USDCAD TECHS: Approaching Key Support
- RES 4: 1.3386/87 50.0% of the May 26 - Jun 27 downleg / High Jul 7
- RES 3: 1.3370 50-dma
- RES 2: 1.3304 High Jul 10
- RES 1: 1.3266 20-day EMA
- PRICE: 1.3156 @ 08:13 BST Jul 13
- SUP 1: 1.3144 Low Jul 12
- SUP 2: 1.3117 Low Jun 27 and the bear trigger
- SUP 3: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
- SUP 4: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing
USDCAD remains soft on the back of this week’s bearish price action. A bearish engulfing candle on Jul 7 continues to highlight a reversal and attention turns to key support at 1.3117, the Jun 27 low. A break of this level would confirm a resumption of the downtrend that started on Oct 13 2022. This would pave the way for weakness towards 1.3084, a Fibonacci projection. Initial firm resistance is seen at 1.3266, the 20-day EMA.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
USDCAD TECHS: Key Support Remains Exposed
- RES 4: 1.3668 High Apr 28 and a key resistance
- RES 3: 1.3585 High Jun 1
- RES 2: 1.3493 50-day EMA
- RES 1: 1.3457 20-day EMA
- PRICE: 1.3354 @ 08:12 BST Jun 13
- SUP 1: 1.3313 Low Jun 09
- SUP 2: 1.3302 Low Apr 14 and a key near-term support
- SUP 3: 1.3275 Low Feb 14
- SUP 4: 1.3187 2.0% 10-dma envelope
USDCAD maintains a softer tone and price is trading at the recent lows. The latest move lower has exposed 1.3302, the Apr 14 low and a key support. Clearance of this level would strengthen bearish conditions and this would open 1.3262, the Feb 2 low which also represents a key support. On the upside, initial firm resistance is at 1.3457, the 20-day EMA. A break of this level is required to ease bearish pressure.
GILTS: A 43 ticks opening gap.
- A 43 ticks downside opening gap for the Gilt, but finds some buying interest on the open.
- Gap would be up to 95.26, although not the best tech study to use for the Gilt.
- With the Yield now quoted, the 10yr prints a 4.369% high.
Today, reference 95.02:
- 4.40% = 94.64.
- 4.45% = 94.11.
- 4.50% = 93.57 (the big one).
AUDUSD TECHS: Approaching Key Resistance
- RES 4: 0.6865 High Feb 22
- RES 3: 0.6834 3.0% 10-dma envelope
- RES 2: 0.6818 High May 10 and key resistance
- RES 1: 0.6783 Intraday high
- PRICE: 0.6771 @ 08:06 BST Jun 13
- SUP 1: 0.6693 Low Jun 9
- SUP 2: 0.6646 20-day EMA
- SUP 3: 0.6567/6458 Low May 31 and the bear trigger
- SUP 4: 0.6403 76.4% of the Oct - Feb bull cycle
The AUDUSD bull cycle that started May 31 remains in play and the pair continues to appreciate. Price is through 0.6733, 76.4% of the downleg in May. This reinforces current bullish conditions and signals scope for an extension towards 0.6818, the May 10 high and a key resistance. On the downside, a strong reversal is required to refocus attention on 0.6458, the May 31 low. Initial firm support is seen at 0.6646, the 20-day EMA.
