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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 conditions are unchanged and E-mini S&P bulls remain in charge despite today's move away from the earlier high of 3978.50. The focus is on 4000. Support to watch is at 3886.03, the 20-day EMA.
- In the FX space:
- EURUSD resistance at 1.1990, Mar 11 high remains intact. This level represents the trigger for a stronger S/T recovery. Note, yesterday price action is a bullish engulfing candle and does highlight the potential for stronger gains. A break of 1.1990 would open 1.2067 Mar 4 high. Support is at 1.1883, Mar 16 low. A break would negate the pattern and expose key support at 1.1836, Mar 9 low.
- USDJPY remains in an uptrend. The focus is on 109.56, 61.8% of the Mar 2020 - Jan downleg and an important pivot resistance. Support is at 108.34 Mar 10 low.
- USDCAD extends the sell-off from Mar 5 with a fresh trend low earlier today. This confirms a resumption of the downtrend with attention on 1.2307, the lower band of a moving average envelope.
- On the commodity front, Gold is off the overnight highs. A bullish outlook remains intact though and scope is seen for a climb towards the 50-day EMA at $1786.7. Firm short-term support has been defined at $1699.3, Mar 12 low. Oil contracts remain below the Mar 8 high. The key directional triggers are unchanged at:
- Brent (K1) - $71.38, Mar 8 high and $66.50, Mar 10 low.
- WTI (J1) - $67.98, Mar 8 high and $63.13, Mar 10 low.
- In the FI space, Bunds (M1) are under pressure and have probed support at 170.72, Mar 5 low. With resistance at 172.20, Mar 11 high intact, further weakness is likely near-term. 170.37, 61.8% of the Feb 25 - Mar 11 rally marks the next objective. Gilts (M1) have registered a fresh trend low print confirming a resumption of the downtrend. The focus is on 126.85 May 3, 2019 low (cont). Treasuries are offered once again as the downtrend extends. The focus is on 131-00 next.
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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