MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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AUDUSD TECHS: Support Remains Intact For Now

AUDUSD TECHS
USForeign Exchange Technical AnalysisAPACAustraliaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 0.6429 High Dec 12 ‘24
  • RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg              
  • RES 2: 0.6409 High Feb 21 and a bull trigger 
  • RES 1: 0.6364 High Mar 6 
  • PRICE: 0.6287 @ 16:02 GMT Mar 13
  • SUP 1: 0.6259/6187 Low Mar 11 / Low Feb 4
  • SUP 2: 0.6171/6088 Low Feb 4 / 3 and a key support 
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.6000 Round number support

A short-term bullish theme in AUDUSD remains intact for now. A resumption of gains would expose key short-term resistance at 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen a bull cycle. On the downside, a move below 0.6187, the Mar 4 low, is required to reinstate a bear threat and open the bear trigger at 0.6088, the Feb 3 low. Clearance of the Feb 3 low would resume the medium-term downtrend.    

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  • RES 4: 0.6429 High Dec 12 ‘24
  • RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg              
  • RES 2: 0.6409 High Feb 21 and a bull trigger 
  • RES 1: 0.6364 High Mar 6 
  • PRICE: 0.6287 @ 16:02 GMT Mar 13
  • SUP 1: 0.6259/6187 Low Mar 11 / Low Feb 4
  • SUP 2: 0.6171/6088 Low Feb 4 / 3 and a key support 
  • SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
  • SUP 4: 0.6000 Round number support

A short-term bullish theme in AUDUSD remains intact for now. A resumption of gains would expose key short-term resistance at 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen a bull cycle. On the downside, a move below 0.6187, the Mar 4 low, is required to reinstate a bear threat and open the bear trigger at 0.6088, the Feb 3 low. Clearance of the Feb 3 low would resume the medium-term downtrend.