BOE: Nothing of market significance from Governor Bailey's speech

• RES 4: $36.000 - Round number resistance 
• RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
• RES 2: $34.590 - High Mar 28  
• RES 1: $33.686 - High Apr 25                                        
• PRICE: $33.103 @ 08:12 BST May 21
• SUP 1: $31.668/651 -  Low May 1 / 15 
• SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
• SUP 3: $27.686 - Low Sep 6 ‘24   
• SUP 4: $27.180 - Low Aug 14 ‘24   

A bullish theme in Silver remains intact and the latest pullback that started Apr 25, is likely a correction. Key short-term support has been defined at $31.668, the May 1 low (pierced). A clear break of this level would signal scope for a deeper retracement and open $30.915, Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. Clearance of this level would confirm a resumption of the uptrend.

• RES 4: 1.4296 High Apr 7
• RES 3: 1.4200 Round number resistance 
• RES 2: 1.4111 High Apr 4
• RES 1: 1.4016/17 High May 12 / 13 / 50-day EMA
• PRICE: 1.3892 @ 08:10 BST May 21
• SUP 1: 1.3814/3751 Low May 8 / 6 and the bear trigger  
• SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
• SUP 3: 1.3696 Low Oct 10 ‘24
• SUP 4: 1.3643 Low Oct 9 ‘24 

The trend condition in USDCAD remains bearish and recent gains appear corrective. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the trend would open 1.3744, a Fibonacci retracement. Key resistance to watch is 1.4017, the 50-day EMA. A clear break of this hurdle would signal a stronger reversal and open 1.4111, the Apr 4 high.

• RES 4: 0.5682 High Nov 12 ‘24  
• RES 3: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
• RES 2: 0.6528 High Nov 29 ‘24
• RES 1: 0.6515 High May 7 
• PRICE: 0.6451 @ 08:01 BST May 21
• SUP 1: 0.6362 50-day EMA   
• SUP 2: 0.6275 Low Apr 14    
• SUP 3: 0.6181 Low Apr 11
• SUP 4: 0.6116 Low Apr 10  

AUDUSD is unchanged and remains in consolidation mode. The trend condition is bullish and the May 13 rally signals the end of the recent corrective pullback. Attention is on key resistance at 0.6515, the May 7 high. Note that moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of the trend would open 0.6550, a Fibonacci retracement. Key support lies at 0.6362, the 50-day EMA.