USDCAD TECHS: Key Support Is Intact For Now
- RES 4: 1.4665 2.0% 10-dma envelope
- RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4516 High Jan 21
- PRICE: 1.4394 @ 08:03 GMT Jan 23
- SUP 1: 1.4261 Low Jan 20
- SUP 2: 1.4239 50-day EMA
- SUP 3: 1.4120 Low Dec 11
- SUP 4: 1.4011 Low Dec 5
USDCAD has traded in a volatile manner this week. Recent price action highlights an important short-term resistance at 1.4516, the Jan 21 low and a support at 1.4261, the Jan 20 low. The trend condition remains bullish and a clear breach of 1.4516 would confirm a resumption of the bull cycle. For bears, a clear break of 1.4261 and 1.4239, the 50-day EMA, would instead highlight a possible reversal.
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GILTS: Opening calls
Gilt Calls will be taken from Tnotes, with Europe closed, 92.40, would be 8 ticks down.
USD: The Dollar is King going into Year End
- The Dollar remains king, and the old saying of "Buy Dollar, Wear Diamonds" is suited as we head towards Year end.
- Only the Malaysian Ringgit, and the Hong Kong Dollar are up YTD, and even the Exotics are down.
- Within G10s, it is a painful Year for the Kiwi, as we stand going into the European session, down 10.59%, NOK 10.5% and the Yen is still down 10.21% YTD.
- Incredibly, although Cable is below 1.2600, it is only down 1.54% for the Year.
- For Technical in G10s, most Pairs/Crosses are some way short of their next respective Supports/Resistances, {r1} EURUSD would see next support at 1.0343 Low Dec 20.
EQUITY TECHS: E-MINI S&P: (H5) Resistance At The 20-Day EMA Is Intact For Now
- RES 4: 6178.75 High Dec 6 and key resistance
- RES 3: 6163.75 High Dec 16
- RES 2: 6064.86 20-day EMA
- RES 1: 6050.75 High Dec 20
- PRICE: 6036.75 @ 06:56 GMT Dec 24
- SUP 1: 5866.00 Low Dec 20
- SUP 2: 5811.65 38.2% retracement of the Aug 5 - Dec 6 bull leg
- SUP 3: 5784.00 Low Nov 4
- SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
A sell-off in the S&P E-Minis contract on Dec 18 highlights a S/T top and a corrective cycle. The move down resulted in a breach of the 20- and 50-day EMAs. A resumption of weakness would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Support at 5921.00, Nov 19 low, has been pierced. A clear break of it would strengthen a bearish threat. Initial resistance is 6064.86, the 20-day EMA. A clear break of the EMA would be a bullish development.
