SWEDEN: Loan Growth Ticking Higher, But Savings Rate Will Determine GDP Impulse
* Swedish loan growth rose again in August. This should provide an impulse to the real economy goi...
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SILVER TECHS: Bullish Outlook
- RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $40.000 - Psychological round number
- RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- PRICE: $38.700 @ 08:03 BST Aug 26
- SUP 1: $37.282/36.216 - 50-day EMA / Low Jul 31
- SUP 2: $35.285 - Low Jun 24
- SUP 3: $33.940 - 50.0% retracement of the Apr 7 - Jul 23 bull leg
- SUP 4: $32.958 - Low Jun 2
Trend signals in Silver are unchanged and remain bullish. Prices have recently recovered off support at the 50-day EMA, now at $37.282. A clear break of the average is needed to strengthen a short-term bearish threat and allow for a deeper retracement. This would open $35.285, the Jun 24 low. For bulls, the resumption of gains opens the next objective at $39.655 a Fibonacci projection.
BUNDS: OAT/Bund spread widest since April
- Continued widening in the OAT/Bund spread, 2.6bps wider, and at its highest level since April, following the French PM calling for a confidence vote on the 8th September.
- Next immediate resistance comes at the Psychological 80.00bps, which would be its widest since January.
The April high stands at 79.83bps.
(Chart source: MNI/Bloomberg Finance LP).
USDCAD TECHS: Bull Cycle Still In Play
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3968 High May 20
- RES 1: 1.3925 High Aug 22
- PRICE: 1.3858 @ 07:56 BST Aug 26
- SUP 1: 1.3803 20-day EMA
- SUP 2: 1.3775/22 50-day EMA / Low Aug 22
- SUP 3: 1.3576 Low Jul 23
- SUP 4: 1.3557/40 Low Jul 3 / Low Jun 16 and the bear trigger
Gains last week in USDCAD and the breach of resistance at 1.3879, the Aug 1 high, continues to highlight a bullish phase. Moving average studies have recently crossed and are in a bull-mode position, strengthening the current uptrend. An extension higher would signal scope for a climb towards 1.4019, a Fibonacci retracement. On the downside, support to watch lies at 1.3775, the 50-day EMA. A break of the EMA would signal a reversal.
