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ASIA

Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Corrective Bounce

AUDUSD TECHS

Bearish Threat Following Friday’s Sell-Off

EURJPY TECHS

Finds Support Below The 50-Day EMA

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  • After experiencing a significant appreciation (like most of the commodities) in the year following the Covid19 shock, lumber prices consolidated dramatically in the second and third quarter of this year, falling by 74% from peak to trough.
  • The contraction in Chinese liquidity and the collapse of real-estate giant Evergrande were among the major drivers behind the significant correction.
  • However, bullish momentum has resumed in the past two months, with lumber prices breaking above their 200DMA in today's trading session.
  • With demand for lumber expected to remain robust from housing, the positive trend could continue in the near term.
  • Next resistance to watch on the topside stands at 993,70, which represents the 38.2% Fibo retracement of the 431.10-1,711.20 range, followed by psychological 1,000 level.

Source: Bloomberg/MNI