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MNI China Daily Summary: Friday, November 29

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Greenback Weakness Hits Pause, But No Reversal Higher Yet

FOREX
  • A strong impulsive rally in AUDUSD last week resulted in the break of a number of key short-term resistance points. The move highlights a stronger short-term bullish theme and price remains within range of resistance at 0.6900, the Jun 16 high.
  • USDJPY continues to weaken as it extends the bear cycle that started Jun 30. The recent sell-off has resulted in a break of both the 20- and 50-day EMAs and price is back inside the bull channel drawn from the Jan 16 low.
  • GBPUSD bulls remain in the driver’s seat. Last week’s clearance of resistance at 1.2848, the Jun 16 high, confirms a resumption of the medium-term uptrend and maintains the bullish price sequence of higher highs and higher lows.
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