USDCAD TECHS: Tops Resistance
- RES 4: 1.2871 High Mar 15
- RES 3: 1.2786 76.4% retracement of the Mar 8 - Apr 5 bear leg
- RES 2: 1.2734 1.0% 10-dma envelope
- RES 1: 1.2724 High Apr 22
- PRICE: 1.2716 @ 16:58 BST Apr 22
- SUP 1: 1.2568/2459 Intraday low / Low Apr 21
- SUP 2: 1.2403 Low Apr 5 and a key support
- SUP 3: 1.2387 Low Nov 10 2021
- SUP 4: 1.2328 Low Oct 29 2021
USDCAD price action topped the upside directional trigger Friday at 1.2676, Apr 13 high, turning the near-term focus higher. This exposes vol band resistance at 1.2734 initially ahead of 1.2786, the 76.4% retracement of the Mar 8 - Apr 5 bear leg. A reversal lower would instead refocus attention on support at 1.2459, where a break would reinstate a bearish theme.
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EURJPY TECHS: Bull Cycle Extends
- RES 4: 135.85 High Feb 7 2018
- RES 3: 134.13 High Jun 1 2021 and a major resistance
- RES 2: 134.09 3.0% 10-dma envelope
- RES 1: 133.89 Intraday high
- PRICE: 132.18 @ 16:44 GMT Mar 23
- SUP 1: 131.59 Low Mar 22
- SUP 2: 130.72 Low Mar 17
- SUP 3: 129.23 20-day EMA
- SUP 4: 127.42 Low Mar 10
EURJPY traded higher once again Wednesday. The cross has topped the bull trigger at the Feb 10 high of 133.15. This strengthens the near-term bullish outlook, with the cross at fresh YTD highs. Upside targets shift higher to the 3.0% 10-dma envelope of 134.09. The cross also remains above both the 20- and 50-day EMAs. Initial firm support is seen at 131.59, Tuesday’s low.
US STOCKS: Late Equity Roundup -- Weaker, But Still Near 5W Highs
Stock indexes extended session lows after the FI close Wednesday after SPX eminis climbed to the highest levels since Feb 10 overnight (4514.00) and breach of round number resistance late Tue.
- Earlier bid stalled as focus turns from hawkish Fed speak to Geopol-risk ahead Pres Biden NATO address Thu. Indeed, de-risking accelerated late after National Security Advisor Sullivan said U.S. WILL UNVEIL NEW RUSSIA SANCTIONS: TARGET POLITICAL FIGURES, OLIGARCHS, ENTITIES, Bbg at Thu's summit.
- Currently, SPX emini -45.75 (-1.02%) at 4458.75 -- still well above key support of 4352.15, the 20-day EMA. Flipside: key resistance at 4514.75 (High Mar 22) followed by 4578.50 (High Feb 9).
- Dow trades -362.03 (-1.04%) at 34445.65, and Nasdaq -164.1 (-1.2%) at 13947.16.
- SPX leading/lagging sectors: Strong support for Energy sector (+2.46%) w/ crude holding gains: WTI +$5.70 at $114.97. Energy equipment +3.65%
- Utilities sector (+0.68) with gas, electric and water sub-sectors outperforming.
- Laggers: Health Care (-1.47%) dragged down by equipment mfgs (-1.85%), pharmaceuticals (-1.17%). Financials (-1.4%)
- Dow Industrials Leaders/Laggers: Tech shares strong, Apple (AAPL) gaining 2.51 at 171.33; Chevron (CVX) climbs +2.81 to 166.90 on higher crude.
- Laggers: Home Depot (HD) extends sell off -12.94 at 316.79.
USDJPY TECHS: Bulls Remain In Control
- RES 4: 124.63 High Aug 13 2015
- RES 3: 123.76 High Nov 18 2015
- RES 2: 122.47 2.382 projection of the Dec 3 - Jan 4 - 24 price swing
- RES 1: 121.69 High Jan 29 2016
- PRICE: 121.04 @ 16:42 GMT Mar 23
- SUP 1: 120.00 Round number support
- SUP 2: 119.04/ Low Mar 21 / 118.18 Low Mar 16
- SUP 3: 117.74/28 / 20-day EMA / Low Mar 14
- SUP 4: 116.35 High Jan 4
USDJPY bulls remain in charge. The pair has traded higher once again Wednesday, extending this week’s climb. The USD has cleared the top of the bull channel, drawn from the Jun 1 2021 high and more importantly, traded through the psychological 120.00 handle. This confirms a resumption of the uptrend and strengthens bullish conditions. The focus shifts to 121.69 next, the Jan 29 2016 high. Support is seen at Monday’s 119.04 low.
