HUNGARY: EURHUF Edges Lower as Major Equity Futures Record Solid Overnight Gains
- Local news flow has been few and far between so far this morning, while no major data releases are scheduled for today either. Just average gross wage data for August is due this week, with that release scheduled for Friday morning (Est: +8.9% Y/Y; Prior: +8.9%).
- EURHUF edged 0.1% lower overnight. Key resistance for the cross is at 392.96, the 50-day EMA. A clear break of this average would signal scope for a stronger recovery, opening the 395.00 handle next. On the downside, a resumption of the downtrend would open 386.70, the 1.236 projection of the Jan 7 - Mar 21 - Apr 14 price swing, ahead of the 1.382 projection at 383.84.
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USDCAD TECHS: Bullish Theme
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3925 High Aug 22 and the bull trigger
- RES 1: 1.3890 High Sep 11
- PRICE: 1.3839 @ 08:03 BST Sep 15
- SUP 1: 1.3790/27 50-day EMA / Low Aug 27 and a bear trigger
- SUP 2: 1.3709 61.8% retracement of the Jul 23 - Aug 22 bull cycle
- SUP 3: 1.3658 76.4% retracement of the Jul 23 - Aug 22 bull cycle
- SUP 4: 1.3637 Low Jul 25
Despite last Thursday’s pullback, a bull cycle in USDCAD remains intact. The recovery from the Aug 29 low highlights a reversal signal and if correct, marks the end of the corrective pullback between Aug 22 - 29. A continuation higher would open the bull trigger at 1.3925, the Aug 22 high. Support lies at 1.3727, the Aug 29 low. Clearance of this level would instead reinstate a short-term bear theme and expose 1.3709 initially, a Fibonacci retracement.
AUDUSD TECHS: Bull Cycle Remains In Play
- RES 4: 0.6729 1.236 proj of the Jun 23 - Jul 11 - 17 price swing
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6677 1.00 proj of the Jun 23 - Jul 11 - 17 price swing
- RES 1: 0.6669 High Sep 12
- PRICE: 0.6659 @ 08:00 BST Sep 15
- SUP 1: 0.6558/6526 20- and 50-day EMA values
- SUP 2: 0.6463/6415 Low Aug 27 / Low Aug 21 / 22 and a bear trigger
- SUP 3: 0.6373 Low Jun 23
- SUP 4: 0.6354 38.2% retracement of the Apr 9 - Jul 24 upleg
AUDUSD bulls remain in the driver’s seat despite. Last week’s gains plus the breach of 0.6625, the Jul 24 high and bull trigger, confirm a resumption of the uptrend. The climb opens 0.6677, a Fibonacci projection. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Key support to watch is 0.6415, the Aug 21 / 22 low. Initial firm support to monitor lies at 0.6526, the 50-day EMA.
GILTS: Opening calls
Gilt calls, 91.18/91.28.
