HUNGARY: China’s BYD to Establish Europe Headquarters in Hungary
- Chinese EV maker BYD Co. will establish its European headquarters in Hungary, CEO Wang Chuanfu said at a press briefing in Budapest yesterday. The regional center will create 2000 jobs in an investment worth HUF 100bln ($280m), Hungarian Foreign Minister Peter Szijjarto said in a statement. Hungary has become an important trade and investment partner for China, in contrast with some other EU nations that are considering becoming less dependent on Beijing.
- Peace will be beneficial especially if Europe finds common ground with the US, the head of the Prime Minister’s Office Gergely Gulyas said at the meeting of the Hungarian Atlantic Council late on Thursday, MTI reported. Gulyas told the body’s general assembly that the change of government in the US had been a "relief" for Hungary as the previous Democrat administration had been "expressly unfriendly".
- No major data releases are scheduled for today. Looking ahead to next week, average gross wage data for March, May economic sentiment figures and April unemployment rate data are all slated for release.
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Historical bullets
SILVER TECHS: Clears Resistance At The 50-Day EMA
- RES 4: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 3: $34.590 - High Mar 28
- RES 2: $33.117 - 76.4% retracement of the Mar 28 - Apr 7 bear leg
- RES 1: $32.658 - Intraday high
- PRICE: $32.647 @ 08:08 BST Apr 16
- SUP 1: $30.577/28.351 - Low Apr 10 / 7 and the bear trigger
- SUP 2: $27.686 - Low Sep 6 ‘24
- SUP 3: $27.180 - Low Aug 14 ‘24
- SUP 4: $26.451 - Low Aug 8 ‘24 and a key support
Silver is trading higher today. The latest recovery undermines a bearish theme. Price has traded through an important resistance around the 50-day EMA - at $32.218. The break higher signals scope for an extension towards $33.117, a Fibonacci retracement. A break of this level would strengthen a bullish condition. On the downside, initial firm support to watch lies at $30.577, the Apr 10 low.
USDCAD TECHS: Bear Cycle Remains Intact
- RES 4: 1.4452/4543 High Mar 13 / 4 and a bull trigger
- RES 3: 1.4415 High Apr 1
- RES 2: 1.4237 50-day EMA
- RES 1: 1.4028/4151 Low Apr 3 / Low Feb 14
- PRICE: 1.3931 @ 08:02 BST Apr 16
- SUP 1: 1.3829/22 Low Apr 14 / Low Nov 6 ‘24
- SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 3: 1.3696 Low Oct 10 2024
- SUP 4: 1.3643 Low Oct 9 ‘24
USDCAD has bounced off recent lows but a bearish theme remains intact for now. Recent fresh trend lows marked a resumption of the downtrend and has signalled scope for a continuation near-term. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Moving average studies are in a bear -mode position, highlighting a dominant downtrend. First resistance to watch is 1.4028, the Apr 3 low.
AUDUSD TECHS: Approaching Key Resistance
- RES 4: 0.6428 50.0% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6409 High Dec 9 and a key resistance
- RES 2: 0.6389 High Apr 3 and a reversal trigger
- RES 1: 0.6381/83 3.0% 10-dma envelope / High Apr 15
- PRICE: 0.6349 @ 07:58 BST Apr 16
- SUP 1: 0.6243 20-day EMA
- SUP 2: 0.6116/0.5915 Low 10 / Low Apr 9 and the bear trigger
- SUP 3: 0.5830 2.000 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.5729 2.236 proj of the Sep 30 - Nov 6 - 7 price swing
AUDUSD maintains a short-term bullish tone following recent gains. The pair has breached the 50-day EMA. The break of this average strengthens the reversal and signals scope for a continuation higher, towards 0.6389, the Apr 3 high and the next important resistance. For bears, a resumption of weakness would refocus attention on 0.5915, the Apr 9 low and bear trigger. First support lies at 0.6243, the 20-day EMA.
