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Free AccessMNI: PBOC Injects Net 440 Bln Via OMO Thurs; Rates Unchanged
MNI: PBOC Yuan Parity Higher At 7.1798 Thursday; -0.86% Y/Y
(Z1) Recovers Off Recent Lows
- RES 4: 173.93 High Aug 25
- RES 3: 173.54 High Aug 31
- RES 2: 172.95 76.4% retracement of the Aug - Nov sell-off
- RES 1: 172.57 High Nov 22 and the bull trigger
- PRICE: 171.71 @ 05:20 GMT Nov 26
- SUP 1: 170.31 Low Nov 24
- SUP 2: 170.06 Low Nov 5 and key near-term support
- SUP 3: 168.98 Low Nov 3
- SUP 4: 167.69 Low Nov 1 and the bear trigger
Bund futures are recovering from recent lows and importantly, support at 170.06, the Nov 5 low has remained intact. This suggests the recent move lower has been a correction and that a short-term uptrend remains intact. The break on Nov 19 of the 171.95 - 61.8% of the Aug - Nov sell-off opens 172.95, the 76.4% retracement. On the downside, sub 170.06 level would alter the picture and highlight a bearish threat.
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