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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, the uptrend in the S&P E-minis remains intact and this week's pullback is still considered a correction. The focus is on 4717.00 next, 1.50 projection of the Jul 19 - Aug 16 - Aug 19 price swing. Initial support to watch is 4585.38, the 20-day EMA. EUROSTOXX 50 futures are consolidating below recent highs and this week's activity still appears to be a bull flag. The trend needle points north and the focus is on 4371.00, 1.236 projection of Jul 19-Sep 6-Oct 6 2020 swing (cont).
- In FX, a sharp sell-off in EURUSD yesterday has confirmed a resumption of the downtrend and conditions remain bearish within the bear channel drawn off the Jun 1 high. The focus is on 1.1423, Jul 21 2020 low. GBPUSD remains vulnerable following a doji candle pattern Tuesday and yesterday's sharp sell-off. The break of 1.3412, Sep 29 low, opens 1.3354, Dec 23, 2020 low. Yesterday's candle pattern in USDJPY appears to be a bullish engulfing reversal. If correct, this pattern signals scope for a climb towards key resistance at 114.70, Oct 20 high. Key support has been defined at 112.73, Nov 9 low.
- On the commodity front, Gold rallied sharply higher yesterday and remains firm. The focus is on $1877.7 next, Jun 14 high ahead of the $1900.00 handle. WTI gains stalled yesterday and the key resistance of $85.41, Oct 25 high, remains intact. A break would confirm a resumption of the uptrend. On the downside, key short-term support has been defined at $78.25, Nov 4 low.
- In the FI space, Bund futures maintain a bullish short-term tone despite yesterday's move lower. The recent break of 169.83, Oct 27 high and clearance of the 50-day EMA, opens 171.95, 61.8% of the Aug - Nov sell-off. Gilts also maintain a firmer tone. The focus is on a climb towards 127.69 next, Sep 21 high. The recent pullback is considered corrective.
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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