TURKEY: CHP Fractures Emerge Ahead of June 30 Court Hearing

• RES 4: 1.4200 Round number resistance
• RES 3: 1.4111 High Apr 4
• RES 2: 1.3977/1.4016 50-day EMA / High May 12 and 13
• RES 1: 1.3875 20-day EMA
• PRICE: 1.3777 @ 07:58 BST May 27
• SUP 1: 1.3686 Low May 26   
• SUP 2: 1.3643 Low Oct 9 ‘24
• SUP 3: 1.3579 1.500 proj of the Feb 3 - 14 - Mar 4 price swing 
• SUP 4: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing 

A downtrend in USDCAD remains intact and short-term gains are considered corrective. The pair has recently traded through support at 1.3751, the May 6 low. This confirmed a resumption of the downtrend and has maintained the sequence of lower lows and lower highs. Scope is seen for an extension towards the 1.3600 handle while further out, the move down opens 1.3420, the Sep 25 ‘24 low. Initial resistance is 1.3875, the 20-day EMA.

• 0RU5 98.37/98.81cs, bought for 7.5 in 10k.
• 0RM5 98.25c, sold at 7.5 in 4.75k.
• 0RU5 98.12p, sold at 11.5 in 3k.

• 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.