SILVER TECHS: Bullish Trend Set-Up
- RES 4: $36.000 - Round number resistance
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.590 - High Mar 28
- RES 1: $33.686/700 - High Apr 25 / Intraday high
- PRICE: $33.478 @ 08:15 BST May 22
- SUP 1: $31.668/651 - Low May 1 / 15
- SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A bullish theme in Silver remains intact and this week’s gains reinforce this theme. Key short-term support has been defined at $31.651, the May 15 low. A clear break of this level would signal scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. It has been pierced, a clear break of it would confirm a resumption of the uptrend.
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EQUITIES: Estoxx futures is paring gains
- The bid in Estoxx futures has lacked traction, after Cash Equities gapped lower on the Open, caught up with some of the price action seen in Futures.
- Estoxx futures continues to trade within that 135 points range seen last Week, less volatile to some of the US Equity sessions.
- Last Week's range of 4786.00/4921.00 (low/high) will be seen as the first support/resistance.
AUDUSD TECHS: Clears Key Resistance
- RES 4: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6528 High Nov 29 ‘24
- RES 2: 0.6471 High Dec 9 ‘24
- RES 1: 0.6439 Intraday high
- PRICE: 0.6424 @ 08:11 BST Apr 22
- SUP 1: 0.6370/6291 Low Apr 21 / 20-day EMA
- SUP 2: 0.6181 Low Apr 11
- SUP 3: 0.6116 Low Apr 10
- SUP 4: 0.5915 Low Apr 9 and key support
AUDUSD traded higher Monday and the pair is holding on to its latest gains . A key resistance at 0.6409, the Dec 9 ‘24 high, has been cleared. This reinforces bullish conditions and signals scope for a continuation higher near-term. Sights are on 0.6471 next, the Dec 9 2024 high. Initial key support to monitor is 0.6291, the 20-day EMA. A clear break of this EMA would be a concern for bulls.
STIR: Citi Maintain SFIM5/M6 Flattener Recommendation
Citi remain “positioned for the market to keep adding BoE cuts as tariffs announcements turn to economic reality via SFI M5/M6 flatteners”.
- They believe that “worries about economic activity should allow the BoE to look through higher near-term inflation and induce a faster, catch-up easing cycle which should support a lower yield environment across the term structure over the medium-term”.
