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.
AUD/CNH continues to move within an ascending channel drawn off lows printed in Oct/Nov, when the rate charted a double bottom formation, but there are some significant resistance levels ahead. Despite a shooting star candlestick pattern completed into the end of 2020, which heralded Monday's sell-off, the rate managed to recover. In addition, the 50-DMA has narrowed in on the 100-DMA and sits just a handful of pips below it, with bulls on the lookout for a potential signal here. However, although the rate peeked above Dec 31 high of CNH5.0368 both yesterday and today, it has struggled to make much headway beyond there. A bullish DMA crossover coupled with a break above Aug 31 high of CNH5.0692 would generate topside impetus, bringing channel resistance at CNH5.0745 into play. Conversely, a slide through channel support/Jan 5 low/Jan 4 low at CNH4.9432/19/03 would give bears some reprieve, turning focus to Dec 22/23 lows of CNH4.9181/79. The rate sits -157 pips at CNH5.0170 as we type.
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.