GBPUSD TECHS: Corrective Cycle Still In Play
- RES 4: 1.3000 Round number resistance
- RES 3: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
- RES 2: 1.2877 High Apr 25 2022
- RES 1: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
- PRICE: 1.2731 @ 05:48 BST Jun 26
- SUP 1: 1.2680 High May 10
- SUP 2: 1.2633/2523 20- and 50-day EMA values
- SUP 3: 1.2433 Low Jun 8
- SUP 4: 1.2369 Low Jun 5 and a key support
The primary uptrend in GBPUSD remains intact. Last week’s pullback appears to be a correction and the move lower is allowing a recent overbought condition to unwind. Support to watch lies at 1.2633, the 20-day EMA. The recent break of 1.2680, the May 10 high and a bull trigger, strengthens a bullish condition and opens 1.2849 next, a Fibonacci projection. A break would confirm a resumption of the uptrend.
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JGB TECHS: (M3) Corrects Lower
- RES 3: 151.26 - High Mar 3 2022
- RES 2: 149.75/150.81 - High Nov 11 / High Aug 5 2022
- RES 1: 149.53 High Mar 22
- PRICE: 148.53 @ 16:25 BST May 26
- SUP 1: 147.31/27 - 50-day EMA / Low Apr 18
- SUP 2: 145.80/144.73 - Low Mar 13 / Low Feb 13
- SUP 3: 144.15 - Low Jan 13
JGBs slid sharply Thursday, as hawkish Ueda comments prompted a correction. The bounce Friday helped stall any more protracted pullback, although the gap with next resistance at 149.17 remains. The strong recovery from 147.27, the Apr 18 low confirms the corrective nature of the recent pullback, keeping medium-term attention on 149.53, the Mar 22 high and the bull trigger. A break of this level would confirm a resumption of the uptrend. To the downside, the 50-dma provides support at 147.31, just above the Apr 18 low.
MNI: TREASURY GENERAL ACCOUNT $38.8B MAY 25 VS $49.5B PREV DAY
- MNI: TREASURY GENERAL ACCOUNT $38.8B MAY 25 VS $49.5B PREV DAY
USDCAD TECHS: Key Short-Term resistance Remains Exposed
- RES 4: 1.3805 High Mar 24
- RES 3: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
- RES 2: 1.3695 High Mar 28
- RES 1: 1.3668 High Apr 28 and key resistance
- PRICE: 1.3631 @ 16:54 BST May 26
- SUP 1: 1.3485/1.3404 Low May 23 / 16
- SUP 2: 1.3363/15 Low May 11 / 8
- SUP 3: 1.3302 Low Apr 14 and a key near-term support
- SUP 4: 1.3275 Low Feb 14
USDCAD continues to appreciate and a bullish theme remains intact. Sights are set on resistance at 1.3668, the Apr 28 high and a key level. Clearance of this hurdle would strengthen the case for bulls and pave the way for a move towards 1.3695, the Apr 28 high. On the downside, initial support lies at 1.3485, the May 23 low. A break of 1.3404, the May 16 low, is required to reinstate a bearish threat.
