MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

MNI: UK OCT CPI +0.6% M/M, +2.3% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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MNI DAILY TECHNICAL ANALYSIS - S/T AUD Gains Deemed Corrective

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Price Signal Summary – S/T AUD Gains Deemed Corrective

  • The latest move lower in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. A bearish condition in Eurostoxx 50 futures remains intact. A fresh cycle low this week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point.
  • The trend condition in GBPUSD remains bearish and the pair is trading at its recent lows. Moving average studies are in a bear-mode set-up, highlighting a clear downtrend. A recent support at 1.2665, the Aug 8 low, has recently been cleared. The USDJPY trend condition remains bullish and the latest pullback appears corrective. Price has remained above support at the 20-day EMA, at 153.20. Moving average studies are in a bull-mode position highlighting a dominant uptrend. A bear cycle in AUDUSD remains intact and short-term gains are considered corrective. The pair is trading closer to its recent lows. Support at 0.6513, the Nov 6 low, has recently been cleared and price is through 0.6490, the 76.4% retracement of the Aug 5 - Sep 30 bull leg.
  • The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down is considered corrective. Price has recovered from its recent lows. The 20-day EMA is at $2651.3. A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced a bear theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • Bund futures yesterday traded in a volatile manner today. Short-term gains are considered corrective. The trend direction is down and the Nov 6 break lower reinforces this theme. The trend condition in Gilt futures remains bearish and the latest shallow recovery appears to be a correction. The contract has recently breached 92.99, a 2.00 projection of the Sep 17 - 30 - Oct 1 price swing.

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Price Signal Summary – S/T AUD Gains Deemed Corrective

  • The latest move lower in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. A bearish condition in Eurostoxx 50 futures remains intact. A fresh cycle low this week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point.
  • The trend condition in GBPUSD remains bearish and the pair is trading at its recent lows. Moving average studies are in a bear-mode set-up, highlighting a clear downtrend. A recent support at 1.2665, the Aug 8 low, has recently been cleared. The USDJPY trend condition remains bullish and the latest pullback appears corrective. Price has remained above support at the 20-day EMA, at 153.20. Moving average studies are in a bull-mode position highlighting a dominant uptrend. A bear cycle in AUDUSD remains intact and short-term gains are considered corrective. The pair is trading closer to its recent lows. Support at 0.6513, the Nov 6 low, has recently been cleared and price is through 0.6490, the 76.4% retracement of the Aug 5 - Sep 30 bull leg.
  • The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down is considered corrective. Price has recovered from its recent lows. The 20-day EMA is at $2651.3. A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced a bear theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • Bund futures yesterday traded in a volatile manner today. Short-term gains are considered corrective. The trend direction is down and the Nov 6 break lower reinforces this theme. The trend condition in Gilt futures remains bearish and the latest shallow recovery appears to be a correction. The contract has recently breached 92.99, a 2.00 projection of the Sep 17 - 30 - Oct 1 price swing.

FOREIGN EXCHANGE    

Keep reading...Show less