SPAIN DATA: July Services/Composite PMI: Much Stronger Than Expected
The Spanish services PMI was much stronger than expected in July, pushing the composite index to a 1...
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USDCAD TECHS: Trend Structure Remains Bullish
- RES 4: 1.4328 1.764 proj of the Mar 9 - 31 - May 1 price swing
- RES 3: 1.4292 61.8% Retracement Feb’25 - Jan’26 downleg
- RES 2: 1.4264 1.618 proj of the Mar 9 - 31 - May 1 price swing
- RES 1: 1.4248 High Jun 24, 25 and 30 and the bull trigger
- PRICE: 1.4217 @ 08:23 BST Jul 6
- SUP 1: 1.4150 Low Jul 2
- SUP 2: 1.4110 20-day EMA
- SUP 3: 1.3966 50-day EMA
- SUP 4: 1.3837 Low Jun 3
USDCAD remains bullish. A recent fresh cycle high reinforced the bull theme and the move higher has paved the way for a climb towards 1.4292, the 61.8% Fibonacci retracement of the Feb ’25 - Jan ’26 downleg. Note that the trend remains in overbought territory. A stronger corrective pullback would allow this condition to unwind. On the downside, the first important support lies at 1.4110, the 20-day EMA.
JPY: Volatile Flows on the CME
- The Yen is hit by another round of broader selling against the EUR, USD, GBP and AUD.
- The Currency is seeing some of its biggest ranges on the CME, at least since the early May intervention and the 30th April's one (see chart).
- Big support will be seen at the contract low of 61.775 for the JPYUSD on the CME.
(Chart source: MNI/Bloomberg Finance LP).
AUDUSD TECHS: Bear Flag
- RES 4: 0.7223 High May 15
- RES 3: 0.7149/7201 High Jun 4 / High May 29
- RES 2: 0.7088 High Jun 15 and a key short-term resistance
- RES 1: 0.6975/0.7037 20- and 50-day EMA values
- PRICE: 0.6932 @ 08:18 BST Jul 6
- SUP 1: 0.6865 Low Jun 30
- SUP 2: 0.6860 Low Apr 2
- SUP 3: 0.6833 Low Mar 30 and a key support
- SUP 4: 0.6757 38.2% retracement of the Apr 9 ‘25 - May 6 bull cyle
A bear cycle in AUDUSD remains intact. The recent pause appears to be a flag formation - a bearish continuation signal. This reinforces the bear theme. Also, price has pierced a key support marked by the base of a bull channel drawn from the Apr ‘25 low - currently at 0.6924. A clear channel breakout would highlight a stronger reversal. This would open 0.6833, the Mar 30 low and a key support. Key short-term resistance is 0.7088, the Jun 15 high.
