USDCAD TECHS: Bull Cycle Remains In Play

• RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing 
• RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
• RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 173.02/97 High Aug 13 / High Jul 28 and the bull trigger 
• PRICE: 171.95 @ 20:14 BST Aug 29
• SUP 1: 170.64 50-day EMA
• SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
• SUP 3: 168.46 Low Jul 1  
• SUP 4: 167.46 Low Jun 23   

EURJPY continues to trade below its recent highs. The trend structure is bullish and key support to watch lies at the 50-day EMA at 170.64. A clear break of the average is required to highlight a stronger short-term bearish threat. Note that moving average studies are in a bull-mode position reinforcing the primary uptrend. Key resistance to watch is the Jul 28 high of 173.97. Clearance of this level would confirm a continuation of the bull cycle.

• RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
• RES 3: 150.92 High Aug 1 and a key resistance 
• RES 2: 149.81 76.4% retracement of the Aug 1 - 14 bear leg 
• RES 1: 148.78/149.12 High Aug 22 / 61.8% of the Aug 1 - 14 bear leg  
• PRICE: 147.04 @ 20:07 BST Aug 29
• SUP 1: 146.21 Low Aug 14
• SUP 2: 145.86 Low Jul 24
• SUP 3: 145.40 50% retracement of the Apr - Aug upleg
• SUP 4: 145.19 Trendline drawn from the Apr 22 low 

A bear threat in USDJPY remains present. The short-term bear trigger lies at 146.21, the Aug 14 low. Clearance of this level would resume a downtrend that started early August and pave the way for an extension towards 145.40, a Fibonacci retracement. For bulls, a resumption of gains would instead open 149.12, 61.8% of the Aug 1 - 14 bear leg. Key resistance is far off at 150.92, the Aug 1 high.

• RES 4: 0.8769 High Jul 28 and the bull trigger   
• RES 3: 0.8744 High Aug 7 
• RES 2: 0.8682 High Aug 8  
• RES 1: 0.8674 High Aug 25 and a key near-term resistance 
• PRICE: 0.8660 @ 19:54 BST Aug 29
• SUP 1: 0.8597 Low Aug 14 and the bear trigger 
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

EURGBP continues to trade below its most recent highs. A bear threat remains present and attention is on support at 0.8597, the Aug 14 low. Clearance of this level would confirm a resumption of the downtrend that started Jul 28 and highlight potential for a deeper retracement. This would open 0.8562, a Fibonacci retracement. For bulls, resistance to watch is 0.8674, the Aug 25 high. A breach would instead signal a stronger reversal.