MNI China Daily Summary: Friday, Aug 23

MNI: PBOC Net Injects CNY241.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Fri; +2.17% Y/Y

CHINA PBOC CONDUCTS CNY379.3 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 FRI VS 7.1228

MNI: PBOC Sets Yuan Parity Lower At 7.1228 Thurs; +2.24% Y/Y

EZ/UK Bond Supply Calendar: EFSF RfP Sent, EU-Bonds Due Monday

MNI: CANADIAN JUN RETAIL SALES -0.3%; SALES EX-AUTOS/PARTS +0.3%

Firmer Than Expected Inflation Expectations And Softer Growth

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

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Remains Above Support

AUDUSD TECHS
  • RES 4: 0.7465 76.4% retracement of the Apr 5 - May 12 bear leg
  • RES 3: 0.7400 Round number resistance
  • RES 2: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
  • RES 1: 0.7283 High Jun 3 and the bull trigger
  • PRICE: 0.7235 @ 05:36 BST Jun 7
  • SUP 1: 0.7139/7036 20-day EMA / Low May 25
  • SUP 2: 0.6950 Low May 18
  • SUP 3: 0.6829 Low May 12 and the bear trigger
  • SUP 4: 0.6805 Low Jun 22 2020

AUDUSD is firmer this morning and remains above initial support at 0.7139, the 20-day EMA. Short-term conditions are bullish. The pair is trading above both the 20- and 50-day EMAs. This strengthens current conditions and signal scope for a climb towards 0.7343, a Fibonacci retracement. Note that the current bull cycle is still considered corrective. A reversal lower would refocus attention on the bear trigger at 0.6829, May 12 low.

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