EUROZONE ISSUANCE: EGB Supply Daily
Italy's supplementary auction round will conclude the week's issuance . Already this week Germany he...
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USDCAD TECHS: Bear Leg Remains Intact
- RES 4: 1.4051 High Nov 28
- RES 3: 1.3864 50-day EMA
- RES 2: 1.3777 20-day EMA
- RES 1: 1.3730 Low Dec 16
- PRICE: 1.3703 @ 06:41 GMT Dec 31
- SUP 1: 1.3643 Low Dec 26
- SUP 2: 1.3637 Low Jul 25
- SUP 3: 1.3576 Low Jul 23
- SUP 4: 1.3540 Low Jun 16 and a key M/T support
A bear theme in USDCAD remains intact and the pair is trading closer to its recent lows. Price has traded through all key retracement points of the bull cycle between Jun 16 - Nov 5. Scope is seen for an extension towards 1.3637 next, the Jul 25 low. Note that the trend is oversold. A corrective bounce would allow this condition to unwind. Initial firm resistance is at 1.3777, the 20-day EMA.
AUDUSD TECHS: Bullish Trend Sequence
- RES 4: 0.6858 1.000 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 3: 0.6795 0.764 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 2: 0.6759 High Oct 11 ‘24
- RES 1: 0.6728 High Dec 29
- PRICE: 0.6688 @ 06:28 GMT Dec 31
- SUP 1: 0.6683/6649 Low Dec 29 / 20-day EMA
- SUP 2: 0.6599 50-day EMA
- SUP 3: 0.6517 Low Nov 27
- SUP 4: 0.6466/21 Low Nov 26 / 21
The trend condition in AUDUSD remains bullish and recent strong gains reinforce current conditions. The pair has cleared a key resistance at 0.6707, the Sep 17 high. The breach confirms a resumption of the medium-term uptrend that started Apr 9. This signal scope for an extension towards 0.6759 next, the Apr 11 2024 high. Initial firm support to watch lies at 0.6649, the 20- day EMA.
EURJPY TECHS: Bull Cycle Remains Intact
- RES 4: 186.41 2.618 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 3: 185.79 Bull channel top drawn from the Feb 28 low
- RES 2: 185.77 2.5000 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 1: 184.92 High Dec 22
- PRICE: 183.81 @ 06:18 GMT Dec 31
- SUP 1: 182.89/181.57 20-day EMA / Low Dec 17
- SUP 2: 180.72 50-day EMA
- SUP 3: 179.77 Low Nov 21
- SUP 4: 177.55 Bull channel support drawn from the Feb 28 low
The trend structure in EURJPY remains bullish and a recent fresh cycle high reinforces current conditions. The move higher confirms a resumption of the primary uptrend. Sights are on 185.79, the top of a bull channel drawn from the Feb 28 low. This level also represents a key resistance point. On the downside, support to watch lies at 182.89, the 20-day EMA. A breach of it would signal the start of a corrective cycle.
