MNI China Daily Summary: Wednesday, November 27

MNI: GERMANY GFK DECEMBER CONSUMER CLIMATE -23.3

MNI BRIEF: BOJ’s JGB Unrealised Loss Rises To JPY13.7 Tlrn

RPT:- MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI BRIEF: China Profits Fall In October Y/Y

MNI: FRANCE NOV CONSUMER SENTIMENT 90

RBNZ SEES RISK OF MID-TERM INFLATION VOLATILITY

MNI: RBNZ CUTS OCR 50BP TO 4.25%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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MNI DAILY TECHNICAL ANALYSIS - Bearish AUD Theme Remains

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Price Signal Summary – Bearish AUD Theme Remains

  • S&P E-Minis are trading at this week’s highs and sights are on the key resistance and bull trigger at 6053.25, the Nov 11 high. A break of this hurdle would resume the uptrend and open 6070.16, a Fibonacci projection. A downtrend in Eurostoxx 50 futures remains intact and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30.
  • A downtrend in GBPUSD remains intact and the pair continues to trade closer to its recent lows. Moving average studies are in a bear-mode set-up, highlighting a dominant bear trend. Sights are on 1.2446, the May 9 low. The medium-term USDJPY trend condition is unchanged, it remains bullish, however, this week’s move lower strengthens the current short-term corrective cycle. The pair has traded through the 20-day EMA, exposing the next key support at 151.56, the 50-day EMA. A bearish theme in AUDUSD remains intact and Tuesday’s fresh cycle low reinforces this condition. The break lower maintains a bearish price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position. 
  • A bearish theme in WTI futures remains intact and Monday’s move lower reinforces this theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance. The long-term trend condition in Gold is unchanged, it remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend.
  • Bund futures are trading higher today. Price has recently cleared the 20- and 50-day EMAs. This undermines a recent bearish theme and note that 133.39 has been breached, 50.0% of the Oct 1 - Nov 6 bear leg. The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and this week’s climb reinforces current bullish conditions. A continuation higher would pave the way for a climb towards 95.73 next. 

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Price Signal Summary – Bearish AUD Theme Remains

  • S&P E-Minis are trading at this week’s highs and sights are on the key resistance and bull trigger at 6053.25, the Nov 11 high. A break of this hurdle would resume the uptrend and open 6070.16, a Fibonacci projection. A downtrend in Eurostoxx 50 futures remains intact and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30.
  • A downtrend in GBPUSD remains intact and the pair continues to trade closer to its recent lows. Moving average studies are in a bear-mode set-up, highlighting a dominant bear trend. Sights are on 1.2446, the May 9 low. The medium-term USDJPY trend condition is unchanged, it remains bullish, however, this week’s move lower strengthens the current short-term corrective cycle. The pair has traded through the 20-day EMA, exposing the next key support at 151.56, the 50-day EMA. A bearish theme in AUDUSD remains intact and Tuesday’s fresh cycle low reinforces this condition. The break lower maintains a bearish price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position. 
  • A bearish theme in WTI futures remains intact and Monday’s move lower reinforces this theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance. The long-term trend condition in Gold is unchanged, it remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend.
  • Bund futures are trading higher today. Price has recently cleared the 20- and 50-day EMAs. This undermines a recent bearish theme and note that 133.39 has been breached, 50.0% of the Oct 1 - Nov 6 bear leg. The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and this week’s climb reinforces current bullish conditions. A continuation higher would pave the way for a climb towards 95.73 next. 

FOREIGN EXCHANGE    

Keep reading...Show less