MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

Energy Base Effects Push PPI Higher, But Goods Pipeline Pressures Soften

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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(H4) Southbound

SCHATZ TECHS
  • RES 4: 105.751 50-day EMA
  • RES 3: 105.585 High Feb 15
  • RES 2: 105.513 20-day EMA
  • RES 1: 105.310 High Feb 26
  • PRICE: 105.125 @ 05:53 GMT Feb 28
  • SUP 1: 105..075 Low Feb 23
  • SUP 2: 105.000 2.236 projection of the Jan 12 - 25 - 31 price swing
  • SUP 3: 104.940 2.50 projection of the Jan 12 - 25 - 31 price swing
  • SUP 4: 104.880 2.618 projection of the Jan 12 - 25 - 31 price swing

The downtrend in Schatz futures remains intact and last week’s extension reinforces current conditions. The move down maintains the bearish price sequence of lower lows and lower highs and note too that moving average studies remain in a bear mode position, highlighting a clear downtrend. Short-term gains are considered corrective with firm resistance at the 20-day EMA - at 105.476. The next objective is 105.00, a Fibonacci projection.

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