MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Northbound

AUDUSD TECHS
  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6818 High May 10 and key resistance
  • RES 2: 0.6812 3.0% 10-dma envelope
  • RES 1: 0.6773 High Jun 12
  • PRICE: 0.6749 @ 16:49 BST Jun 12
  • SUP 1: 0.6751 Lowe Jun 9
  • SUP 2: 0.6634 20-day EMA
  • SUP 3: 0.6567/6458 Low May 31 and the bear trigger
  • SUP 4: 0.6403 76.4% of the Oct - Feb bull cycle

The AUDUSD bull cycle that started on May 31 remains in play and the pair is trading higher once again. Price is through 0.6733, 76.4% of the downleg in May. This reinforces current bullish conditions and signals scope for an extension towards 0.6818, the May 10 high and a key resistance. On the downside, a strong reversal is required to refocus attention on 0.6458, the May 31 low. Initial firm support is seen at 0.6634, the 20-day EMA.

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