BUNDS: Commerzbank Expect Good Demand At Today's Auction

• MNI: GERMANY JUNE FLASH MANUF PMI 49.0 (49.0 F'CAST, 48.3 MAY)
• MNI: GERMANY JUNE FLASH SERVICES PMI 49.4 (47.9 F'CAST, 47.1 MAY)

• RES 4: $39.026 - 1.382 proj of the Apr 7 - 25 - May 15 price swing 
• RES 3: $38.246 - 1.236 proj of the Apr 7 - 25 - May 15 price swing
• RES 2: $38.000 - Round number resistance 
• RES 1: $37.317 - High Jun 18  
• PRICE: $36.109 @ 08:26 BST Jun 23 
• SUP 1: $35.487 - 20-day EMA
• SUP 2: $34.242/31.651 - 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  

A bull wave in Silver remains in play and the latest pullback is - for now - considered corrective. The metal has recently 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 the $38.00 handle next. On the downside, initial support to watch lies at $35.487, the 20-day EMA.

• RES 4: 1.4111 High Apr 4
• RES 3: 1.4016 High May 12 and 13 and a key resistance 
• RES 2: 1.3828/1.3920 50-day EMA / High May 21 
• RES 1: 1.3747 High Jun 19
• PRICE: 1.3760 @ 08:24 BST Jun 23
• SUP 1: 1.3635 Low Jun 18  
• SUP 2: 1.3540/3525 Low Jun 16 / 1.0% 10-dma envelope
• SUP 3: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
• SUP 4: 1.3473 Low Oct 2 2024

A primary downtrend in USDCAD remains intact and recent gains are considered corrective. Resistance at the 20-day EMA, at 1.3713, has been breached. A continuation higher would signal scope for a stronger retracement and expose pivot resistance at the 50-day EMA, at 1.3828. Key support and the bear trigger has been defined at 1.3540, the Jun 16 low. A break of this price point would resume the downtrend.