SILVER TECHS: Bullish Wave Still In Play
- RES 4: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.000 - Psychological round number
- RES 2: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- RES 1: $39.132 - High Jul 14
- PRICE: $37.854 @ 08:15 BST Jul 17
- SUP 1: $36.861 - 20-day EMA
- SUP 2: $35.624 - 50-day EMA
- SUP 3: $33.967 - Low Jun 3
- SUP 4: $32.615 - Low May 22
Trend conditions in Silver are unchanged, a strong impulsive bull wave remains intact and recent gains reinforce current conditions. The metal on Jul 11 cleared key short-term resistance at $37.317, the Jun 18 high. This confirmed a resumption of the uptrend and sights are on the $39.655 next, a Fibonacci projection. On the downside, initial support to watch lies at $36.750, the 20-day EMA.
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BOJ: Ueda: Close Communication With MOF On Tapering Plans
- "BOJ GOV UEDA: MAINTAINED CLOSE COMMUNICATIONS WITH MOF IN TAPERING PLAN" RTRS
- "BOJ GOV UEDA: OUR DECISION ON FUTURE TAPERING REMOVES ONE UNCERTAINTY FOR GOVT IN TERMS OF BOND ISSUANCE PLANNING" RTRS
A reminder that the MOF is scheduled to hold a meeting with market participants on June 20 (Friday)
SILVER TECHS: Bull Cycle
- RES 4: $37.478 - High Mar 2012
- RES 3: $37.195 - 2.236 proj of the May 15 - 22 high / low price swing
- RES 2: $36.987 - 1.000 proj of the Apr 7 - 25 - May 15 price swing
- RES 1: $36.886 - High Jun 9
- PRICE: $36.458 @ 08:08 BST Jun 17
- SUP 1: $34.982 - 20-day EMA
- SUP 2: $33.842/31.651 - 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
Silver is unchanged. A bull wave remains in play and recent strong gains plus last Monday’s extension, reinforce this condition. The metal has traded through a resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The clear break of it marks an important medium-term bullish development. Sights are on $36.987 next, a Fibonacci projection. Initial support to watch lies at $34.982, the 20-day EMA.
USDCAD TECHS: Fresh Cycle Low
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3850/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3717 20-day EMA
- PRICE: 1.3578 @ 08:05 BST Jun 17
- SUP 1: 1.3540/3521 Low Jun 16 / 1.0% 10-dma envelope
- SUP 2: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 3: 1.3473 Low Oct 2 2024
- SUP 4: 1.3410 1.764 proj of the Feb 3 - 14 - Mar 4 price swing
The trend needle in USDCAD continues to point south and fresh cycle lows last week and again on Monday, reinforce a bearish theme. Support at 1.3686, the May 26 low and a bear trigger, has been cleared, confirming a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs. Sights are on 1.3521 next, envelope-based support. Resistance at the 20-day EMA is at 1.3732.
