SILVER TECHS: Fresh Cycle Highs
- RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.548 - High Oct 29 ‘24
- RES 1: $34.501 - Intraday high
- PRICE: $34.416 @ 08:02 GMT Mar 28
- SUP 1: $33.217 - 20-day EMA
- SUP 2: $32.665 - Low Mar 21
- SUP 3: $32.416/31.814 - 50-day EMA / Low Mar 11
- SUP 4: $30.815 - Low Feb 28 and key support
Bullish conditions in Silver remain intact and this week’s gains reinforce this condition. Yesterday’s rally resulted in a breach of $34.233, the Mar 18 high and a bull trigger. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Initial firm support to watch is $33.217, the 20-day EMA.
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AUDUSD TECHS: Corrective Pullback
- RES 4: 0.6471 High Dec 9 ‘24
- RES 3: 0.6429 High Dec 12 ‘24
- RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 1: 0.6409 High Feb 21
- PRICE: 0.6328 @ 08:01 GMT Feb 26
- SUP 1: 0.6316/6231 50-day EMA / Low Feb 10
- SUP 3: 0.6171/6088 Low Feb 4 / 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
The latest pullback in AUDUSD appears corrective and a bullish condition is intact. Sights are on key resistance at 0.6402/14 - the 100-dma and 38.2% of the Sep 30 ‘24 - Feb 3 bear leg respectively. A clear break of both levels would set the scene for the next leg higher, making 0.6429 the next target, the Dec 12 ‘24 high. The 50-day EMA undercuts as support, crossing at 0.6316. A break of the EMA would expose 0.6231, the Feb 10 low.
MNI: SPAIN JAN PPI 0.4% M/M, 2.6% Y/Y
- MNI: SPAIN JAN PPI 0.4% M/M, 2.6% Y/Y
GILTS: Opening Calls
Gilt June calls, 93.08/93.09.
- PLEASE not that these could be somewhat distorted with the Roll, but should be close enough, since the spread is just 5 ticks difference between both expiries.
