TURKEY: Authorities Consider Measures to Curb Rising Food Prices
- Yeni Safak report that proposals are being put forward to limit food price increases. One option is to open “cheap aisles” at 55,000 supermarket stores across Turkey. Under this model, 10-15% of the goods in a supermarket would be supplied directly by the state. Prices would be fixed nationwide, like in pharmacies. As part of the project, state-owned warehouses will be established in metropolitan cities and regional areas, and market vendors will purchase products directly from these state-owned warehouses, eliminating intermediaries. 100-150 of the most commonly consumed staples - such as flour, sugar, oil, legumes, and basic fruits and vegetables - will be targeted.
- Japanese Defense Minister General Nakatani met with Turkish National Defense Minister Yasar Guler in Ankara on Tuesday. During the meeting, the two sides pledged to increase defense industry cooperation.
- Turkey's adjusted consumer confidence index rose to 84.3 in August from 83.5 in July. The central bank will publish weekly capital flows data at 12:30BST/14:30 local time.
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SILVER TECHS: Bullish Price Sequence
- RES 4: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.000 - Psychological round number
- RES 2: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- RES 1: $39.132 - High Jul 14
- PRICE: $38.834 @ 08:07 BST Jul 22
- SUP 1: $37.271 - 20-day EMA
- SUP 2: $35.942 - 50-day EMA
- SUP 3: $33.967 - Low Jun 3
- SUP 4: $32.615 - Low May 22
Trend signals in Silver are unchanged and continue to point north. On Jul 11, Silver cleared a key short-term resistance at $37.317, the Jun 18 high. This confirmed a resumption of the uptrend. Note too that moving average studies are in a bull-mode position, highlighting a clear uptrend. Sights are on the $39.655 next, a Fibonacci projection. On the downside, initial support to watch lies at $37.271, the 20-day EMA.
USDCAD TECHS: Key Short-Term Resistance Intact For Now
- RES 4: 1.3920 High May 21
- RES 3: 1.3862 High May 29
- RES 2: 1.3798 High Jun 23
- RES 1: 1.3744/74 50-day EMA / High Jul 17
- PRICE: 1.3692 @ 08:04 BST Jul 22
- SUP 1: 1.3639/3557 Low Jul 08 / 03
- SUP 2: 1.3540 Low Jun 16 and the bear trigger
- SUP 3: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3473 Low Oct 2 2024
Resistance in USDCAD at 1.3744, the 50-day EMA, remains intact for now. It has been pierced, however, a clear break of it is required to highlight a possible stronger short-term reversal. This would open 1.3798 initially, the Jun 23 high. For now, a bear trend remains in place. A resumption of weakness would refocus attention on key support at 1.3540, the Jun 16 low. Clearance of this level would confirm a resumption of the downtrend.
AUDUSD TECHS: Support At The 50-Day EMA Remains Exposed
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6603 High Nov 11 ‘24
- RES 1: 0.6595 High Jul 11 and the bull trigger
- PRICE: 0.6511 @ 07:59 BST Jul 22
- SUP 1: 0.6455 Low Jul 17
- SUP 2: 0.6435 23.6% retracement of the Sep 9 - Jul 11 bull leg
- SUP 3: 0.6373 Low Jun 23 and a bear trigger
- SUP 4: 0.6357 Low May 12
The trend set-up in AUDUSD remains bullish. Support around the 50-day EMA, at 0.6492, has been breached, however, the pair has found support just below the average. A clear break of this EMA would highlight a stronger reversal and signal scope for an extension initially towards 0.6435, a Fibonacci retracement. Key short-term resistance has been defined at 0.6595, clearance of this hurdle would resume the uptrend.
