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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.
OUTLOOK
- In FX, EURUSD trend needle continues to point south and short-term gains are considered corrective. Fresh cycle lows reinforce bearish conditions. The 1.0713 objective has been breached, the Mar 24 low. This paves the way for a move towards 1.0653 next, 76.4% of the Mar 15 - Apr 26 bull run. A firm resistance is seen at 1.0833, the 20-day EMA. Clearance of this average is required to ease current bearish pressure.
- GBPUSD is trading higher today, extending the bounce from last week’s 1.2308 low on May 25. Short-term gains are considered corrective and the trend direction remains down. Price has recently breached the 50-day EMA and 1.2345, the Apr 10 low. This opens 1.2242 next, 50.0% of the Mar 8 - May 10 bull run. Initial firm resistance is at 1.2436, the 20-day EMA. A clear break of this average would signal a possible reversal.
- USDJPY bullish conditions remain intact and the pair is holding on to its recent gains. Price has arrived at the top of the bull channel drawn from the Jan 16 low which intersects at 140.81. This represents a key resistance and a clear break of it would reinforce bullish conditions and open 141.61, the Nov 23 2022 high. Initial key support to watch is 137.58, the 20-day EMA.
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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