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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.
OUTLOOK
- In FX, EURUSD is holding on to its recent gains. Last week’s move higher has improved the short-term technical set-up. The pair has traded through both the 20- and 50-day EMAs. This signals scope for a continuation near-term and attention is on the bear channel top at 1.0851. The channel is drawn from the Dec 28 high and represents the next key resistance. On the downside, initial firm support to watch has been defined at 1.0650, the May 1 low.
- GBPUSD traded higher last Friday resulting in a break of the 50-day EMA, at 1.2571. A clear breach of the average would strengthen a short-term bullish set-up and signal scope for a stronger correction near-term. Scope is seen for a climb towards 1.2667, 61.8% retracement of the Mar 8 - Apr 22 bear leg. Firm support has been defined at 1.2466, the May 1 low. Clearance of this level would reinstate a bearish threat.
- USDJPY traded lower last Friday extending the volatile reversal that started Apr 29. A number of key short-term support levels have been cleared and the pair did trade through the 20- and 50 day EMAs. This exposes the next key support at 151.41, a trendline support drawn from the Dec 28 low. Clearance of this line would strengthen the short-term bearish threat. Initial resistance to watch is 156.28, the May 2 high. For now, the latest recovery appears to be a correction.
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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