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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, S&P E-Minis traded higher Wednesday and pierced resistance at 4016.25, the Jul 22 high. The break confirms a resumption of the current bull cycle and signals potential for a climb towards 4145.75, Jun 9 high. Initial support has been defined at 3913.25, the Jul 26 low. A break would highlight a possible early bearish reversal. EUROSTOXX 50 futures traded higher Wednesday and moved above recent highs to confirm a bull flag on the daily chart and a resumption of the current uptrend. The short-term outlook remains bullish and the focus is on 3689.00, Jun 10 high. Initial firm support to watch lies at 3467.00, Jul 18 / 19 low.
- In FX, EURUSD recovered from Wednesday’s low of 1.0097 and this level marks initial support. Price is still trading below immediate resistance at 1.0278, the Jul 21 high. A break above this hurdle would once again resume bullish conditions and signal scope for an extension higher within the bull channel, drawn from the Feb 10 high. The top intersects at 1.0432. GBPUSD traded higher Wednesday, extending the recent recovery from 1.1760, Jul 14 low. Attention is on resistance at the 50-day EMA - the average intersects at 1.2210. A clear breach would strengthen bullish conditions, and open 1.2332, the Jun 27 high. USDJPY is trading lower today. The pair has pierced support at 135.50, the base of a bull channel drawn from the Mar 4 low. A clear break would strengthen current bearish conditions and expose support at 134.27, Jun 23 low. Initial resistance to watch is Wednesday’s 137.46 high.
- On the commodity front, Gold remains in a downtrend and the latest recovery is considered corrective. The yellow metal however has traded above resistance at $1745.4, the Jul 13 high. A continuation higher would open $1787.0, the May 16 low. In the Oil space, WTI futures trend conditions remain bearish. The contract is firmer but still trades below the 50-day EMA that intersects at $101.03. The average represents an important pivot point - if breached, the move higher would signal scope for a stronger rally. First support lies at $93.01, the Jul 25 low.
- In the FI space, a short-term bull cycle in Bund futures remains in play. The focus is on 157.21, 1.50 projection of the Jun 16 - 24 - 28 price swing. The trend condition in Gilts remains bullish. The focus is on 118.16, 1.382 projection of the Jun 16 - 24- 29 price swing.
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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