MNI China Daily Summary: Wednesday, April 17

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

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Rebound Likely To Extend

EURO-DOLLAR TECHS
  • RES 4: 1.1872 High Sep 21
  • RES 3: 1.1859 61.8% retracement of the Sep 1 - 25 sell-off
  • RES 2: 1.1817/31 High Oct 13 / High Oct 9 and the bull trigger
  • RES 1: 1.1794 High Oct 19
  • PRICE: 1.1777 @ 05:46 BST Oct 20
  • SUP 1: 1.1685 Low Sep 30
  • SUP 2: 1.1612/1581 Low Sep 25 and the bear trigger / Low Jul 24
  • SUP 3: 1.1526 0.764 proj of Sep 1 - Sep 25 sell-off from Oct 9 high
  • SUP 4: 1.1541 Low Jul 23

EURUSD strengthened Monday as the pair recovered off last week's low of 1.1689 on Oct 15. A fairly strong close Monday strengthens the intraday reversal and exposes key near-term resistance at 1.1831, Oct 12 high. This level represents the trigger for a resumption of the bullish reversal that occurred on Sep 25 and would open 1.1859 initially, a retracement level. Sub 1.1684 levels, Sep 30 low, is required to reinstate a bearish threat.

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