SILVER TECHS: Bullish Theme
- RES 4: $39.026 - 1.382 proj of the Apr 7 - 25 - May 15 price swing
- RES 3: $38.246 - 1.236 proj of the Apr 7 - 25 - May 15 price swing
- RES 2: $38.000 - Round number resistance
- RES 1: $37.317 - High Jun 18
- PRICE: $36.389 @ 08:01 BST Jun 26
- SUP 1: $35.646 - 20-day EMA
- SUP 2: $34.452/31.651 - 50-day EMA / Low May 15
- SUP 3: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 4: $27.686 - Low Sep 6 ‘24
A bull wave in Silver remains in play and the latest pullback is considered corrective. The metal has recently traded through resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The break of it marks an important medium-term bullish development. Sights are on the $38.00 handle next. On the downside, initial support to watch lies at $35.646, the 20-day EMA. It has been pierced, a clear break would open $34.452, the 50-day EMA.
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USDCAD TECHS: Resumes Its Downtrend
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3984/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3882 20-day EMA
- PRICE: 1.3746 @ 07:58 BST May 27
- SUP 1: 1.3686 Low May 26
- SUP 2: 1.3643 Low Oct 9 ‘24
- SUP 3: 1.3579 1.500 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
A downtrend in USDCAD remains intact and the latest move down reinforces this theme. The pair has traded through support at 1.3751, the May 6 low. This confirms a resumption of the downtrend and maintains the sequence of lower lows and lower highs. Scope is seen for an extension towards the 1.3600 handle while further out, the move down opens 1.3420, the Sep 25 ‘24 low. Initial resistance is 1.3882, the 20-day EMA.
BONDS: EGBs are pushing higher post French CPI
- A 10 ticks jump for Bund, and 20 ticks in OAT after the French CPI come below Consensus, but initial Tech levels are still untouched.
- The next immediate resistance in OATM5 is at 125.60, so far only printed a 125.40 high.
MNI: FRANCE MAY HICP -0.2% M/M, +0.6% Y/Y
- MNI: FRANCE MAY HICP -0.2% M/M, +0.6% Y/Y
- MNI: FRANCE MAY CPI -0.1% M/M, +0.7% Y/Y
