BRENT TECHS: (F6) Corrective Phase Intact
- RES 4: $71.45 - 76.4% retracement of the Jun 23 - Oct 20 bear leg
- RES 3: $70.69 - High Jul 30
- RES 2: $69.29 - High Sep 26 and a key resistance
- RES 1: $65.98 - High Oct 9
- PRICE: $64.37 @ 07:15 GMT Nov 5
- SUP 1: $63.37/59.97 - Low Oct 24 / 20 and the bear trigger
- SUP 2: $58.72 - Low May 5
- SUP 3: $57.99 - Low Apr 9 and a key support
- SUP 4: $56.05 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing
Brent futures are in consolidation mode. A short-term corrective bull cycle appears intact for now. Price has recently traded through the 50-day EMA, at $64.08. Clearance of this hurdle signals scope for a stronger recovery. The next hurdle to monitor is $65.98, the Oct 9 high. A clear breach of this level would expose a key resistance at $69.29, the Sep 26 high. Key support and the bear trigger lies at $59.97, the Oct 20 low.
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SILVER TECHS: Heading North
- RES 4: $49.804 - All-time high Apr 2011 and major resistance
- RES 3: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 2: $49.000 - Round number resistance
- RES 1: $48.838 - 3.000 proj of the Sep 4 - 16 - 17 price swing
- PRICE: $48.644 @ 08:22 BST Oct 6
- SUP 1: $45.913/44.369 - Low Oct 2 / 20-day EMA
- SUP 2: $41.601 - 50-day EMA
- SUP 3: $40.404 - Low Sep 4
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish. The metal has traded to a fresh cycle high today, as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are $48.838 next, a 3.000 projection of the Sep 4 - 16 - 17 price swing. Clearance of this level would pave the way for a climb towards the $49.00 handle. Initial firm support to watch lies at $43.987, the 20-day EMA.
USDCAD TECHS: Trend Needle Points North
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4061 3.0% Upper Bollinger Band
- RES 2: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 1: 1.3987 200-dma
- PRICE: 1.3948 @ 08:12 BST Oct 6
- SUP 1: 1.3897/3830 Low Sep 30 / 50-day EMA
- SUP 2: 1.3727 Low Aug 29 and a bear trigger
- SUP 3: 1.3689 Low Jul 28
- SUP 4: 1.3637 Low Jul 25
A bull cycle in USDCAD remains intact and last week’s break above the late September’s high, firms the bullish theme. This move higher also maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4019, a Fibonacci retracement point. On the downside, first key support lies at 1.3830, the 50-day EMA.
AUDUSD TECHS: Bullish Outlook
- RES 4: 0.6763 1.382 proj of the Jun 23 - Jul 24 - Aug 21 price swing
- RES 3: 0.6726 1.236 proj of the Jun 23 - Jul 24 - Aug 21 price swing
- RES 2: 0.6660/6707 High Sep 18 / 17 and key resistance
- RES 1: 0.6629 High Sep 30 & Oct 01
- PRICE: 0.6614 @ 08:05 BST Oct 6
- SUP 1: 0.6527/21 61.8% of the Aug 21 - Sep 17 bull leg / Low Sep 26
- SUP 2: 0.6484 76.4% retracement of the Aug 21 - Sep 17 bull leg
- SUP 3: 0.6463/6415 Low Aug 27 / Low Aug 21 / 22 and a bear trigger
- SUP 4: 0.6373 Low Jun 23
The AUDUSD uptrend remains intact and the pair is trading closer to its recent highs. Support to watch lies at the 50-day EMA, at 0.6560. A clear break of this average would signal scope for a deeper retracement and expose 0.6527 once again, a Fibonacci retracement. For bulls, a stronger reversal higher would refocus attention on 0.6707, the Sep 17 high. Initial resistance to watch is 0.6629, the Sep 30 and Oct 1 high.
