EURUSD TECHS: Continues To Appreciate
- RES 4: 1.1081 76.4% retracement of the Jul 18 - Oct 3 downleg
- RES 3: 1.1065 High Aug 10 and a key resistance
- RES 2: 1.1005 High Aug 11 and 2.0% 10-dma envelope
- RES 1: 1.0965 Intraday high
- PRICE: 1.0959 @ 05:40 GMT Nov 21
- SUP 1: 1.0825/0756 Low Nov 17 / High Nov 5, recent breakout level
- SUP 2: 1.0656 Low Nov 10 and key short-term support
- SUP 3: 1.0568 Low Nov 2
- SUP 4: 1.0517/0496 Low Nov 1/ 13
A bullish theme in EURUSD remains intact and the pair continues to appreciate. Recent strong gains reinforce the current positive technical picture and the focus is on 1.1005, the Aug 11 high and 1.1065, the Aug 10 high and a key resistance. Moving average studies have crossed and are currently in a bull-mode position, highlighting positive market sentiment. Support lies at 1.0825, the Nov 17 low.
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AUSSIE 10-YEAR TECHS: (Z3) Medium-Term Trend Direction Cemented Lower
- RES 3: 96.160 - High Jul 20
- RES 2: 96.050 - High Sep 4 and a key resistance
- RES 1: 95.924 - High Sep 15
- PRICE: 95.265 @ 16:16 BST Oct 20
- SUP 1: 95.175 - Low Oct 20
- SUP 2: 95.102 - Lower 3.0% Bollinger Band
- SUP 3: 94.488 - 1.0% 10-dma envelope
The Aussie 10yr futures broader trend direction is down, with prices returning lower still into the Thursday close. Key support and the bear trigger at 95.660/95.670, the Aug 17 low/Jun 17 2022 low has been breached, confirming the resumption of the medium-term downtrend. The focus is on 95.102, the 3.0% Lower Bollinger Band. Initial key resistance has been defined at 96.050, the Sep 4 high.
ITALY: S&P Affirm Italy at BBB, Outlook Stable
- *S&P: ITALY 'BBB/A-2' RATINGS AFFIRMED; OUTLOOK STABLE (BBG)
- The following commentary was attached to the report:
- "By 2025, S&P project that Italy's real GDP growth will recover to above 1%, helped by accelerated deployment of the Next Generation EU funds, which we believe will likely extend beyond 2026"
- "Economic growth will decelerate in 2023 and 2024 on the back of rising private sector savings, tightening credit conditions, slowing manufacturing, and weakening global trade: S&P"
USDCAD TECHS: Bullish Trend Structure Remains In Place
- RES 4: 1.3920 2.0% 10-dma envelope
- RES 3: 1.3862 High Mar 10 and a key resistance
- RES 2: 1.3805 High Mar 24
- RES 1: 1.3786 High Oct 5 and the bull trigger
- PRICE: 1.3701 @ 17:06 BST Oct 20
- SUP 1: 1.3569 Low Oct 10
- SUP 2: 1.3559 50-day EMA
- SUP 3: 1.3417 Low Sep 29
- SUP 4: 1.3381 Low Sep 19 and a key support
The USDCAD trend outlook is unchanged and remains bullish. The pair remains above the 20- and 50-day EMAs. The 50-day average intersects at 1.3559 and marks a key short-term support. A clear break of this average would signal scope for a deeper correction. Sights are on 1.3786, the Oct 5 high. Clearance of this level would confirm a resumption of the uptrend and open 1.3862, the Mar 10 high.
