MNI BRIEF: BOJ Tankan To Show Slipping Sentiment

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI China Daily Summary: Thursday, Dec 5

MNI BRIEF: China Construction Output Slows In November

US EIA:NAT GAS STORAGE -30 BCF TO 3,937 BCF NOV 29 WK

MNI: CANADIAN OCT TRADE BALANCE CAD -0.9 BILLION

MNI: US OCT TRADE GAP -$73.8B VS SEP -$83.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - USD Downtrend Remains Intact

OUTLOOK
  • In FX, the EURUSD trend condition remains bullish and any short-term pullbacks are considered corrective. A positive price sequence of higher highs and higher lows on the daily chart and a bullish moving average set-up highlights an uptrend. Scope is seen for gains towards 1.0536, the late June high. Initial support lies at 1.0272/0163, the Nov 14 / 11 lows respectively.
  • GBPUSD traded lower Thursday but managed to recover from the day low. The trend condition is bullish but it is worth noting that the short-term condition appears overbought - Tuesday's gains resulted in a print above the upper band of the 3.0% 10-dma envelope, before pulling back. A deeper retracement would be considered corrective. Tuesday’s high of 1.2028 is the trigger for a resumption of gains. Firm support is at 1.1518, the 50-day EMA.
  • Short-term trend conditions in USDJPY remain bearish. The latest pause in the downtrend appears to be a bear flag formation, reinforcing the current downtrend. A resumption of weakness would open 137.37, the Aug 29 low. The pair has pierced 138.64, 61.8% of the Aug 2 - Oct 21 bull leg. A clear break of this key Fibonacci retracement would also reinforce bearish conditions. The 50-day EMA at 143.81 remains a key short-term resistance.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.