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Free AccessPrice Signal Summary - Oil Prints Fifth Session of Lower Lows
- S&P E-minis outlook is bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have confirmed a resumption of the uptrend and signal scope for a continuation near-term. EUROSTOXX 50 futures continue to trade firmly, keeping the bullish short-term theme intact. This follows the recent print above a key near-term resistance at 4101.50, Jul 1 high. The breach of this level places on hold a recent bearish outlook and instead signals scope for a stronger recovery.
- In FX, the USD is weaker. EURUSD traded higher last week to clear a former resistance at 1.1851, Jul 15 high. The extension has exposed the 50-day EMA at 1.1916. This average represents a key short-term resistance. GBPUSD traded higher again Friday before fading into the close. The pair has cleared the 50-day EMA. The move above this average strengthens the current corrective recovery. USDJPY extended the slippage Tuesday, taking out first support to trade through the Y109 handle. A bearish focus dominates.
- On the commodity front, Gold staged a decent intraday rally, but the rally faltered ahead of resistance, keeping the near-term outlook neutral. has faded off last week's highs, but remains in recovery mode after printing 1790.0 in mid-July. Brent futures remain weak, edging to new weekly lows and prompting a sharp deterioration in the outlook. The move below the 50-day EMA looks convincing, with support now exposed at 70.52 initially as well as the Jul 20 low and bear trigger at 66.91/43.
- Within FI, Bund futures printed another higher high Wednesday before price action reversed and the rally faded. BTPs further cemented the uptrend, extending the gains to hit fresh alltime highs. A positive outlook follows the recent resumption of the uptrend that started May 19 - gains on Jul 6 and 7 resulted in a breach of a former key resistance at 152.47, Jun 14 high and established a bullish price sequence of higher highs and higher lows.
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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.