AUDUSD TECHS: Fresh Cycle High
- RES 4: 0.6603 High Nov 11 ‘24
- RES 3: 0.6582 High Nov 12 ‘24
- RES 2: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 1: 0.6538 High June 5
- PRICE: 0.6496 @ 08:03 BST Jun 6
- SUP 1: 0.6448/6400 20- and 50-day EMA values
- SUP 2: 0.6357 Low May 12
- SUP 3: 0.6275 Low Apr 14
- SUP 4: 0.6181 Low Apr 11
Trend signals in AUDUSD are bullish and the pair continues to trade closer to its recent highs. Key support lies at 0.6400, the 50-day EMA. A clear break of this average is required to highlight a potential short-term reversal. The pair has recently cleared a key short-term resistance at 0.6515, the May 7 high, confirming a resumption of the uptrend. This signals scope for a climb to 0.6550, a Fibonacci retracement.
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USDCAD TECHS: Bears Remain In The Driver’s Seat
- RES 4: 1.4415 High Apr 1
- RES 3: 1.4296 High Apr 7
- RES 2: 1.4055 50-day EMA
- RES 1: 1.3901 20-day EMA
- PRICE: 1.3788 @ 07:59 BST May 7
- SUP 1: 1.3751 Low May 6
- SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 3: 1.3696 Low Oct 10 2024
- SUP 4: 1.3643 Low Oct 9 ‘24
Bearish conditions in USDCAD remain intact and the pair is trading at its recent lows. A fresh cycle low last Friday reinforces the bearish theme signalling scope for a continuation, near-term. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that Moving average studies are in a bear mode position, highlighting a dominant downtrend. On the upside, first resistance to watch is 1.3901, the 20-day EMA.
GILTS: Opening calls
Gilt Calls, 92.89/93.06 range.
EQUITIES: EU Cash Opening calls
Estox 50: +0.10%, Dax: +0.38%, CAC: -0.13%, FTSE +0.03%, SMI -0.67%.
