USDCAD TECHS: Approaching The Bull Trigger
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3925 High Aug 22 and the bull trigger
- RES 1: 1.3880 Intraday high
- PRICE: 1.3874 @ 08:03 BST Sep 11
- SUP 1: 1.3786/27 50-day EMA / Low Aug 27 and a bear trigger
- SUP 2: 1.3709 61.8% retracement of the Jul 23 - Aug 22 bull cycle
- SUP 3: 1.3658 76.4% retracement of the Jul 23 - Aug 22 bull cycle
- SUP 4: 1.3637 Low Jul 25
A bull cycle in USDCAD remains intact. The recovery from the Aug 29 low highlights a reversal signal and if correct, marks the end of the corrective pullback between Aug 22 - 29. A continuation higher would open the bull trigger at 1.3925, the Aug 22 high. Support lies at 1.3727, the Aug 29 low. Clearance of this level would instead reinstate a short-term bear theme and expose 1.3709 initially, a Fibonacci retracement.
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EURUSD TECHS: Holding Pattern Below Cycle High
- RES 4: 1.1851 High Sep 10 2021
- RES 3: 1.1829 High Jul 01 and the bull trigger
- RES 2: 1.1789 High Jul 24
- RES 1: 1.1699 High Aug 7
- PRICE: 1.1611 @ 08:01 BST Aug 12
- SUP 1: 1.1401 Low Jul 30 and a bear trigger
- SUP 2: 1.1373 Low Jun 10
- SUP 3: 1.1313 Low May 30
- SUP 4: 1.1184 38.2% retracement of the Feb 3 - Jul 1 bull cycle
EUR/USD edged higher to a new recovery high Thursday, but has faded since. Price had cleared the post-NFP high to keep the recovery off the late July pullback low intact. This works against the bearish backdrop that had dominated the pullback from 1.1829. The break of firm resistance into 1.1619, the 20-day EMA, is signaling greater odds of a further reversal higher. Major support below rests at 1.1373 next, the Jun 10 low.
GILTS: Opening calls
Gilt calls, 92.07/92.11, these do NOT take the UK Data into account.
EQUITIES: EU Cash Opening calls
Estox 50: +0.37%, Dax: +0.37%, CAC: +0.33%, FTSE +0.16%, SMI +0.26%.
