OIL: Energy Markets - What to Watch:
Source: MNI
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SILVER TECHS: Short-Term Bear Threat Remains Present
- RES 4: $30.912 - 3.00 proj of the Oct 3 - 20 - Nov 13 price swing
- RES 3: $30.100 - Feb 2021 high and a key resistance
- RES 2: $30.000 - Psychological round number
- RES 1: $28.936/29.797 - High Apr 19 / 12
- PRICE: $27.310 @ 08:07 BST Apr 24
- SUP 1: $26.668 - Low Apr 23
- SUP 2: $25.765/24.328 - 50-day EMA / Low Mar 27
- SUP 3: $22.277 - Low Feb 28
- SUP 4: $21.928 - Low Jan 22 and a key support
A sharp sell-off in Silver Monday highlights the start of a corrective cycle. The metal has traded through the 20-day EMA and an extension lower would signal scope for a move towards $25.765, the 50-day EMA. Note that a pullback is allowing an overbought trend condition to unwind. A break of the 50-day EMA is required to strengthen a bearish threat. On the upside, key resistance and the bull trigger is at $29.797, the Apr 12 high.
USD: Broader bids emerging post Equity Cash open
- The Dollar is finding a small broader bid here, testing session high against the EUR, CHF, PHP, CAD, CZK, PLN, MXN, SEK, NOK, GBP.
- The small leg seems to coincide with the fade off the highs in Equities.
- Tnotes (TYM4) also hovers at session low, helping USDJPY to target the next big 155.00 level, now just printed a 154.97 high.
USDCAD TECHS: Corrective Pullback Extends
- RES 4: 1.3899 High Nov 1 and a key resistance
- RES 3: 1.3855 High Nov 10 2023
- RES 2: 1.3804/46 High Apr 19 / 16
- RES 1: 1.3714 High Ap 23
- PRICE: 1.3674 @ 07:59 BST Apr 24
- SUP 1: 1.3655 Intraday low
- SUP 2: 1.3598 50-day EMA
- SUP 3: 1.3547 Low Apr 9
- SUP 4: 1.3478 Low Apr 4
USDCAD traded lower again Tuesday. Nonetheless, a bullish trend condition remains intact and the most recent pullback appears to be a correction. The pair has recently cleared resistance at 1.3614, the Mar 19, 22, 25 and 29 high. This opens 1.3855 next, the Nov 10 ‘23 high. Note that moving average studies remain in a bull-mode position, highlighting a clear rising trend. The 20-day EMA has been pierced. Support at the 50-day EMA lies at 1.3598.
