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ASIA

Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Corrective Bounce

AUDUSD TECHS

Bearish Threat Following Friday’s Sell-Off

EURJPY TECHS

Finds Support Below The 50-Day EMA

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  • The rise in uncertainty over the economic outlook combined with the PLN weakness have been weighing on Polish equities in recent weeks.
  • The chart below shows that both the PLN and WIG20 Index have been under pressures in recent weeks after diverging significantly in recent months.
  • Periods of PLN depreciation have historically been associated with equity weakness in the past cycle.
  • Demand for ‘safe’ assets could remain strong in the ST as the Covid news are expecting to make a lot of headlines in the coming days following the discovery of a new variant (Omicron), therefore pressure on Polish risky assets could remain elevated.
  • WIG20 Index broke below its 200DMA (2,200) on Friday; next support to watch on the downside stands at 2,103.50, which corresponds to the 38.2% Fibo retracement of the 1,496.80 – 2,478.60 range).

Source: Bloomberg/MNI