ASIA STOCKS: Asian Equity Flows Mixed, As Market Remains Cautious
India continues to see heavy outflows, while other regions in Asia saw mixed flows on Monday as investors were cautious ahead of Trumps Inauguration.
- South Korea: Saw outflows of -$345m yesterday, contributing to a 5-day total of -$206m. YTD flows are slightly negative at -$57m. The 5-day average is -$41m, worse than the 20-day average of -$24m but better than the 100-day average of -$156m.
- Taiwan: Saw inflows of +$385m yesterday, leading to a 5-day total of +$442m. YTD flows are negative at -$1.77b. The 5-day average is +$88m, better than the 20-day average of -$21m and the 100-day average of -$122m.
- India: Saw outflows of -$419m Friday, resulting in a 5-day total of -$2.82b. YTD flows are deeply negative at -$4.95b. The 5-day average is -$564m, worse than the 20-day average of -$316m and the 100-day average of -$76m.
- Indonesia: Saw outflows of -$17m yesterday, bringing the 5-day total to +$21m. YTD flows remain negative at -$183m. The 5-day average is +$4m, better than the 20-day average of -$13m and the 100-day average of +$1m.
- Thailand: Saw inflows of +$13m yesterday, contributing to a 5-day total of -$150m. YTD flows are negative at -$209m. The 5-day average is -$30m, worse than the 20-day average of -$12m and the 100-day average of -$9m.
- Malaysia: Saw outflows of -$31m yesterday, leading to a 5-day total of -$254m. YTD flows are negative at -$460m. The 5-day average is -$51m, worse than the 20-day average of -$27m and the 100-day average of -$18m.
- Philippines: Saw outflows of -$2m yesterday, bringing the 5-day total to -$47m. YTD flows are negative at -$83m. The 5-day average is -$9m, worse than the 20-day average of -$7m and the 100-day average of -$1m.
Table 1: EM Asia Equity Flows
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TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'
- TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'
- TRUDEAU WANTS GOVT TO PREPARE FOR NEW US ADMINISTRATION
- TRUDEAU DOESN'T ADDRESS QUESTIONS ABOUT HIS LEADERSHIP
USDCAD TECHS: A Pullback Would Be Considered Corrective
- RES 4: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 3: 1.4537 2.0% 10-dma envelope
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4356 @ 16:56 GMT Dec 20
- SUP 1: 1.4301 Low Dec 18
- SUP 2: 1.4174/4014 20- and 50-day EMA values
- SUP 3: 1.3928 Low Nov 25 and a key support
- SUP 4: 1.3822 Low Nov 6
USDCAD bulls remain in the driver’s seat. While price faded into the Thursday close, the recent breach of 1.4178, the Nov 26 high, confirmed a resumption of the uptrend and this maintains the price sequence of higher highs and higher lows. The latest rally opens 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4174, the 20-day EMA. A pullback would be considered corrective.
AUDUSD TECHS: Bearish Trend Structure
- RES 4: 0.6550 High Nov 25
- RES 3: 0.6501 50-day EMA
- RES 2: 0.6429 High Dec 12
- RES 1: 0.6337/6396 Low Dec 11 / 20-day EMA
- PRICE: 0.6263 @ 16:55 GMT Dec 20
- SUP 1: 0.6199 Low Dec 19
- SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6100 Round number support
- SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows and Wednesday’s sell-off, reinforce a bear theme. The move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. The break lower opens 0.6158 next, a Fibonacci projection. Initial firm resistance to watch is 0.6396, the 20-day EMA.
