GBPUSD TECHS: Correction Extends

Jul-26 17:30
  • RES 4: 1.2220 50-day EMA
  • RES 3: 1.2213 High Jun 29
  • RES 2: 1.2125 High Jul 5
  • RES 1: 1.2090 Intraday high
  • PRICE: 1.2046 @ 16:06 BST Jul 26
  • SUP 1: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 2: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 3: 1.1640 Low Mar 25 2020
  • SUP 4: 1.1503 Low Mar 24 2020

GBPUSD remains in a short-term corrective bullish cycle, with the dip being bought Tuesday to erase losses into the close. The move higher signals scope for a stronger short-term correction and this has potentially opened the 50-day EMA at 1.2220 - a key resistance point. The primary trend direction is down. A resumption of weakness would refocus attention on 1.1673 next, a Fibonacci projection. The key support to watch is at 1.1760, the Jul 14 low and bear trigger.

Historical bullets

MNI: Test, Please Ignore

Jun-24 22:25

Test Please Ignore

AUSSIE 10-YEAR TECHS: (U2) More Stable But Still Fragile

Jun-24 22:15
  • RES 3: 97.455 - High Mar 18
  • RES 2: 97.185 - High Apr 5
  • RES 1: 96.945 - High Apr 26 and key short-term resistance
  • PRICE: 96.220 @ 15:36 BST Jun 24
  • SUP 1: 95.663 - Low Jun 16
  • SUP 2: 95.470 - 3.0% Lower Bollinger Band
  • SUP 3: 95.651 - 0.5% 10-dma envelope

Aussie 10yr futures have strengthened, but remain weak over the medium-term, having extended the downtick alongside the global wave of bond weakness. This shifts first support lower, with markets eyeing vol band support at both 95.470 and 95.651. Moving average studies continue to highlight a bearish backdrop and recent weakness has maintained a bearish price sequence of lower lows and lower highs - the definition of a downtrend. Key short-term resistance remains at 96.945, the Apr 26 high.

USDCAD TECHS: Trend Structure Remains Bullish

Jun-24 20:00
  • RES 4: 1.3338 38.2% of the 2020 - 2021 bear leg
  • RES 3: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 2: 1.3113 High Nov 23 2020
  • RES 1: 1.3079 High May 17 and a bull trigger
  • PRICE: 1.2911 @ 15:52 BST Jun 24
  • SUP 1: 1.2906 Low Jun 21
  • SUP 2: 1.2861/53 Low Jun 16 / 20-day EMA
  • SUP 3: 1.2791 50-day EMA
  • SUP 4: 1.2681 Low Jun 10

The USDCAD outlook is bullish and price continues to trade closer to its recent highs. The pair cleared 1.3000 on Jun 17 and the rally also resulted in a print above key resistance at 1.3077, the May 16 high and a bull trigger. A clear breach of 1.3077 would confirm a resumption of the uptrend and signal scope for strength towards 1.3113, the Nov 23 2020 high. Initial firm support is at 1.2853, the 20-day EMA.