USDCAD TECHS: Breaches Support

• RES 4: 0.120 61.8% retracement of the May 6 - Jun 30 bear leg RES 3: 0.7088 High Jun 15  
• RES 2: 0.7071 50.0% retracement of the May 6 - Jun 30 bear leg 
• RES 1: 0.7021 Intraday high 
• PRICE: 0.7006 @ 20:34 BST Jul 15
• SUP 1: 0.6960 20-day EMA 
• SUP 2: 0.6907 Low Jul 8
• SUP 3: 0.6865 Low Jun 30 and the bear trigger 
• SUP 4: 0.6757 38.2% retracement of the Apr 9 ‘25 - May 6 bull cyle

A bear cycle in AUDUSD remains intact and - for now - recent gains are considered corrective. However, Wednesday's gains resulted in a print above resistance at the 50-day EMA, at 0.7014. A clear break of the average would highlight a stronger short-term bounce and signal scope for a continued retracement of the May 6 - Jun 30 bear leg. Key support and the bear trigger lies at 0.6865, the Jun 30 low. A break would resume the downtrend.

• RES 4: 187.95 High Apr 17 and the bull trigger   
• RES 3: 187.56 High Apr 30
• RES 2: 186.56 76.4% retracement of the Apr 17 - May 6 bear leg  
• RES 1: 185.94/186.32 Intraday high / High Jun 16 and 17
• PRICE: 185.93 @ 20:21 BST Jul 15
• SUP 1: 184.98 50-day EMA
• SUP 2: 183.78/183.17 Low Jul 2 / Low Jun 24 
• SUP 3: 182.05 Low May 06 and a bear trigger
• SUP 4: 181.87 Low Mar 16 

Resistance in EURJPY remains intact for now. Attention is on the key short-term bull hurdles at 185.86 (pierced), the Jun 30 high, and 186.32, the Jun 16 and 17 high. Clearance of both price points would be a bullish development. On the downside, support to watch lies at 183.17, the Jun 24 low. Clearance of this level would pave the way for an extension towards 182.05, the May 6 low.

Oil prices move higher as the Wall Street Journal reports: "President Trump is leaning toward expanding U.S. military operations in Iran after days of briefings from top aides, U.S. officials said. Options include stepping up airstrikes, sending ground forces to seize Iranian islands near the Strait of Hormuz and bombing a fortified site that could be used for covert nuclear work."