MNI China Daily Summary: Wednesday, June 12

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

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Rather Encouraging CPI Details Despite Services Acceleration (1/2)

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Price Signal Summary - USDJPY Bulls Remain In The Driver's Seat

OUTLOOK
  • In FX, the trend needle in EURUSD points south and last week’s move lower reinforces bearish conditions. The pair traded to fresh cycle low once again on Friday and this resulted in a test of support at 1.0771, the base of a bull channel drawn from the Mar 15 low. This level represents an important pivot point and a clear break would strengthen bearish conditions and open 1.0733, the Jun 12 low. Initial firm resistance is at 1.0909, the 20-day EMA.
  • GBPUSD trend conditions remain bearish and last week’s move lower confirmed a clear break of support at 1.2621, the Aug 14 low. The pair has also breached 1.2591, the Jun 29 low. The move lower confirms a resumption of the downtrend and marks the end of a recent consolidative phase. The focus is on a move towards 1.2521 next, 1.382 projection of the Jul 14 - 24 - 27 price swing. Firm resistance is seen at 1.2723, the 20-day EMA.
  • The uptrend in USDJPY remains intact and Friday’s fresh cycle high, reinforces bullish conditions and confirms a resumption of the uptrend. Note that moving average studies are in a bull mode condition - this set-up continues to highlight an uptrend. The focus is on 147.49, the 2.00 projection of the Jul 14 - 21 - 28 price swing. Support to watch lies at 144.58, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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