SILVER TECHS: Bullish Theme Remains Intact
- RES 4: $39.026 - 1.382 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $38.246 - 1.236 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $38.000 - Round number resistance
- RES 1: $37.317 - High Jun 18
- PRICE: $36.456 @ 07:55 BST Jun 27
- SUP 1: $35.742 - 20-day EMA
- SUP 2: $34.538/31.651 - 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 $35.742, the 20-day EMA. It has been pierced, a clear break would open $34.538, the 50-day EMA.
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AUDUSD TECHS: Corrective Pullback
- RES 4: 0.6603 High Nov 11 ‘24
- RES 3: 0.6582 High Nov 12 ‘24
- RES 2: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 1: 0.6537 High May 26
- PRICE: 0.6433 @ 08:06 BST May 28
- SUP 1: 0.6425 20-day EMA
- SUP 2: 0.6376/57 50-day EMA / Low May 12
- SUP 3: 0.6275 Low Apr 14
- SUP 4: 0.6181 Low Apr 11
AUDUSD trend signals remain bullish and the latest pullback is considered corrective. The pair has cleared a key short-term resistance at 0.6515, the May 7 high. This confirms a triangle breakout and marks a resumption of the uptrend. Sights are on 0.6550, a Fibonacci retracement. Key support lies at 0.6379, the 50-day EMA. A clear break of this average is required to signal a potential short-term reversal.
EURJPY TECHS: Remains Above Support
- RES 4: 166.69 High Oct 31 2024 and a key resistance
- RES 3: 166.10 High Nov 6
- RES 2: 165.21/43 High May 13 / High Nov 8 2024
- RES 1: 164.07 High May 15
- PRICE: 163.37 @ 17:06 BST May 27
- SUP 1: 161.09 Low May 23
- SUP 2: 160.99 Low Apr 22
- SUP 3: 160.01 50% Retracement Feb’25 - May’25 Upleg
- SUP 4: 159.48 Low Apr 9
EURJPY has recovered from its lows and for now, this undermines the recent bearish theme and signals the end of the recent corrective leg between May 13 - 23, and a likely resumption of the uptrend. Key short-term support has been defined at 161.09, the May 23 low, where a break is required to suggest scope for a deeper correction. A continuation higher would expose 165.21, the May 13 high and bull trigger.
EQUITIES: EU Cash opening Calls
Estox 50: -0.01%, Dax: +0.12%, CAC: +0.09%, FTSE +0.05%, SMI -0.13%.
