MNI EXCLUSIVE: MNI: Chances Rise PBOC Cuts RRR As Gov Debt Issuance Increases
The PBOC could lower the reserve requirement ratio soon as it seeks to support increase government debt issuance --On MNI Policy MainWire now, for more details please contact sales@marketnews.com
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SILVER TECHS: Bull Cycle Still In Play
- RES 4: $30.912 - 3.00 proj of the Oct 3 - 20 - Nov 13 price swing
- RES 3: $30.100 - Feb 2021 high and a key resistance
- RES 2: $30.000 - Psychological round number
- RES 1: $29.797 - High Apr 12
- PRICE: $27.725 @ 08:00 BST Apr 22
- SUP 1: $27.195 - 20-day EMA
- SUP 2: $25.641/328 - 50-day EMA / Low Mar 27
- SUP 3: $22.277 - Low Feb 28
- SUP 4: $21.928 - Low Jan 22 and a key support
Despite the pullback in Silver from the Apr 12 high, the trend outlook remains bullish. Recent trend gains and a bullish moving average set-up, reinforce the current positive outlook. Scope is seen for a climb towards the $30.00 psychological handle. A break of this level would strengthen the bullish set-up. Initial firm support lies at $27.195, the 20-day EMA. A move lower in the metal would be considered corrective.
EQUITIES: Europe Poised For Firmer Start
Equity index futures are biased higher ahead of the European cash open, indicating a firm start to the day. Euro Stoxx 50 futures show 0.7% firmer, while FTSE 100 futures are ~1.2% better off. Watch Swiss banks after the SNB hiked reserve requirements earlier today.
USDCAD TECHS: Corrective Pullback
- RES 4: 1.3977 High Oct 13 ‘22 and a key M/T resistance
- RES 3: 1.3899 High Nov 1 and a key resistance
- RES 2: 1.3855 High Nov 10 2023
- RES 1: 1.3846 High Apr 16
- PRICE: 1.3726 @ 07:55 BST Apr 22
- SUP 1: 1.3715 Intraday low
- SUP 2: 1.3667 20-day EMA
- SUP 3: 1.3591 50-day EMA
- SUP 4: 1.3478 Low Apr 4
A bullish trend condition in USDCAD remains intact and the most recent pullback appears to be a correction. The pair has recently cleared resistance at 1.3614, the Mar 19, 22, 25 and 29 high. This opens 1.3855 next, Nov 10 ‘23 high. Note that MA studies remain in a bull-mode position, highlighting a clear rising trend. The pullback from last Tuesday’s high is allowing an overbought condition to unwind. Support lies at 1.3667, the 20-day EMA.
