MNI China Daily Summary: Friday, July 12

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Greenback Grinding Lower In Late Session, EURUSD Eyes 1.1076 High

FOREX
  • As we approach the APAC crossover, the USD index is fading to its worst levels of the session, now comfortably below last week’s lows. Corresponding G10 gains are being led by the Euro, which after recapturing the 1.10 handle has not looked back.
  • Despite the uninspiring price action, both EURUSD and GBPUSD are pressing session highs amid the moderate bounce off the lows for equities. EURUSD now tracks 0.53% higher, keeping trend signals bullish for now. Recent weakness appears to be a correction, with price well supported above 1.0913, the 20-day EMA as well as the Apr 17 high.
  • Moving average studies are in a bull mode position, highlighting an uptrend. The bull trigger is unchanged at 1.1076, Apr 14 high, a break would open 1.1127, a Fibonacci projection and 1.1185, Mar 31 2022 high.
  • Furthermore, today EURJPY has broken the 2022 highs at 148.40 and the pair’s high of 148.47 represents the highest print since late 2014. With the Bank of Japan widely expected to not tweak its easy policy settings at the April 27-28 meeting, the path of least resistance for XXX/JPY looks set to remain higher.
  • For EURJPY, the next topside level resides at 149.39, the 1.00 projection of the Mar 20 - 21 - Apr 6 price swing.
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