MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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

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Strong Reversal

AUDUSD TECHS
  • RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
  • RES 3: 0.6956 High Aug 30
  • RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
  • RES 1: 0.6893 High Dec 13 and the bull trigger
  • PRICE: 0.6713 @ 07:07 GMT Dec 16
  • SUP 1: 0.6677 Low Dec 15
  • SUP 2: 0.6658/6585 50-day EMA / Low Nov 21
  • SUP 3: 0.6387 Low Nov 10
  • SUP 4: 0.6272 Low Nov 3 and a key support

A sharp sell-off in AUDUSD on Thursday signals a short-term top and suggests scope for a deeper pullback near-term. The 20-day EMA has been breached and attention turns to the 50-day EMA at 0.6658. This represents a key short-term support and a break, if seen, would suggest potential for a deeper retracement. On the upside, key resistance has been defined at 0.6893, the Dec 13 high. A break would resume the recent uptrend.

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