MNI China Daily Summary: Wednesday, July 24

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

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(M2) Bearish Theme Remains Intact

BOBL TECHS
  • RES 4: 129.290 50-day EMA
  • RES 3: 129.350 High Apr 4 and a reversal point
  • RES 2: 128.830 High Apr 7
  • RES 1: 128.310 High Apr 8/28 and a key near-term resistance
  • PRICE: 127.300 @ 05:15 BST May 3
  • SUP 1: 126.660 Low Apr 22 and the bear trigger
  • SUP 2: 126.480 Low Jun 5 2014 (cont)
  • SUP 3: 126.196 0.50 proj of the Mar 7 - 29 - Apr 4 price swing
  • SUP 4: 126.00 Round number support

Bobl futures remain below last week’s 128.310 high. The pullback from this level signals the end of the recent correction. Fresh cycle lows in April reinforce the primary downtrend, maintaining the broader bearish price sequence of lower lows and lower highs. Note that moving averages continue to point south. An extension lower would open 126.480 next, Jun 5 2014 low (cont). Key short-term trend resistance is at 128.310, the Apr 14/28 high.

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