USDCAD TECHS: Bullish Trend Structure
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3968 High May 20
- RES 1: 1.3925 High Aug 22
- PRICE: 1.3841 @ 08:03 BST Aug 27
- SUP 1: 1.3807 20-day EMA
- SUP 2: 1.3777/22 50-day EMA / Low Aug 7
- SUP 3: 1.3576 Low Jul 23
- SUP 4: 1.3557/40 Low Jul 3 / Low Jun 16 and the bear trigger
A bull cycle in USDCAD that started mid-June remains in play. The recent breach of resistance at 1.3879, the Aug 1 high, continues to highlight a bullish phase. Moving average studies have recently crossed and are in a bull-mode position, strengthening the current uptrend. An extension higher would signal scope for 1.4019, a Fibonacci retracement. Support to watch lies at 1.3775, the 50-day EMA. A break of the EMA would signal a reversal.
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GILT TECHS: (U5) Monitoring Support
- RES 4: 93.00 Round number resistance
- RES 3: 92.74 61.8% retracement of the Jul 1 - 18 bear leg
- RES 2: 92.42 50.0% retracement of the Jul 1 - 18 bear leg
- RES 1: 91.92/92.15 20-day EMA / High Jul 22
- PRICE: 91.47 @ Close BST Jul 28
- SUP 1: 91.18/91.08 Low Jul 24 / 18 and the bear trigger
- SUP 2: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg
- SUP 3: 90.59 Low May 29
- SUP 4: 90.46 Low May 23
Gilt futures have pulled back from the Jul 22 high. For now the contract remains above its recent lows. A rally early last week resulted in a break of the 20-day EMA. A resumption of gains would signal scope for a climb towards 92.42 next, a Fibonacci retracement. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low. Clearance of this level would resume the bear cycle that started Jul 1.
EURJPY TECHS: Bulls Remain In The Driver’s Seat
- 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: 174.00 Round number resistance
- PRICE: 173.63 @ 07:57 BST Jul 28
- SUP 1: 171.47 20-day EMA
- SUP 2: 170.81 Low Jul 11
- SUP 3: 169.77 Low Jul 7
- SUP 4: 168.76 50-day EMA
A bullish trend condition in EURJPY remains intact and the cross continues to appreciate. A fresh cycle high today, maintains the positive price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position. Sights are on the 174.00 handle next. Support to watch lies at 171.47, the 20-day EMA. A clear breach of this average would signal scope for a corrective pullback
GILTS: Opening calls
Gilt calls, 91.55/91.58.
