USDCAD TECHS: Sights Are On The Bear Trigger
- RES 4: 1.3920 High May 21
- RES 3: 1.3862 High May 29
- RES 2: 1.3798 High Jun 23
- RES 1: 1.3733/74 50-day EMA / High Jul 17
- PRICE: 1.3613 @ 08:05 BST Jul 24
- SUP 1: 1.3557 Low Jul 03
- SUP 2: 1.3540 Low Jun 16 and the bear trigger
- SUP 3: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3473 Low Oct 2 2024
The trend needle in USDCAD continues to point south and a move down this week reinforces the bearish theme. Resistance at 1.3733, the 50-day EMA, remains intact for now. A clear break of this average is required to highlight a possible stronger short-term reversal. For bears, sights are on key support at 1.3540, the Jun 16 low. Clearance of this level would confirm a resumption of the downtrend.
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GILT TECHS: (U5) Bullish Outlook
- RES 4: 94.15 2.000 proj of the May 22 - 27 - 29 price swing
- RES 3: 94.00 Round number resistance
- RES 2: 93.73 1.764 proj of the May 22 - 27 - 29 price swing
- RES 1: 93.21./93.68 High Jun 23 / 13
- PRICE: 93.11 @ Close Jun 23
- SUP 1: 92.41 20-day EMA
- SUP 2: 92.23 Low Jun 16 and a key short-term support
- SUP 3: 91.56 Low Jun 9
- SUP 4: 91.44 Low Jun 8
A bullish condition in Gilt futures remains intact and recent weakness appears corrective. Monday’s strong gains reinforce the current bullish theme. Key short-term support has been defined 92.23, the Jun 16 low. A break of this level is required to undermine a bull theme and signal scope for a deeper retracement. On the upside, sights are on 93.68, the Jun 13 high and bull trigger.
GILTS: Opening calls
Gilt calls, 93.02/93.14 range, should be close enough to flat.
EQUITIES: Attention on the EU Cash Open
- Estox 50: +2.13%
- Dax: +2.08%.
- CAC: +1.63%.
- FTSE +0.67%.
- SMI +1.86%.
