SILVER TECHS: Pierces Support At The 20-Day EMA
- RES 4: $56.153 2.500 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 3: $55.444 2.382 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 2: $55.000 - Round number resistance
- RES 1: $52.622/54.480 - High Oct 21 / 17 and the bull trigger
- PRICE: $49.046 @ 08:15 BST Oct 22
- SUP 1: $47.550 - Intraday low
- SUP 2: $45.142 - 50-day EMA
- SUP 3: $41.135 - Low Sep 17
- SUP 4: $40.404 - Low Sep 4
Trend signals in Silver are bullish and the latest sharp pullback is considered corrective. Note that the trend condition is overbought and a deeper retracement would allow this condition to unwind. Support at the 20-day EMA, at $49.053, has been pierced. A clear break of the EMA would signal scope for a corrective pullback towards the 50-day EMA, at $45.142. Key resistance has been defined at $54.480, the Oct 17 high.
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USDCAD TECHS: Remains Above Support For Now
- RES 4: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 3: 1.3925 High Aug 22 and the bull trigger
- RES 2: 1.3890 High Sep 11
- RES 1: 1.3848 High Sep 15
- PRICE: 1.3800 @ 08:07 BST Sep 22
- SUP 1: 1.3727 Low Aug 29 and a bear trigger
- SUP 2: 1.3709 61.8% retracement of the Jul 23 - Aug 22 bull cycle
- SUP 3: 1.3658 76.4% retracement of the Jul 23 - Aug 22 bull cycle
- SUP 4: 1.3637 Low Jul 25
A sharp sell-off in USDCAD early last week resulted in a break of the 20-and-50-day EMAs. This undermines a recent bullish theme and exposes key short-term support at 1.3727, the Aug 27 low. A clear break of this level would strengthen a bearish threat and signal scope for a deeper retracement. For bulls, resistance levels to watch are; 1.3890, the Sep 11 high, and 1.3925, the Aug 22 high and bull trigger.
GILTS: Opening Calls
Gilt Calls, 90.61/90.72.
EQUITIES: Cash Opening Calls
EU Cash Opening calls: Estox 50: +0.08%, Dax: -0.20%, CAC: +0.07%, FTSE +0.11%, SMI +0.09%.
