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CNH: 5.00 Remains Magnetic

AUD

AUD/CNH has wavered around the CNH5.0000 mark within a narrowing range this year. The rate last sits at CNH5.0073, 60 pips better off on the day. There has been little to give the rate a clear sense of direction, with China's latest trade data provoking a muted reaction.

  • China's trade surplus widened in Dec, despite expectations to the contrary, with both imports and exports increasing more than forecast (in USD terms).
  • The bullish 50-/100-DMA crossover seen towards the back end of last week generated a very limited topside impetus so far. Bulls need a push through Jan 7 high of CNH5.0405, the best level of this year, before taking aim at Aug 31, 2020 high of CNH5.0692. Meanwhile, losses past Jan 11 low/trendline support at CNH4.9706/05 would encourage bears to target Jan 4 low of CNH4.9403.
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