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Further CNY Depreciation Weighs On EM FX


Aussie Awaits RBA Decision Next Week


(M2) Trend Condition Remains Bearish


(M2) At New Cycle Lows

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(H2)‌‌ Downtrend Intact

  • RES 4: 129-23+ 50-day EMA
  • RES 3: 128.31 20-day EMA
  • RES 2: 128-27 High Jan 13 and key short-term resistance
  • RES 1: 128-01+ High Jan 18
  • PRICE: 127-22+ @ 19:53 GMT Jan 20
  • SUP 1: 127-02 Low Jan 19
  • SUP 2: 127-00+ Low Jul 31, 2019 (cont)
  • SUP 3: 126-23 Low Jul 17, 2019 (cont)
  • SUP 4: 126-10+ 61.8% retracement of the 2018 - 2020 bull cycle

The downtrend in Treasuries remains intact and further weakness is seen likely near-term. The contract has cleared support at 127-30, Jan 10 low. This has confirmed a resumption of the underlying downtrend and an extension of the bearish price sequence of lower lows and lower highs. Moving average studies are in a bear mode too. The focus is on 127-00. Firm short-term resistance has been defined at 128-27, Jan 13 high.

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MNI London Bureau | +44 203-586-3805 |

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