MNI: EUROZONE FINAL NOV SRVCS PMI 49.5 (FLASH 49.2); OCT 51.6

MNI: GERMANY FINAL NOV SRVCS PMI 49.3 (FLASH 49.4); OCT 51.6

MNI: FRANCE FINAL NOV SRVCS PMI 46.9 (FLASH 45.7); OCT 49.2

MNI BRIEF: China Must Quicken Reforms To Boost Domestic Demand

MNI: PBOC Net Drains CNY227 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1934 Weds; -1.91% Y/Y

MNI: ITALY NOV SRVCS PMI 49.2 (FCAST 50.8); OCT 52.4

MNI: SPAIN NOV SRVCS PMI 53.1 (FCAST 53.3); OCT 54.9

MNI: AUSTRALIA Q3 GDP +0.3% Q/Q

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

TECHS: Price Signal Summary - USD Bulls Meet Resistance

MARKET INSIGHT
  • In the FX space, the USD is weaker today however this year's uptrend remains intact. EURUSD, is off today's low of 1.1836. Gains are considered corrective with resistance at 1.1952, Feb 5 low and the recent breakout level. Bearish objectives are 1.1825, the 200-day MA and 1.1800, Nov 23 low. USDJPY continues to defy gravity despite still being in overbought territory. The focus is on 109.56, 61.8% of the Mar 2020 - Jan downleg and an important pivot resistance. Support is seen at 107.82 Low Mar 5.
  • On the commodity front, Gold remains in a clear downtrend and has cleared $1700.00. This opens $1671.0, Jun 5, 2020 low. Gains are at this stage, considered corrective. Oil contracts are off yesterday's highs but remain in a bull trend. Brent (K1) potential is for $71.75 next, Jan 8, 2020 high (cont). Support is at $66.82, Feb 28 high and a recent breakout level. WTI (J1) bulls eye $70.00 with support at $63.81, Feb 25 high.
  • In the FI space, recent gains in Bunds (H1) are still considered corrective. The Mar 3 sell-off signals the potential end of this correction. Key pivot short-term resistance is 174.97, Mar 3 high. Gilts (M1) remain bearish. Scope is for a move towards the 127.00 handle. Resistance is at 129.27, Mar 2 high. Treasuries last week registered a fresh trend low print at 131-23+, highlighting the likelihood of still higher yields going forward. Scope is seen for weakness towards 130-07, Feb 2, 2020 low.
  • In the equity space, a fresh trend high yesterday in EUROSTOXX50 index opens 3798.19, 0.764 projection of Mar - Jul - Oct 2020 swing. E-mini S&P futures remain vulnerable despite the recent recovery. Last week's leg lower exposes key support at 3656.50, Feb 1 low. Initial resistance is at yesterday's intraday high of 3878.75.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.