MNI China Daily Summary: Thursday, March 6

MNI: UK FEB CONSTRUCTION PMI 44.6 (FCST: 49.5); JAN 48.1

MNI BRIEF: PBOC Launches New Board For Tech Bond Issuance

MNI BRIEF: China Has Policy Room If Needed - Finance Minister

MNI BRIEF: PBOC To Cut RRR, Rates When Needed - Governor Pan

MNI: PBOC Net Drains CNY110.5 Bln via OMO Thursday

MNI: EUROZONE JAN RETAIL SALES -0.3% M/M, +1.5% Y/Y

MNI: EUROZONE FEB CONSTRUCTION PMI 42.7; JAN 45.4

MNI: SWEDEN FLASH FEB CPIF +2.9% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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AUDUSD TECHS: AUDUSD TECHS: Recovery Extends

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6429 High Dec 12 ‘24
  • RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg              
  • RES 2: 0.6409 High Feb 21 and a bull trigger 
  • RES 1: 0.6357 High Feb 26 
  • PRICE: 0.6330 @ 08:02 GMT Mar 6
  • SUP 1: 0.6294/6187 20-day EMA / Low Mar 4
  • SUP 2: 0.6171/6088 Low Feb 4 / 3 and a key support 
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.6000 Round number support

AUDUSD has traded higher this week. The pair has breached both the 20- and 50-day EMAs. A stronger recovery would undermine the recent bearish theme and expose key short-term resistance at 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen a bull cycle. On the downside, a move below Tuesday's 0.6187 low is required to reinstate a bear threat and open the bear trigger at 0.6088, the Feb 3 low.

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  • RES 4: 0.6429 High Dec 12 ‘24
  • RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg              
  • RES 2: 0.6409 High Feb 21 and a bull trigger 
  • RES 1: 0.6357 High Feb 26 
  • PRICE: 0.6330 @ 08:02 GMT Mar 6
  • SUP 1: 0.6294/6187 20-day EMA / Low Mar 4
  • SUP 2: 0.6171/6088 Low Feb 4 / 3 and a key support 
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.6000 Round number support

AUDUSD has traded higher this week. The pair has breached both the 20- and 50-day EMAs. A stronger recovery would undermine the recent bearish theme and expose key short-term resistance at 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen a bull cycle. On the downside, a move below Tuesday's 0.6187 low is required to reinstate a bear threat and open the bear trigger at 0.6088, the Feb 3 low.