USDCAD TECHS: Bears Remain In The Driver’s Seat
- RES 4: 1.4415 High Apr 1
- RES 3: 1.4296 High Apr 7
- RES 2: 1.4055 50-day EMA
- RES 1: 1.3901 20-day EMA
- PRICE: 1.3788 @ 07:59 BST May 7
- SUP 1: 1.3751 Low May 6
- SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 3: 1.3696 Low Oct 10 2024
- SUP 4: 1.3643 Low Oct 9 ‘24
Bearish conditions in USDCAD remain intact and the pair is trading at its recent lows. A fresh cycle low last Friday reinforces the bearish theme signalling scope for a continuation, near-term. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that Moving average studies are in a bear mode position, highlighting a dominant downtrend. On the upside, first resistance to watch is 1.3901, the 20-day EMA.
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AUDUSD TECHS: Clears Key Support
- RES 4: 0.6409 High Dec 9 and a key resistance
- RES 3: 0.6389 High Apr 3
- RES 2: 0.6295 50-day EMA
- RES 1: 0.6077/0.6219 Intraday high / Low Mar 31
- PRICE: 0.6015 @ 07:57 BST Apr 7
- SUP 1: 0.59311.764 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 2: 0.5900 Round number support
- SUP 3: 0.5830 2.000 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.5729 2.236 proj of the Sep 30 - Nov 6 - 7 price swing
Friday’s steep sell-off in AUDUSD cancels a recent bullish theme and instead, confirms a resumption of the downtrend that started late September last year. Today’s fresh cycle low reinforces a bear theme. A key support at 0.6088, the Feb 3 low, has been broken. This paves the way for an extension towards 0.5931 next, a Fibonacci projection. On the upside, resistance to watch is at 0.6219, the Mar 31 low.
GILTS: Opening calls
Gilt calls, 94.28/94.78 wide range today.
US TSY FUTURES: TU Blocked
Latest block trade lodged at 07:34:21 London/02:34:21 NY:
- TUM5 2.7K lots blocked at 104-12.25, looks like a seller.
- DV01 ~$104K.
