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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, EUROSTOXX 50 futures continue to appreciate and the contract has cleared the 50-day EMA. The focus is on 4200.50, Sep 24 high. S&P E-minis continue to trade higher. Futures have cleared the 50-day EMA and the follow through is encouraging for bulls. The focus is on resistance at 4472.00, Sep 27 high. It's an important short-term resistance and a break would signal potential for stronger gains near-term. Look out for:
- A strong weekly close.
- An ability to remain above the 50-day EMA at 4387.60.
- This would bode well for further gains next week.
- In FX, EURUSD is holding onto recent gains. The next resistance is at 1.1629, the 20-day EMA. Gains are considered corrective and the primary trend remains down. A strong break above the 20-day EMA would suggest scope for a stronger correction. GBPUSD has moved through its 50-day EMA as the uptrend since Sep 29, extends. The next resistance is at 1.3751, Sep 23 high. USDJPY continues to weaken. This week's key technical development has been the break of 113.41, a multi-year trendline drawn from the Dec 1975 high. This reinforces bullish conditions and opens 114.50, a vol band resistance and 1.382 projection of Apr 23 - Jul 2 - Aug 4 price swing. Sticking with the Yen, EURJPY is also appreciating and gains have accelerated. The focus is on the 133.00 handle and 133.68, Jun 15 high.
- On the commodity front, Gold rallied Wednesday and in the process cleared a number of short-term resistance levels. This signals scope for a climb towards $1808.7, Sep 14 high. Support to watch is $1768.3 - 20-day EMA. WTI trend conditions remain bullish and futures have resumed their uptrend. The focus is on $82.89 - 1.764 projection of the Aug 23 - Sep 2 - Sep 9 price swing.
- In the FI space, the primary trend is unchanged and remains down. Furthermore, short-term gains are considered corrective. Recent Bund weakness has exposed 167.98, 2.382 projection of the Sep 9 - 17 - 21 price swing. Resistance is at 170.02, 20-day EMA. Gilt futures remain in a downtrend. A resumption of weakness would refocus attention on 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Resistance is at 125.47, 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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