MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

MNI: GERMANY FEB PRODUCER PRICES -2.9% Y/Y

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

Price Signal Summary - USD Faces Selling Pressure

MARKET INSIGHT
  • In the equity space, the recent pullback in the S&P E-minis is considered corrective. The outlook is bullish and the focus is on 4420.92, 0.764 projection of the Jun 21 - Jul 14 - 19 price swing. Support is at 4342.30, the 20-day EMA. EUROSTOXX 50 futures are firmer and back above the 4100.00 handle. A bullish theme dominates signalling potential for a climb towards 4153.00 key resistance, Jun 17 high. Support is at 4029.50, Jul 22 high.
  • In FX, the USD is facing some selling pressure. EURUSD has traded above 1.1851, Jul 15 high. The focus is on the 50-day EMA at 1.1917. This represents an important resistance area. GBPUSD continues to climb. The pair has cleared its 50-day EMA strengthening the current bullish recovery. The next band of resistance is at 1.3990, 61.8% retracement of the Jun 1 - Jul 20 sell-off and 1.4001, the Jun 23 high. USDJPY remains above 109.07, Jul 19 low. This represents the key short-term support and the bear trigger. Key near-term resistance is 110.70, Jul 14 high. A break of 110.70 would be bullish.
  • On the commodity front, Gold is recovering from recent lows. The focus is on the bull trigger at $1834.1, Jul 15 high. Key short-term support is at $1790.0, Jul 23 low. Brent (U1) has cleared $73.87, 61.8% of the Jul 6 - 20 downleg and has tested $75.39, the 76.4% level. An extension would open $76.72, Jul 14 high. WTI (U1) is firmer and the focus is on $73.46, 76% of the Jul 6 - 20 downleg.
  • Within FI, Bund futures remain firm and edged higher earlier today. The focus is on 176.79, 1.50 projection of the May 19 - Jun 11 - Jun 22 price swing. Gilts maintain a bullish tone. The recent break of 129.92, Jul 8 high opens 130.72, 2.236 projection of the May 13 - 26 - Jun 3 price swing. We continue to monitor a bearish candle pattern, an evening star reversal from the Jul 21 close. A deeper pullback would expose 128.54, low Jul 14.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.