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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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Price Signal Summary - Treasuries Resume Their Downtrend
- In the equity space, EUROSTOXX 50 futures are trading near recent highs and holding onto the bulk of last week's gains. The focus is on 4200.50, Sep 24 high. S&P E-minis are holding onto the bulk of last week's gains. Futures have cleared the 50-day EMA and the focus is on resistance at 4472.00, Sep 27 high. It's an important short-term resistance and a break would signal potential for stronger gains near-term. The 50-day EMA at 4390.54 is the support to watch.
- In FX, EURUSD remains below resistance at 1.1627, the 20-day EMA. Recent gains are considered corrective and the primary trend remains down. A strong break above the 20-day EMA is required to suggest scope for a stronger correction. The bear trigger is 1.1524, Oct 12 low. GBPUSD has recently moved through its 50-day EMA, extending the uptrend from Sep 29. The next resistance is at 1.3795, 76.4% retracement of the Sep 14 -29 downleg. USDJPY Remains firm. Last week's key technical development was the breach of 113.41, a multi-year trendline drawn from the Dec 1975 high. This reinforces bullish conditions and opens 114.50/83, 1.382 projection of Apr 23 - Jul 2 - Aug 4 price swing and the 2.0% 10-dma envelope (upper band).
- On the commodity front, Gold has failed to hold onto recent highs and Friday's sharp reversal lower highlights a developing bearish threat. Short-term resistance has been defined at $1800.6, the Oct 14 high. An extension lower would expose support at $1746.0, Oct 6 low. WTI trend conditions remain bullish and futures have resumed their uptrend. The focus is on $84.00 next.
- In the FI space, the primary trend remains down and short-term gains are considered corrective. Recent Bund weakness has exposed 167.98, 2.382 projection of the Sep 9 - 17 - 21 price swing. Resistance is at 169.97, 20-day EMA. Gilt futures remain in a downtrend. A resumption of weakness would refocus attention on 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Resistance is at 125.40, the 20-day EMA. Treasuries are weaker today and have resumed their downtrend. Sight are on 130-17 next, 1.618 projection of the Aug 4 - 11 - 17 price swing.
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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.