SILVER TECHS: Bullish Trend Structure

• RES 4: 1.4200 Round number resistance  
• RES 3: 1.4167 50.0% retracement of the Feb 3 - Jun 16 bear leg
• RES 2: 1.4111 High Apr 10
• RES 1: 1.4080 High Oct 16 and the bull trigger
• PRICE: 1.3978 @ 08:18 GMT Oct 27
• SUP 1: 1.3911 50-day EMA  
• SUP 2: 1.3833 Bull channel base drawn from the Jul 23 low 
• SUP 3: 1.3769 Low Sep 19 
• SUP 4: 1.3727 Low Aug 29 and a bear trigger

USDCAD is trading at its recent lows. The trend condition is bullish and the latest move down is considered corrective. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would open 1.4111, the Apr 10 high, and further out, scope is seen for an extension towards 1.4167, a Fibonacci retracement. First key support lies at 1.3911, the 50-day EMA.

• RES 4: 94.24 1.618proj of the Sep 3 - 11 - 26 price swing  
• RES 3: 94.00 Round number resistance        
• RES 2: 93.95 1.500 proj of the Sep 3 - 11 - 26 price swing
• RES 1: 93.93 High Oct 22   
• PRICE: 93.28 @ 08:04 GMT Oct 27
• SUP 1: 92.66 Low Oct 21       
• SUP 2: 92.24 20-day EMA 
• SUP 3: 91.82 High Sep 24 and a recent breakout level
• SUP 4: 91.01 Low Oct 13    

A bull cycle in Gilt futures remains intact and last week’s gains strengthen the bullish condition. The clearance of 93.17, the Oct 17 high, confirms a resumption of the uptrend and signals scope for an extension towards 93.95 next, a Fibonacci projection. Note that the contract is overbought, a pullback would allow this condition to unwind. Firm support to watch lies at 92.24, the 20-day EMA.

• RES 4: 0.6660/6707 High Sep 18 / 17 and a bull trigger
• RES 3: 0.6629 High Sep 30 & Oct 01 and key short-term resistance
• RES 2: 0.6574 50.0% retracement of the Sep 17 - Oct 14 bear leg 
• RES 1: 0.6548 Intraday high 
• PRICE: 0.6537 @ 08:11 GMT Oct 27
• SUP 1: 0.6440 Low Oct 14
• SUP 2: 0.6415 Low Aug 21 / 22 and a bear trigger
• SUP 3: 0.6373 Low Jun 23
• SUP 4: 0.6357 Low May 12  

AUDUSD continues to trade above its recent lows. Attention remains on the Oct 14 reversal pattern - a hammer candle. It signals the end of the bear cycle that started Sep 17. Note that the initial firm resistance at 0.6541, the 50-day EMA, has been pierced. A clear break of this hurdle would strengthen a bullish theme. For bears, a breach of 0.6440, the Oct 14 low, would instead cancel the reversal pattern and reinstate a bear threat.