EURJPY TECHS: Remains Below Key Resistance
- RES 4: 144.00 Round number resistance
- RES 3: 142.94 High Dec 28 and key resistance
- RES 2: 142.63 50-day EMA
- RES 1: 141.91 High Jan 9
- PRICE: 141.70 @ 16:03 GMT Jan 9
- SUP 1: 139.35/137.97 Low May 5 / 1.0% 10-dma envelope
- SUP 2: 137.39 Low Jan 3 and the bear trigger
- SUP 3: 137.03 Low Aug 29
- SUP 4: 136.09 Low Aug 26
EURJPY remains above the early January low of 137.39 and the cross is holding on to its recent gains. Near-term strength is deemed corrective while key resistance at 142.94 remains intact - the Dec 28 high. A move lower would refocus attention on 137.39, Jan 3 low, where a break would resume the downtrend. This would open 137.03, the Aug 29 low. For bulls, clearance of 142.94 would signal a reversal.
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AUSSIE 10-YEAR TECHS: (Z2) Bullish Extension
- RES 3: 97.185 - High Apr 5
- RES 2: 97.040 - Aug 03
- RES 1: 96.760 - High Aug 16
- PRICE: 96.672 @ 14:43 GMT Dec 9
- SUP 1: 95.930/675 - Low Nov 8 / Low Oct 21
- SUP 2: 95.670 - Low Jun 17
- SUP 3: 95.590 - Low Dec 2013 and a key medium-term support
Aussie 10yr futures continue to climb. A key short-term resistance at 96.355, Oct 6 high, has been breached. This strengthens a short-term bullish position and the latest follow through reinforces this theme. Recent gains also highlight a positive price sequence of higher highs and higher lows, signalling scope for an extension. The 200-day EMA has been cleared, opening 96.760, Aug 16 high. Key support is 95.670, Jun 17 low (cont).
USDCAD TECHS: Bullish Above Trendline Resistance
- RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
- RES 3: 1.3808 High Nov 3 and a key resistance
- RES 2: 1.3751 High Nov 4
- RES 1: 1.3700 High Dec 7
- PRICE: 1.3625 @ 16:19 GMT Dec 9
- SUP 1: 1.3515/3385 Former trendline resistance / Low Dec 5
- SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
- SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
- SUP 4: 1.3139 Low Sep 14
USDCAD recouped a small part of the recent losses ahead of the Friday close, firming the view that the recent move lower appears corrective in nature. This keeps the bullish outlook intact for now. This week’s gains have resulted in a break of trendline resistance drawn from the Oct-13 high. The trendline intersects at 1.3515. Attention is on 1.3751 next, the Nov 4 high and 1.3808, the Nov 3 high. The latter is a key resistance and a break would strengthen bullish conditions.
AUDUSD TECHS: Approaching The Bull Trigger
- RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
- RES 3: 0.6956 High Aug 30
- RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
- RES 1: 0.6851 High Dec 5 and the bull trigger
- PRICE: 0.6804 @ 16:18 GMT Dec 9
- SUP 1: 0.6669 Low Dec 7
- SUP 2: 0.6629/6585 50-day EMA / Low Nov 21
- SUP 3: 0.6387 Low Nov 10
- SUP 4: 0.6272 Low Nov 3 and a key support
The AUDUSD trend condition is bullish and the recent move lower appears to be a correction. Price remains above key support at 0.6629, the 50-day EMA. A clear break of this average would be seen as a bearish development and signal scope for a deeper retracement. 0.6851, the Dec 5 high is the bull trigger. A break would confirm a resumption of the uptrend and open 0.6909, a Fibonacci retracement.
