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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 have weakened once again today and cleared key support at 4293.75, Sep 20 low. The break strengthens a bearish case and confirms a resumption of the bear cycle that started Sep 3. This opens 4214.50, Jul 19 low. EUROSTOXX 50 futures remain weak and registered a print below 3974.00, Sep 20 low - today's low has been 3961.00. Further downside is likely towards 3951.50, 1.00 projection of the Sep 6 - Sep 20 - Sep 24 price swing.
- In FX, EURUSD remains in a downtrend. The pair has this week cleared key support at 1.1664, Aug 20 low to confirm a resumption of its downtrend. The focus is on 1.1493 next, 50.0% retracement of the Mar '20 - Jan '21 bull phase. GBPUSD remains vulnerable following this week's sell-off. The focus is on 1.3354 next, Dec 23, 2020 low. USDJPY has traded through key resistance at 111.66, Jul 2 high and the bull trigger. The clear break strengthens a bull case and opens 112.23, Feb 20, 2020 high. Near-term however, attention is on yesterday's price pattern - a bearish engulfing candle - that highlights the risk of a deeper corrective pullback, potentially towards 110.12, the 50-day EMA.
- On the commodity front, the Gold trend needle still points south. The focus is on $1690.6, Aug 9 low and the bear trigger. Note though that yesterday's price pattern is a bullish engulfing candle and highlights the potential for a stronger short-term corrective bounce. A climb would open $1787.4 - High Sep 22. WTI futures remain below Tuesday's high of $76.67. Dips are considered corrective and firm support is seen at $73.58, Jul 6 high and a recent breakout level.
- In the FI space, short-term gains are considered corrective. Bund futures remain in a clear downtrend with the focus on 169.46, 1.50 projection of the Sep 9 - 17 - 21 price swing. Resistance is seen at 170.81, Sep 17 and a recent breakout level. Gilt futures remain heavy. The focus is on 124.64, 1.382 projection of the Aug 31 - Sep 17 - 21 price swing.
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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