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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, the trend in the E-Mini S&P contract remains bullish with the focus on 3819.10, 1.764 projection of Sep 24 - Oct 12 rally from Oct 30 low. A break would open 3900.00 further out.
- A bearish risk still prevails in the FI space despite a recovery off recent low.
- Treasuries (H1) breached support at 136-26+, Nov 11 low to resume the downtrend that started August 2020. The break exposes 136.21+, 61.8% of the Mar - Aug rally (cont).
- Bunds (H1) focus is on support at 177.01, Dec 23 low. A break would trigger deeper losses.
- Gilts (H1) traded through 134.47 yesterday. This has opened 134.01, Dec 24 low and a key support.
- On the commodity front, Gold continues to pull away from highs earlier this week and has pressured the 50-day EMA at 1879.9. A deeper pullback would open $1855.4, the Dec 21 low. The move lower is still considered a correction. Oil contracts remain bullish. Brent (H1) has potential for $55.14 next, the 1.382 projection of the Nov 13 - 26 rally from Dec 2 low. WTI (G1) targets $52.11, 1.00 projection of Apr - Aug rally from the Nov 2 low.
- In FX , the USD remains weak from a trend perspective although it has found some support again this morning. The EURUSD upside objective remains 1.2380, 2.00 projection of the Nov 4 - 9 rally from the Nov 11 low. Support lies at 1.2210/09, the 20-day EMA and Dec 31 low and the recent pullback is considered a correction. USDJPY targets 102.02, Mar 10 low following this week's fresh low prints. For now though, and with the pair correcting, attention is on a key resistance at 104.45, the bear channel top drawn off the Mar 24 high.
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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