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Market News Topics
July 01, 2021 09:48 GMT
Price Signal Summary - USD Extends Gains
MARKET INSIGHT
- In the equity space, S&P E-minis maintain a bullish theme and today, has traded above the 4300.00 handle today. This opens 4322.15, 0.764 projection of Mar 25 - May 10 - 13 price swing. EUROSTOXX 50 futures focus is on a key technical pattern from Jun 18 - a bearish engulfing candle - that continues to warn of a short-term top in the trend. A break of 4015.00, Jun 21 low would reinforce the importance of the engulfing line and signal scope for a deeper pullback potentially below 4000.00 towards 3914.00, May 20 low.
- In FX, the USD remains firm and has resumed its uptrend. The EURUSD support is under pressure. The focus is on 1.1837 next, 76.4% of the Mar 31 - May 25 rally. A break would open 1.1795, Apr 6 low. GBPUSD is trading below 1.3787, Jun 21 low. A clear break would signal scope for weakness towards 1.3717, Apr 16 low. USDJPY is trading higher and has cleared 111.30, the Mar 26, 2020 high. The focus turns to 111.71/73, Mar 24, 2020 high and 1.0% 10-dma envelope.
- On the commodity front, the yellow metal broke lower Tuesday and cleared support at $1761.1, Jun 18 low. The break confirms a resumption of the downtrend that started Jun 1 and note the move has also confirmed a bear flag that developed during the most recent consolidation phase. The focus is on $1733.5, 76.4% retracement of the Mar 8 - Jun 1 rally. Resistance is at $1795.0, Jun 23 high. The Oil market trend condition remains bullish and pullbacks are considered corrective. Brent (U1) focus is $76.42, 1.236 projection of Mar 23 - May 18 - May 21 price swing. Support lies at $72.94, the 20-day EMA. WTI (Q1) sights are set on $75.01, 1.382 projection of Mar 23 - May 18 - May 21 price swing. Watch support at $71.35, the 20-day EMA.
- Within FI, Bund futures key short-term directional triggers are; support at 171.67, Jun 22 low and resistance at 173.16, Jun 11 high. Key support in Gilt futures is unchanged at 126.70, Jun 3 low and marks an important pivot level. The key resistance is at 128.39, Jun 11 high.
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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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