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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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Free AccessMNI China Daily Summary: Wednesday, December 11
Approaching Support At Its Channel Base
- RES 4: 0.7599 High Jul 6
- RES 3: 0.7541/57 200-dma / 50.0% of the Feb - Aug sell-off
- RES 2: 0.7432/7471 High Nov 9 / High Nov 4
- RES 1: 0.7371 High Nov 15
- PRICE: 0.7273 @ 16:59 GMT Nov 17
- SUP 1: 0.7261 76.4% retracement of the Sep 29 - Oct 28 rally
- SUP 2: 0.7250 Bull channel base drawn from the Aug 20 low
- SUP 3: 0.7226 Low Oct 6
- SUP 4: 0.7170 Low Sep 29
The AUDUSD short-term outlook remains bearish. The pair has traded just short of 0.7261, a Fibonacci retracement. A firm support lies just below, at 0.7250, the base of a bull channel drawn from the Aug 20 low. The recent move lower is considered corrective. A channel breakout though would alter the picture. Resistance to watch is 0.7371, Nov 15 high. A break would ease bearish pressure.
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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.