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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, E-mini S&P selling pressure is surfacing ahead of the important psychological 4000.00 handle. Support to watch today is at 3887.93, the 20-day EMA.
- In the FX space:
- EURUSD is edging lower again today. Resistance at 1.1990, Mar 11 high remains intact. This level represents the trigger for a stronger S/T recovery. Note, Wednesday's price action is a bullish engulfing candle and remains valid. It highlights the potential for stronger gains. However, a break of 1.1990 is needed to confirm this and would open 1.2067, Mar 4 high. Support is at 1.1883, Mar 16 low. A break would instead negate the pattern and expose key support at 1.1836, Mar 9 low.
- USDJPY remains in an uptrend. Attention 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.
- On the commodity front, the bullish engulfing candle in Gold on Wednesday remains in play and price is pressuring the 20-day EMA. The focus is on $1783.7, the 50-day EMA. Selling pressure in Oil contracts yesterday confirms a correction is underway. Brent (K1)potential is for a move to $57.31, Feb 12 low and in WTI (J1), attention is on $60.00.
- In the FI space, Bunds (M1) remain vulnerable following yesterday's sell-off and despite today's recovery. A move lower would expose 170.37, 61.8% of the Feb 25 - Mar 11 rally. Gilts (M1) registered a fresh trend low print yesterday confirming a resumption of the downtrend. The focus is on 126.55, Apr 17, 2019 low (cont). Treasuries remain in a downtrend. The focus is on 131-00 and 130-07, Feb 2 2020 low and a key support.
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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