MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

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 - Oil Futures Test Support At The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-Minis traded lower Wednesday. The contract has arrived at its key support area - the 50-day EMA. This average intersects at 4453.65 and marks a key pivot level. A clear break would strengthen a bearish case and allow for a deeper pullback that would open 4425.96 initially, 38.2% retracement of the Feb 24 - Mar 29 rally. Resistance is at 4588.75, the Apr 5 high. EUROSTOXX 50 futures also traded lower Wednesday. Price has moved below the 20- and 50-day EMAs and probed support at 3735.00, the Mar 18 low. The move lower undermines the recent bull theme and highlights a developing bearish threat. An extension lower would open 3626.50, 50.0% of the Ma r 7 - 29 rally. Key short-term resistance has been defined at 3944.00, the Mar 29 high.
  • In FX,EURUSD is trading lower. The recent failure at 1.1185, Mar 31 high, and more importantly, the inability to remain above the 50-day EMA highlights a bearish threat. This week’s move lower has reinforced this theme and attention is on 1.0806, the Mar 7 low and a bear trigger. GBPUSD remains vulnerable and the focus is on 1.3000 next, the Mar 15 low and the near-term bear trigger. Key resistance is unchanged at the 50-day EMA - it intersects at 1.3269 today. USDJPY remains above last week’s low of 121.28 (Mar 31) and below its key resistance of 125.09, the Mar 28 trend high. A corrective cycle is still in play despite recent gains. A break of 121.28 would allow for an extension lower and open 120.95, Mar 24 low ahead of 120.00. For bulls, clearance of 125.09 would confirm a resumption of the primary uptrend.
  • On the commodity front, Gold remains inside its range. The yellow metal recently found support at $1890.2, on Mar 29, and this level still represents the short-term bear trigger. Initial resistance is at $1966.1, Mar 24 high. In the Oil space, WTI futures traded lower Wednesday, resulting in a breach of the 50-day EMA. The print below the 50-day EMA suggests scope for a continuation lower near-term. The focus is on the next key support at $92.20, Mar 15 low. Initial firm resistance has been defined at $105.59, the Apr 5 high.
  • In the FI space, the Bund futures traded lower yesterday. Key near-term resistance is seen at 159.79, the Apr 4 high. The focus is on the bear trigger at 156.05, Mar 29 low where a break would confirm a resumption of the downtrend. Gilts have found resistance this week at 122.35, Monday’s high. The broader trend direction is bearish and the bear trigger is at 119.86, Mar 28 low.
Homepagemarkets-real-timeBulletMarketsFixed 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.