EM CEEMEA CREDIT: First Abu Dhabi Bank (FABUH): IPT $ 5Y

• RES 4: 92.55 High Nov 11 
• RES 3: 92.31 High Nov 12          
• RES 2: 92.00 Round number resistance
• RES 1: 91.93 High Nov 27      
• PRICE: 91.00 @ 08:03 Dec 8
• SUP 1: 90.87/90.53 Low Dec 2 / Low Nov 25       
• SUP 2: 90.28 Low Nov 21  
• SUP 3: 90.00 Round number support    
• SUP 4: 89.86 Low Nov 19 and the bear trigger     

A bullish short-term cycle in Gilt futures remains intact and the pullback between Nov 27 - Dec 2 appears to have been a correction. A resumption of gains would signal scope for a climb towards resistance at 92.55, the Nov 11 high. A gap in the daily chart has been filled and initial resistance to watch is 91.93, the Nov 27 high. For bears, a stronger reversal would instead refocus expose 90.53, the Nov 26 low. First support is 90.87, the Dec 2 low.

OEF6 116.50p, bought for 40 and 40.5 in 4k.

• RES 4: 1.4140 High Nov 5 and a key resistance   
• RES 3: 1.4051 High Nov 28 
• RES 2: 1.3939/3997 Low Nov 28 / 20-day EMA  
• RES 1: 1.3888 Low Oct 29  
• PRICE: 1.3818 @ 08:10 GMT Dec 8
• SUP 1: 1.3814 Intraday low 
• SUP 2: 1.3769 61.8% retracement of the Jun 16 - Nov 6 bull cycle
• SUP 3: 1.3727 |Low Sep17 
• SUP 4: 1.3682 76.4% retracement of the Jun 16 - Nov 6 bull cycle  

A bear theme in USDCAD remains intact and Friday’s strong sell-off reinforces current conditions. The pair has breached an important support at 1.3946, the base of a bull channel drawn from the Jul 23 low. The break highlights a stronger bear cycle and signals scope for an extension towards 1.3769 next, a Fibonacci retracement point. Initial firm resistance to watch is 1.3997, 20-day EMA.