MNI China Daily Summary: Wednesday, December 11

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TECHS: Price Signal Summary - USD Under Pressure, EU FI Offered

MARKET INSIGHT
  • EURUSD resumed its uptrend this morning clearing 1.2178, Dec 4 high. Attention turns to 1.2222, 1.500 projection of the Nov 4 - 9 rally from the Nov 11 low. Cable is firmer too with the focus on key resistance at 1.3539, Dec 4 high. USDJPY is closing in on key support at 103.18, Nov 6 low. AUDUSD is probing recent highs just above 0.7570. Bulls target 0.7638 next, 38.2% of the 2013-2020 downtrend. USDCAD remains vulnerable too with scope for 1.2677 next, 76.4% of the 2017-20 uptrend.
  • On the commodity front, Gold is firmer. Key resistance and the bull trigger is at $1875.4, Dec 8 high. Silver has cleared trendline resistance signaling an important reversal. This opens $26.008, Nov 9 high and a bull trigger. Brent (G1) targets $51.66, 0.764 projection of the Nov 16 - 25 rally from Dec 2 low. WTI (F1) bulls eye $48.07 next, 0.764 projection of Apr - Aug rally from the Nov 2 low.
  • Bund and Gilts offered. Bund (H1) is down sharply this morning and approaching the next support at 177.70, 50.0% of the Dec 2 - 11 rally. Gilts (H1) weakness exposes 134.10 76.4% retracement of the Dec 2 - 11 rally.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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