EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDZAR Outlook Is Bullish
Dec-20 12:10
- USDZAR has traded higher this week, resulting in a clear break of both the 20- and 50-day EMAs. The break higher undermines a recent bearish theme and signals a reversal of the Nov 14 - Dec 12 bear leg. Resistance at 18.3951, the Nov 14 high and bull trigger, has been pierced. A clear break of it would strengthen a bullish theme and signal scope for gains towards 18.6850, the Aug 5 high. On the downside, key short-term support has been defined at 17.6191, the Dec 12 low. Clearance of this level is required to reinstate the recent bearish theme. First support lies at 18.0225, the 20-day EMA.
- The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend. The 35.00 handle has been cleared. This opens 36.00. Support at the 20-day EMA, lies at 34.8092.
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OPTIONS: Larger FX Option Pipeline
Nov-20 12:09
- EUR/USD: Nov21 $1.0535-50(E1.4bln), $1.0600-10(E2.1bln), $1.0650(E1.3bln); Nov22 $1.0500(E1.1bln), $1.0600-15(E1.4bln)
- AUD/USD: Nov21 $0.6450(A$2.0bln)
- NZD/USD: Nov25 $0.6000(N$1.7bln)
- USD/CAD: Nov21 C$1.4025-40($1.2bln), C$1.4175($1.0bln)
BONDS: Broader lows in Core Bonds
Nov-20 12:02
- EGBs and Bund are taking another leg lower, which might help Treasuries also.
- Immediate support in Bund is at 131.68, followed by 131.28 initially, and a break through here would again highlight the 2.50% level in Yield, the November top.
- BTP is clearing Yesterday's low, next support is at 119.63.
- OAT now targets 124.43 next.
- US TYZ4 sees support at 109.14, but more importantly towards the figure and the 4.50% level.
EU-BOND AUCTION PREVIEW: On offer next week
Nov-20 12:01
The EU has announced it will be looking to sell the following bonds at its auction next Monday, November 25:
- Up to E2bln of the 2.00% Oct-27 EU-bond (ISIN: EU000A3K4DS6)
- Up to E2bln of the 3.00% Dec-34 EU-bond (ISIN: EU000A3K4ES4)
