MNI China Daily Summary: Thursday, July 25

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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

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Price Signal Summary - GBPUSD Extends Gains Above 1.2448

OUTLOOK
  • In FX, EURUSD continues to climb. The pair has breached key resistance at 1.1033, the Feb 2 high. The break reinforces bullish conditions and more importantly, confirms a resumption of the broader uptrend that started Sep 28 last year. This signals scope for a climb to 1.1076, the Apr 1 2022 high and 1.1185 further out, the Mar 31 2022 high. On the downside, key short-term support lies at the 20-day EMA, at 1.0867.
  • GBPUSD continues to appreciate and maintain this week’s bulls cycle. The pair has traded through the recent high of 1.2525 (Apr 4) to confirm a resumption of the current uptrend and this reinforces the bullish significance of the recent breach of 1.2448, the Jan 23 high and the top of a broad 3.5 months range. The focus is on 1.2599, the Jun 7 2022 high. Key short-term support is at 1.2357, 20-day EMA.
  • USDJPY remains below Wednesday's high of 134.05. The latest pullback adds to evidence that the latest recovery appeared corrective in nature and that the trend direction remains down. Moving average studies are in a bear-mode position, highlighting a downtrend. A continuation lower would open 130.64, the Apr 5 low. On the upside, clearance of 134.05 would be seen as a bullish development.
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