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CHINA

Where Is The Low For Chinese Equities?

AUSTRALIA DATA

Australia Oct New Housing Loans Commitments -2.5%

AUSSIE BONDS

Off Early Highs

AUSTRALIA DATA

Australia Oct Exports +3.0%; Surplus AUD11.2 Bln

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  • RES 3: 153.02 - High Apr 28 2020
  • RES 2: 152.62 - High Jul 21 and the bull trigger
  • RES 1: 151.93 High Sep 10 / 15
  • PRICE: 151.37 @ 15:34 BST Oct 20
  • SUP 1: 151.18 - Low Oct 08 / 11
  • SUP 2: 150.88 - Low Apr 1
  • SUP 3: 150.38 - Low Feb 26

The recent sell-off in JGBs remains top of mind for markets, but the downside pressure has abated somewhat in recent sessions. As such, markets have undergone a minor corrective bounce, but the sentiment and trend direction remains unchanged, with a re-test of recent lows likely. Weakness through 151.18 opens 150.88 and below. For the upside argument to firm, markets need to solidify the recovery above the 151.50 level initially ahead of the 200-dma at 151.69.