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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.
FOREX
Price patterns in the USD yesterday highlight the beginning of a possible recovery in the currency near-term. The key features to note are:
- Yesterday's EURUSD price action in candle pattern terms is a gravestone doji.
- This is a bearish pattern that signals a possible top at 1.2080, yesterday's high.
- The support level to watch is 1.1943, Apr 19 low where a break would strengthen a bearish case.
- GBPUSD stalled at 1.4009 yesterday just above the top of a former bull channel base drawn off the Nov 2, 2020 low - the line intersected at 1.4006.
- Watch support at 1.3810, Apr 19 low.
- USDJPY has cleared some important support levels this week but a key pivot level at 107.64 remains intact, the trendline drawn off the Jan 6 low.
- The ability to remain above this level would be USD positive.
- Elsewhere, a shooting star candle in EURJPY yesterday also highlights a potential top in this cross. The key support zone to watch is 129.24/18, a trendline drawn off Oct 30 low and the 50-day EMA. USDCAD rallied yesterday, refocusing attention on key resistance at 1.2647, Mar 30 high and the short-term bull trigger. A shooting star candle in AUDUSD, also signals a possible top with attention on key support at 0.7635, Apr 14 low.
- Technical price patterns provide an insight into market sentiment and yesterday's developments highlight a bullish USD theme.
- If the USD resistance levels give way, this would strengthen a bullish case.
- Furthermore, a risk-on market mood would also potentially reinforce the price patterns.
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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