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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 failed to hold onto yesterday’s high and the contract is trading lower this morning. The outlook remains bullish though and the focus is on the all-time high print of 4735.00 on Nov 22. The 50-day EMA at 4580.42 marks the key support. EUROSTOXX 50 futures maintain a bullish theme and short-term pullbacks are considered corrective. Sights are on 4311.70 next, the 76.4% retracement of the Nov 18 - 30 downleg. Support lies at 4137.00, the Jul 7 low.
- In FX, EURUSD continues to consolidate and trade below resistance at 1.1383, Nov 30 high. A break of this hurdle is required to signal potential for a stronger short-term recovery. The recent consolidation appears to be a triangle formation. Triangles are continuation patterns and this reinforces the underlying bear trend. Support levels to watch are; 1.1228, the Dec 7 low and 1.1186, Nov 24 low and the bear trigger. GBPUSD trend conditions remain bearish. Scope is seen for weakness towards 1.3135, the Dec 11 2020 low. 1.3321 is resistance, the 20-day EMA. The USDJPY bullish engulfing candle on Dec 6 continues to highlight a potential reversal at 112.53, the Nov 30 low. A break higher would open 114.38, 61.8% of the Nov 24 - 30 downleg and further out, 115.52, the Nov 24 high. Key support is unchanged at 112.53.
- On the commodity front, Gold continues to consolidate ahead of its bull channel that intersects at $1767.20 today. The channel is drawn from the Aug 9 low and represents the key short-term support. A break would open $1721.7, the Sep 29 low. The trend outlook in WTI futures remains bullish. Sights are on $74.40 next, the 50-day EMA. Initial support lies at $69.52, the Dec 7 low.
- In the FI space, Bund futures remain above the 20-day EMA, at 173.62 today. Last week’s high of 175.02 is the bull trigger where a break would confirm a resumption of the uptrend. A move below the 20-day EMA would threaten the trend and signal a short-term reversal. The Gilts trend outlook remains bullish. The focus is on 128.00 next, the Aug 31 high. Initial support lies at 126.67, Dec 10 low.
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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