GERMAN DATA: Aug IP Rebounds Above Consensus on Strong Construction, Machinery
Industrial production came in notably above consensus in August, rising 2.0%M/M (0.5% cons), after a...
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USDCAD TECHS: Trend Set-Up Still Bearish
- RES 4: 1.4175 High Jul 13
- RES 3: 1.4129 High Jul 28
- RES 2: 1.4080 High Aug 4 and 5
- RES 1: 1.3936 50-day EMA
- PRICE: 1.3836 @ 08:07 BST Sep 07
- SUP 1: 1.3732 Low Aug 21 and the bear trigger
- SUP 2: 1.3715 76.4% retracement of the May 1 - Jun 24 bull cycle
- SUP 3: 1.3672 Low May 12
- SUP 4: 1.3620 Low May 7
A bear theme in USDCAD remains intact and last Wednesday’s reversal reinforces this theme. Resistance at the 50-day EMA, at 1.3936, remains intact. A clear break of the average is required to strengthen any short-term bull theme and signal scope for a stronger retracement of the Jun 24 - Aug 21 bear leg. For bears, attention is on key near-term support at 1.3732, the Aug 21 low.
AUDUSD TECHS: Continues To Appreciate
- RES 4: 0.7310 1.00 proj of the Mar 30 - May 6 - Jun 30 price swing
- RES 3: 0.7278 High May 6 and key resistance
- RES 2: 0.7223 High May 15
- RES 1: 0.7218 Intraday high
- PRICE: 0.7214 @ 08:02 BST Sep 07
- SUP 1: 0.7136 20-day EMA
- SUP 2: 0.7084 50-day EMA
- SUP 3: 0.7023 Low Aug 6 and 7
- SUP 4: 0.6922 Low Jul 29
A bull cycle in AUDUSD remains intact. The pair has started the week on a bullish note and a fresh cycle today reinforces current trend conditions. The move higher maintains the bullish price sequence of higher highs and higher lows. A continuation of the bull leg would pave the way for a climb towards 0.7278, the May 6 high and a key resistance. Key support to watch is the 50-day EMA at 0.7084. First support lies at the 20-day EMA, at 0.7136.
US TSY OPTIONS: 2MU6 107.00 Puts Lifted
2MU6 107.00 puts paper paid 0-07 on 3K. These expire on Friday, so cover the PPI & CPI releases later this week. OI of 16.64K as of Friday’s close.
