CEE: Poll Suggests Support For Georgescu Rose Post-Annulment Of Romania Election

Jan-20 07:34

The first opinion poll conducted after the announcement of the date for the re-run of the Romanian presidential election showed that support for far-right, pro-Russian politician Calin Georgescu, the surprise winner of the initial, cancelled round of voting, rose sharply to 50%, with analysts noting that he has capitalised on public backlash against the way the government handled the ongoing crisis of domestic political institutions.

  • An opinion poll conducted by Sociopol for Romania TV in mid-January indicated that half of all respondents were willing to cast their votes for Georgescu. There are questions surrounding the reliability of the poll, since Romania TV is known for its nationalist leanings and has been repeatedly fined for violations of local laws. However, two other surveys (admittedly conducted by undisclosed pollsters) circulated by withdrawn 2024 presidential candidate Cozmin Gusa and presumptive 2025 presidential candidate Nicusor Dan late last year put support for Georgescu at around 40%. In addition, Romania/Moldova analyst Kamil Calus of the Centre for Eastern Studies notes that these figures were consistent with unpublished polls commissioned by Romanian political parties.
  • As a reminder, Georgescu secured 22.9% of the vote in the first round of the 2024 presidential election, advancing to the run-off with Elena Lasconi, who narrowly defeated PM Marcel Ciolacu in a race for the second place. The Constitutional Court initially upheld the results, but a few days later reversed its decision, based on information obtained from declassified intelligence reports suggesting Russian interference in the electoral process. The government set the date of the election re-run for May 6 and President Klaus Iohannis continues to serve in caretaker capacity until then. Measures taken to prevent a repeat of the events that led to the cancellation of the 2024 election have seemingly backfired. Questionable transparency of the relevant procedures and their improvised implementation, awkward communications and a slight delay in calling the election re-run (May as opposed to March) likely amplified anti-establishment sentiment, bolstering support for Georgescu.
  • For clarity, under Romania's electoral law, a candidate must secure the votes of an absolute majority of all registered voters, otherwise two best performers advance to the run-off. Furthermore, it is unclear if Georgescu will be allowed to run in the 2025 race. However, trends in public sentiment bode ill for mainstream Romanian political camps, which will struggle to reverse them going forward. Even if Georgescu is barred from participating in the repeated election, the bulk of his votes would be redistributed to other far-right candidates.

Historical bullets

TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'

Dec-20 21:16
  • 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

Dec-20 21:00
  • 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

Dec-20 20:30
  • 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.