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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 have resumed their climb, extending gains and trading through 4200.00. The focus is on 4239.26, 1.764 projection of the Feb 1 - Feb 16 - Mar 4 price swing. Key support is unchanged at 4110.50, Apr 21 low.
- In FX, EURUSD has cleared the bear channel resistance drawn off the Jan 6 high. This reinforces the current trend and paves the way for strength towards 1.2184 next, Feb 26 high. Monday's high of 1.2117 also represents resistance and a clear break would strengthen bullish conditions. Initial support is at 1.2056, Apr 28 low. GBPUSD is firmer but remains below 1.4009, Apr 20 high. A break is required to signal scope for stronger gains. Support to watch is at 1.3824, Apr 22 low. The Yen remains vulnerable:
- USDJPY has recently found support at 107.48. Just below trendline support drawn off the Jan 6 low. This week's recovery highlights a developing bullish theme while support at 107.48 remains intact. The focus is on 109.23, 50.0% retracement of the Mar 31 - Apr 23 sell-off.
- EURJPY is climbing and has this week confirmed a resumption of the underlying uptrend. The move higher opens 132.36, 2.236 projection of the Jun - Sep - Oct 2020 price swing. The cross remains within its bull channel, drawn off the Oct 30, 2020 low.
- USDCAD resumed its underlying downtrend yesterday with fresh cycle lows. The focus is on 1.2239, 1.236 projection of Jan 28 - Feb 25 - Feb 26 price swing
- On the commodity front, Gold is consolidating. The outlook remains bullish and the focus is on $1805.7, Feb 25 high. Watch support at $1762.7, yesterday's low. Brent (M1) is holding onto this week's gains. The focus is on resistance at 68.08, Apr 20 high. remains below last week's high. WTI (M1) has probed resistance at $64.38, Apr 20 high. A clear break would open $64.68, Mar 18 high and beyond.
- In the FI space, Bunds (M1) are trading lower and have tested key support at 170.05, 76.4% of the Feb 25 - Mar 25 rally. A break would open 169.24, Feb 25 low. Gilts (M1) have traded lower and cleared initial support. The next level to watch is 127.32, Apr 1 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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