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On January 13th, the Jiangsu Provincial Government issued a notice regarding the "Artificial Intelligence+" Action Plan for Jiangsu Province, which mentions accelerating the application of autonomous driving in various industries. This includes accelerating the research and deployment of large-scale models in assisted driving and autonomous driving systems, constructing a data-driven algorithm system across the entire process, and promoting the development of intelligent cockpits adapted to high-level autonomous driving. The plan also explores the construction of an innovation platform for autonomous driving spatial intelligence and world models. Furthermore, it promotes pilot applications of "vehicle-road-cloud integration" for intelligent connected vehicles, constructs intelligent roadside infrastructure, and achieves networked recognition of all traffic facilities and autonomous driving mode operation within designated areas.Hong Kong-listed tech stocks weakened in the afternoon, with SenseTime (00020.HK) falling more than 4%, Kuaishou (01024.HK) falling more than 3%, and Xiaomi Group (01810.HK), Baidu (09888.HK) and others following suit.On January 13th, JPMorgan Chase issued a report stating that WuXi AppTec (02359.HK) recently issued a profit warning, expecting sales to increase by 16% year-on-year to RMB 45.5 billion in 2025, exceeding the banks forecast by 2%; adjusted net profit is expected to increase by 41% year-on-year to RMB 15 billion, 4% higher than the banks forecast. The bank believes that the better-than-expected performance is mainly driven by continuous capacity and production capacity improvement, production process optimization, and improved operational efficiency; the market is expected to react positively to the profit warning. In addition, although the profit warning did not provide specific details on gross profit margin or operating expenses, the bank believes that WuXi AppTecs adjusted net profit margin expansion to 33% is another positive surprise; a target price of HKD 142 and an "overweight" rating are now given.January 13th Futures News: 1. WTI crude oil futures trading volume was 1,065,300 lots, a decrease of 158,978 lots from the previous trading day. Open interest was 1,998,254 lots, an increase of 2,157 lots from the previous trading day. 2. Brent crude oil futures trading volume was 204,328 lots, a decrease of 10,772 lots from the previous trading day. Open interest was 230,708 lots, an increase of 2,585 lots from the previous trading day. 3. Natural gas futures trading volume was 876,995 lots, a decrease of 207,686 lots from the previous trading day. Open interest was 1,643,126 lots, a decrease of 36,978 lots from the previous trading day.Kuwait set its official selling price for its extra-light crude oil to Asia in February at a discount of $1.60 per barrel to the average price in Oman/Dubai.

The Dollar Index's Top-to-Bottom Reversal Indicates a Potential Momentum Shift

Drake Hampton

Apr 11, 2022 10:52

On Friday, the US Dollar fell versus a basket of foreign currencies after gaining more than 100 points for the first time in over two years. It reached a high of 100.20 during the session, its highest level since May 2020.

 

Despite the fact that it formed a potentially bearish closing price reversal top, it ended the week up 1.3 percent. Throughout the week, the dollar index was mostly supported by a rise in US Treasury yields and a weaker Euro.

 

The June US Dollar Index closed at 99.753 on Friday, down 0.007 or -0.01 percent. The Invesco DB US Dollar Index Bullish Fund ETF (UUP) closed at $26.68, an increase of $0.01 or 0.02%.

 

On Friday, the US Treasury 10-year yield surpassed 2.7 percent for the first time in three years, aided by the likelihood of more aggressive Federal Reserve tightening. Additionally, this week's release of the Fed's March meeting minutes revealed that "many" members were prepared to raise rates in future months in 50-basis-point increments.

 

In other news, the Euro was under pressure as the election battle between President Emmanuel Macron and far-right contender Marine Le Pen tightened in France, the Euro Zone's second-largest economy. Macron continues to lead polls.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is upward. However, Friday's closing price reversal top implies that momentum is about to move downward.

 

A move above 99.745 will confirm the price reversal top at the close. This could initiate a 2-3 day adjustment. A break of 100.200 will invalidate the chart pattern and suggest the resumed uptrend. The primary trend will revert to the downside upon a break of 97.730.

 

Minor values range from 97.730 to 100.200. The nearest support level is at its 50% level, or pivot, of 98.965.

 

The critical support level is the long-term Fibonacci retracement level around 98.200.

Scenario of the Bear

Persistent movement below 99.975 indicates the existence of sellers. Taking out 99.745 will confirm the price reversal top at the close. If this generates sufficient downside momentum, expect the selling to extend towards the minor pivot at 98.965.

Scenario of Bullishness

Sustaining a move over 99.975 indicates the presence of buyers. The initial objective on the upside is 100.200.

 

If 100.200 is breached, the closing price reversal top will be invalidated, signaling the resumption of the uptrend. If buying is sufficiently strong, we may see an acceleration to the upside, with the next big objective of 100.560 – 100.930.

 

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