MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1048 WEDS VS 7.1059

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI China Daily Summary: Tuesday, April 23

MNI: AUSTRALIA MONTHLY MAR CPI 0.4% MM, 3.8% YY

MNI:AUSTRALIA Q1 CPI +0.9% Q/Q

MNI: UK JAN-MAR MEDIAN PAY AWARDS +4.8% :XpertHR/Brightmine

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI US Morning FX Technical Analysis 

By Les Castell
     Click below for today's MNI US Morning FX Technical Analysis Report -
http://tinyurl.com/jz5y37x
     EURO-DOLLAR TECHS: Pressure Returns To The Downside, While $1.1793-$1.1815
Caps
*RES 4: $1.1848 Dec 6 high
*RES 3: $1.1812/15 Dec 11, Dec 7 highs
*RES 2: $1.1793 Dec 12 high
*RES 1: $1.1765/75 Hourly resistance
*PRICE: $1.1751 @1000GMT 
*SUP 1: $1.1709/13 61.8% of $1.1554-$1.1961, Nov 21 low
*SUP 2: $1.1679/94 1% vol, 1.618x 1.1961-$1.1809 from $1.1940
*SUP 3: $1.1650 76.4% Fibo of $1.1554-$1.1961
*SUP 4: $1.1581 Top of broken 4 month resistance line
*COMMENTARY* Failure to move through $1.1812-$1.1815 on Monday was the catalyst
for the latest fall below $1.1750, which once again sees focus return to
$1.1713-$1.1709 support. While held above here, look to $1.1765-$1.1775 for
initial resistance, above and $1.1793 now bars the way to still important
$1.1812-$1.1815. Loss of $1.1709 will trigger potential for a further
$1.1694-$1.1650 fall. Only below the latter will open up $1.1581-$1.1554.
CABLE TECHS: $1.3298-$1.3285 The Near Term Protection To Downside
*RES 4: $1.3460/70 Pivotal highs/lows early December
*RES 3: $1.3432 Dec 11 high
*RES 2: $1.3405/08 Hourly congestion Dec 8-Dec 11
*RES 1: $1.3381 Dec 12 high, broken 4 week support line
*PRICE: $1.3348 @1009GMT
*SUP 1: $1.3285/98 1% vol band, 76.4% of $1.3221-$1.3549
*SUP 2: $1.3221/27 Nov 28 low, 61.8% of $1.3027-$1.3550
*SUP 3: $1.3196 1.618 swing of $1.3320-$1.3521
*SUP 4: $1.3150 76.4% Fibo of $1.3027-$1.3550, 2% vol band
*COMMENTARY* The 4 week rising support line gave way on Monday, once again
putting the congested $1.3320-$1.3285 area back in the shop window. Only clearly
below the latter will open up the potential for a deeper $1.3221-$1.3196 fall,
as the disappointment from last week's $1.3550 cap grows. Resistance in the
meantime, comes from Tuesday's $1.3381 high and then the $1.3405-$1.3408 region.
Back above here needed to reignite upside interest.
DOLLAR-YEN TECHS: Y113.13-Y113.09 Support Holds Off Deeper Corrective Potential
*RES 4: Y114.74 Nov 6 high
*RES 3: Y114.24/34 Equality rise from Y111.99, Nov 7 high
*RES 2: Y114.10 1% volatility band
*RES 1: Y113.82 76.4% Fibo of Y114.74-Y110.84
*PRICE: Y113.41 @1015GMT
*SUP 1: Y113.09/13 Dec 4 high, Dec 8 & intraday lows
*SUP 2: Y112.80 Hourly high Dec 7, now support
*SUP 3: Y112.57 Hourly base Dec 7
*SUP 4: Y112.38 Initial recovery high Dec 6, now support
*COMMENTARY* Unable as yet to make an impression on the 76.4% Fibo retrace level
at Y113.82. Tuesday's rally pulling up shy at Y113.75. This also keeps us below
the upper 1% volatility band, which has risen by time today to Y114.10. This
Y113.82-Y114.10 region is the area to break, if the recovery is to continue and
challenge Y114.24-Y114.74 next. Meanwhile, support from between Y113.13-Y113.09
is the protection against a correction from the Dec 6 low at Y111.99.
EURO-YEN TECHS: Fibo Retrace At Y132.88 The Immediate Bar To Further Gains
*RES 4: Y134.50/75 Oct 25 high, 1% volatility band
*RES 3: Y134.38 Dec 1 high
*RES 2: Y134.05 Dec 4 high
*RES 1: Y133.88/89 76.4% of Y134.38-Y132.26, Dec 11 high
*PRICE: Y133.23 @1020GMT
*SUP 1: Y133.01/04 Dec 12, intraday lows
*SUP 2: Y132.71 Hourly base Dec 7
*SUP 3: Y132.55 Hourly congestion area Dec 6
*SUP 4: Y132.26 Dec 6 low
*COMMENTARY* Found support at Y132.26 last Wednesday, then subsequently moving
back up the Y134.50-Y131.17 range, that has been in existence for the last 3
months. The 76.4% Fibo retrace level at Y133.88 is the next potential barrier to
gains, Y134.05-Y134.38 higher. In the interim, support now comes from
Y133.04-Y133.01, loss would trigger a deeper correction of that rise from
Y132.26, with Y132.71-Y132.55 below.
EURO-STERLING TECHS: Continued Rally Still Dependent On Stg0.8850-54 Resistance
*RES 4: Stg0.8915 Hourly base Nov 28, now resistance
*RES 3: Stg0.8880/85 Hourly high Nov 28, 1% volatility band
*RES 2: Stg0.8868 Dec 5 high 
*RES 1: Stg0.8850/54 Dec 7, Dec 6 highs
*PRICE: Stg0.8797 @1026GMT
*SUP 1: Stg0.8773 Dec 11 low
*SUP 2: Stg0.8745/50 Minor hourly congestion Dec 7-8
*SUP 3: Stg0.8725 Initial high Dec 8, now support
*SUP 4: Stg0.8687/89 1.618 swing 0.8756-0.8868, Dec 8 low
*COMMENTARY* The fate of a continued recovery is firmly in the hands of
Stg0.8850-Stg0.8854 resistance. Will need to cross back above here, if the
correction of losses from the late November high at Stg0.8982 is to continue,
with Stg0.8868-Stg0.8880 again expected to feature higher, with the upper 1%
volatility band at the slightly higher Stg0.8885. Support from Stg0.8773. Loss
of the latter would caution.
     DOLLAR-CANADA TECHS: $1.2885-$1.2893 Still The Bar To Further Gains
*RES 4: $1.2969 Jan 31 low, now resistance
*RES 3: $1.2917/27 Oct 27 high, 50% $1.3794-$1.2061, 1% vol
*RES 2: $1.2909 Nov 30 high
*RES 1: $1.2885/93 Hourly recovery highs Dec 1
*PRICE: $1.2873 @1031GMT
*SUP 1: $1.2813/25 Dec 12 low, hourly support
*SUP 2: $1.2805 Dec 8 low
*SUP 3: $1.2785 Hourly base Dec 6
*SUP 4: $1.2727 Dec 4 high, now support
*COMMENTARY* Held last week, by support from the lower 1% volatility band at
$1.2624. The subsequent recovery was faltering for a while between  1.2705-10
resistance but found the impetus for a break higher on Wednesday. This rally has
surpassed all near term resistance including the 76.4% Fibo retrace at $1.2842.
The $1.2885-$1.2893 area now the remaining barrier to further upside hopes.
Support $1.2825-1.2805, loss would concern.
GOLD TECHS: Decline Continues, $1232.6-$1230.9 Next Target Area
*RES 4: $1270.4 Nov 30 low, now resistance
*RES 3: $1265.1 Underside broken 2017 bull channel
*RES 2: $1260.7 Oct 6 low, now resistance
*RES 1: $1252.5 Dec 8 high
*PRICE: $1241.4 @1038GMT
*SUP 1: $1236.6 Dec 12 low
*SUP 2: $1232.6 1.618 swing of $1260.7-$1306.1
*SUP 3: $1230.9 1.618x $1306.1-$1263.8 from $1299.3
*SUP 4: $1212.4 61.8% Fibo of $1122.6-$1357.7
*COMMENTARY* Having lost key support from $1262.3 and $1260.7 earlier last week,
the pace of the fall quickened. This now threatening a further drop through
congested support from between $1242.5 and $1240.2. This was the brake against a
deeper $1232.6-$1230.9 decline. Resistance meanwhile, comes initially from
$1252.5, above which a succession of recent lows and the underside of the broken
2017 bull channel, now combine to form an umbrella of resistance above.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
To read the full story
Close
Why MNI
MNI is the leading provider
 of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        window.dataLayer.push({
    'event' : 'logedout',
    'loggedOut' : 'loggedOut'
  });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        (function appendPosts () {  
    var policyPosts = document.getElementsByClassName('policy-posts-wrapper')[0];
    var policyPostsMenu = document.querySelector('.policy-posts-span');
    policyPostsMenu.append(policyPosts);
    policyPosts.style.display = "block";
  
    var empolicyPosts = document.getElementsByClassName('em-policy-posts-wrapper')[0];
    var empolicyPostsMenu = document.querySelector('.em-policy-posts-span');
    empolicyPostsMenu.append(empolicyPosts);
    empolicyPosts.style.display = "block";

    var dataPosts = document.getElementsByClassName('data-posts-wrapper')[0];
    var dataPostsMenu = document.querySelector('.data-posts-span');
    dataPostsMenu.append(dataPosts);
    dataPosts.style.display = "block";
})();
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll(".my-mni").forEach(function(item){
  item.href="/core/users/email_login/";
  item.innerHTML="Log In";
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelectorAll("img").forEach(function (img) {
    img.addEventListener("contextmenu", function (e) {
      return false;
    });
  });
  document
    .querySelector(".site-logo img")
    .addEventListener("contextmenu", function (e) {
      return true;
    });
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        document.querySelector('.signup-form').addEventListener('submit', () => {
  window.dataLayer = window.dataLayer || [];
  dataLayer.push({
    'event' : 'submission_click',
    'event_category': "Sign Up Button Clicks",
     'event_label': "Posts" 
  });  
  
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        REBELMOUSE_STDLIB.createElementChangeListener('.signup-form.authentication--form',function(item){
  item.onsubmit=function(e){
    ga('b.send', 'event', {eventCategory: 'Signup', eventAction: 'CompletedForm', eventLabel:'pageTitle', eventValue:15});
    window.dataLayer = window.dataLayer || [];
    dataLayer.push({
      'event' : 'signup_click',
      'event_category': "Signup",
      'event_action': 'CompletedForm',
       'event_label': 'pageTitle',
      'event_value': 15
    });  
  }
})
    

});

window.REBELMOUSE_TASKS_QUEUE.push(function(){

    
        
  let posts = document.querySelectorAll(".all-content-wrapper .widget:not(.stream-story-processed)");
  window.check_story_posts(posts, "streamOfPosts");
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        /*
const sidebar = document.querySelector('.left-sidebar-container');
const stickyContent = document.querySelector('.sticky-content');
const siteContent = document.querySelector('.all-posts-stream');
if (sidebar && stickyContent && siteContent) {
  if (siteContent.clientHeight > sidebar.clientHeight) {
    console.log('grater -> ', siteContent.clientHeight + ' > ' + sidebar.clientHeight);
    stickyContent.style.height = (siteContent.clientHeight - sidebar.clientHeight) + 'px';
  }
}
*/
    

});

window.REBELMOUSE_LOW_TASKS_QUEUE.push(function(){

    
        function populateInputsWithAPAPI(c) {
  document.querySelectorAll('.signup-form input[name="country"]').forEach(el => {
	el.setAttribute("value", c.country_name);
  });
  document.querySelectorAll('.signup-form .country_name').forEach(el => {
	el.setAttribute("value", c.country_name);
  });

  let country_code =
    c && c.country_code ? c.country_code.toLowerCase() : "auto";
  document.querySelectorAll('.signup-form .country_code').forEach(el => {
	el.setAttribute("value", country_code);
  });
  document.querySelectorAll('.signup-form .selected_country').forEach(el => {
	el.setAttribute("value", country_code);
  });
}

const fetch = function (err, res) {
  var r = new XMLHttpRequest();
  r.open("GET", err, !0),
    (r.responseType = "json"),
    (r.onload = function () {
      var err = r.status;
      res(200 === err ? null : err, r.response);
    }),
    r.send();
};

function setupCountry() {
  if (window.preventDuplicateExec) {
    return;
  }
  window.preventDuplicateExec = true;

  window.REBELMOUSE_STDLIB.onElementInViewport({
    threshold: 0,
    firstOnly: true,
    oneTime: true,
    selector: ".signup-form",
    onIntersect: (entry) => {
      // when you need to get access to that data you call it in that way:
      let ipapiData = localStorage.getItem("ipapiData");
      if (!ipapiData) {
        fetch("https://ipapi.co/json/", function (err, ipData) {
          console.log("populating inputs with data from IP API ");
          localStorage.setItem("ipapiData", JSON.stringify(ipData));
          populateInputsWithAPAPI(ipData);
        });
      } else {
        console.log(
          "populating inputs with data from IP API data stored in local storage"
        );
        populateInputsWithAPAPI(JSON.parse(ipapiData));
      }
    },
  });
}

setupCountry();
    

});