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Market News Topics
November 17, 2021 10:52 GMT
Price Signal Summary - USD Bull Cycle Remains Intact
MARKET INSIGHT
- In the equity space, S&P E-minis are holding above recent lows and a bullish theme remains intact. Attention is on 4717.00 next, 1.50 projection of the Jul 19 - Aug 16 - Aug 19 price swing. Initial support to watch is 4615.28, the 20-day EMA. EUROSTOXX 50 futures uptrend remains intact and the contract continues to climb. The psychological 4000.00 has been tested. This signals scope for an extension towards 4420.80, 1.382 projection of the Jul 19 - Sep 6 - Oct 6 price swing.
- In FX,EURUSD traded lower today and has breached key support at 1.1300, the base of a bear channel drawn from the Jun 1 high. A clear break and continued bearish follow through would open 1.1222, 1.618 projection of the Jan 6 - Mar 31 - May 25 price swing. GBPUSD remains vulnerable. The break of 1.3412, Sep 29 low, opens 1.3334 next, 1.00 projection of the Sep 14 - 29 - Oct 20 price swing. EURGBP remains offered and has traded through support at 0.8403, Oct 26 low. This opens 0.8356, Feb 26 low. USDJPY has breached resistance at 114.70, the Oct 20 high. The break higher confirms a resumption of the underlying uptrend and paves the way for an extension. This opens 115.51 next, the Mar 10, 2017 high. EURCHF is trading just ahead of a major support at 1.0505, the May 14, 2020 low. A break would expose the cross to a deeper sell-off below 1.0500.
- On the commodity front, Gold remains bullish. Attention is on $1877.7, Jun 14 high and $1903.8, Jun 8 high. WTI key resistance at $85.41, Oct 25 high, remains intact. Attention however is on key short-term support at $78.25, Nov 4 low. A break would suggest scope for a deeper corrective pullback.
- In the FI space, Bund futures maintain a bullish short-term tone. The focus is on 171.95, 61.8% of the Aug - Nov sell-off. Support to watch is 170.06, Nov 5 low. Gilts also maintain a firmer tone and the recent pullback is considered corrective. A resumption of strength would suggest potential for a climb towards 127.69 next, Sep 21 high. The recent corrective pullback does not appear to be over yet though. Next support is at 124.79, Nov 4 low.
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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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Please enter your details below.
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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