CZECHIA: Prochazka Praises Success In Stabilising Inflation
- CNB's Jan Procházka said that bringing inflation close to the target has been good news for the economy and has allowed companies and households to 'plan, invest and grow'. He outlined measures taken by the CNB to 'get the entire bank in shape and move it into the 21st century,' including 'a more dynamic approach to our foreign exchange reserves, the modernization of all communication with the public, as well as processes related to economic development forecasts.'
- E15 reported that ANO and Spolu are waiting to announce election manifestos and unveil their economic proposals, but officials from both parties made informal commitments to avoid raising taxes. Meanwhile, STAN's election manifesto includes a promise to increase the progression of income taxes and impose certain sin levies.
President Petr Pavel will receive Chief of the General Staff Karel Rehka, Prime Minister Petr Fiala, Foreign Minister Jan Lipavsky and parliament speakers to discuss the upcoming NATO summit.
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USDCAD TECHS: Trend Needle Points South
- RES 4: 1.4415 High Apr 1
- RES 3: 1.4296 High Apr 7
- RES 2: 1.4180 50-day EMA
- RES 1: 1.3906/4052 High Apr 17 / 20-day EMA
- PRICE: 1.3812 @ 08:16 BST Apr 22
- SUP 1: 1.3781 Low Apr 21
- 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
A bearish theme in USDCAD remains intact for now. Fresh trend lows continue to highlight a resumption of the downtrend and signals 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 1.4052, the 20-day EMA.
EQUITIES: Estoxx futures is paring gains
- The bid in Estoxx futures has lacked traction, after Cash Equities gapped lower on the Open, caught up with some of the price action seen in Futures.
- Estoxx futures continues to trade within that 135 points range seen last Week, less volatile to some of the US Equity sessions.
- Last Week's range of 4786.00/4921.00 (low/high) will be seen as the first support/resistance.
AUDUSD TECHS: Clears Key Resistance
- RES 4: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6528 High Nov 29 ‘24
- RES 2: 0.6471 High Dec 9 ‘24
- RES 1: 0.6439 Intraday high
- PRICE: 0.6424 @ 08:11 BST Apr 22
- SUP 1: 0.6370/6291 Low Apr 21 / 20-day EMA
- SUP 2: 0.6181 Low Apr 11
- SUP 3: 0.6116 Low Apr 10
- SUP 4: 0.5915 Low Apr 9 and key support
AUDUSD traded higher Monday and the pair is holding on to its latest gains . A key resistance at 0.6409, the Dec 9 ‘24 high, has been cleared. This reinforces bullish conditions and signals scope for a continuation higher near-term. Sights are on 0.6471 next, the Dec 9 2024 high. Initial key support to monitor is 0.6291, the 20-day EMA. A clear break of this EMA would be a concern for bulls.
