outlook is bullish, as long as support at 1.0097, the Jul 27 low, remains intact. A resumption of gains would signal scope for an extension higher within the bull channel - the top intersects at 1.0388. Weakness below 1.0097 would alter the picture. A bullish short-term theme in GBPUSD is still intact. Price has recently traded above the 50-day EMA. This reinforces bullish conditions with the next objective at 1.2332, the Jun 27 high. Potential is also seen for a climb towards 1.2406, the Jun 16 high and a key resistance. Initial firm support to watch lies at 1.2063, the Jul 29 low. USDJPY remains above support at 130.41, Tuesday’s low. Gains are - for now - considered corrective. A resumption of weakness would open 130.00. Initial resistance is at 135.32, the 20-day EMA.
  • On the commodity front, Gold maintains a firmer tone. Attention is on resistance at the 50-day EMA, at $1783.10. The average has been pierced, a clear break would suggest potential for a bullish extension and expose trendline resistance at $1804.6. The trendline is drawn from the Mar 8 high. In the Oil space, WTI futures remain vulnerable. The contract has recently failed to clear key resistance around the 50-day EMA - the average intersects at $99.87. The break lower opens $88.23, Jul 14 low and a key support.
  • In the FI space, a short-term bull cycle in Bund futures remains intact. Scope is seen for a climb to 159.79 next, the Apr 4 high (cont). Initial firm support is 154.44, the 20-day EMA. The trend condition in Gilts remains bullish is bullish and pullbacks are considered corrective. A resumption of gains would open 120.00. Support is at 116.80 20-day EMA.
Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.