Free Trial
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 EURUSD traded higher Monday, starting the week on a bullish note, but is facing some resistance today. The move higher resulted in a break of 1.0895, the May 16 high and bull trigger. This confirms a resumption of the bull trend and confirms a flag formation on the daily chart. The break higher opens 1.0933 next, 61.8% of the Dec 28 - Apr 16 bear leg. Key short-term support to watch lies at 1.0788, the May 30 low.
- Despite today’s pullback, the trend condition in GBPUSD remains bullish. Monday’s rally and print above 1.2801, the May 29 high, confirms a resumption of the uptrend and an extension of the rising price sequence of higher highs and higher lows. The focus is on a climb towards 1.2859, 1.236 projection of the Apr 22 - May 3 - 9 price swing. Initial support to watch is 1.2685, the 20-day EMA.
- The trend outlook in USDJPY remains bullish and the latest pullback appears to be a correction - for now. However, the pair has breached the 20-day EMA and the continuation lower has exposed key support at 154.65, the 50-day EMA, and 153.81, a trendline drawn from the Dec 28 low. A clear break of this support zone would be bearish. For bulls, a move above 157.71, the May 29 high, is required to resume a short-term uptrend.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok