SILVER TECHS: Fresh Cycle High

• RES 4: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg  
• RES 3: 1.3925 High Aug 22 and the bull trigger
• RES 2: 1.3868 High Aug 26 
• RES 1: 1.3794 20-day EMA
• PRICE: 1.3748 @ 07:59 BST Sep 1
• SUP 1: 1.3722 Low Aug 7  
• 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  

A bull cycle in USDCAD that started mid-June remains in play. However, the latest corrective pullback has resulted in a breach of support at the 50-day EMA, at 1.3775. A clear break of this handle signals scope for a deeper retracement and exposes 1.3722, the Aug 7 low. Moving average studies have recently crossed and are in a bull-mode position, highlighting an uptrend. The bull trigger has been defined at 1.3925, the Aug 22 high.

• RES 4: 0.6688 High Nov 7 ‘24
• RES 3: 0.6677 0.764 proj of the Jun 23 - Jul 11 - 17 price swing
• RES 2: 0.6569/6625 High Aug 14 / High Jul 24 and the bull trigger 
• RES 1: 0.6549 High Aug 29
• PRICE: 0.6544 @ 07:57 BST Sep 1
• SUP 1: 0.6463/6415 Low Aug 27 / Low Aug 21 / 22 and a bear trigger
• SUP 2: 0.6373 Low Jun 23 
• SUP 3: 0.6354 38.2% retracement of the Apr 9 - Jul 24 upleg  
• SUP 4: 0.6323 Low Apr 16

AUDUSD is holding on to its latest gains. The latest recovery signals the end of the recent corrective phase and sights are on resistance at 0.6569, the Aug 14 high. Clearance of this level would expose key resistance and the bull trigger at 0.6625, the Jul 24 high. Support to watch lies at 0.6415, the Aug 21 / 22 low. A clear break of it would resume the bear leg and highlight a stronger reversal.

Gilt calls, 90.26/90.43.