EURJPY TECHS: Sights Set On Key Resistance
- RES 4: 149.46 1.382 proj of the May 12 - Jun 28 - Aug 2 price swing
- RES 3: 148.88 High Dec 9 2014
- RES 2: 148.40/45 High Oct 21 and the bull trigger / High Dec 15 2014
- RES 1: 147.75 High Oct 31
- PRICE: 146.40 @ 15:49 GMT Nov 8
- SUP 1: 145.49 20-day EMA
- SUP 2: 144.04/143.80 Low Nov 3 / Oct 24 and key support
- SUP 3: 143.42 50-day EMA
- SUP 4: 141.78 Low Oct 13
EURJPY found support last week at 144.04, the Nov 3 low. The recovery means key support at 143.80, the Oct 24 low, remains intact. A break of this level is required to suggest scope for a deeper retracement and open 141.78, the Oct 13 low. A continuation higher would expose key resistance at 148.40, the Oct 21 high. Clearance of this hurdle would confirm a resumption of the uptrend that started Aug 2 and open 149.46, a Fibonacci retracement.
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JGB TECHS: (Z2) Weaker into the Close
- RES 3: 152.26 - High Dec 7 / 21 2021
- RES 2: 151.13 - High Mar 3
- RES 1: 150.81 - High Aug 5
- PRICE: 148.47 @ 14:44 BST Oct 7
- SUP 1: 147.62 - Low Sep 27
- SUP 2: 147.07 - Low Jun 20
- SUP 3: 145.05 - Low Jun 16 and a key support
JGB strength topped out at the week’s highs of 149.20, reversing into the weekly close and keeping the focus pointed lower. Any further weakness puts prices within range of support at 148.11, the Sep 7 low and a break would confirm a resumption of the bear cycle. Resistance for now remains intact at 150.81, the Aug 5 high.
USDCAD TECHS: Bounce Holds into Weekly Close
- RES 4: 1.4000 Psychological round number
- RES 3: 1.3970 3.236 proj of the Aug 25 - Sep 7 - 13 price swing
- RES 2: 1.3896 3.00 proj of the Aug 25 - Sep 7 - 13 price swing
- RES 1: 1.3838 High Sep 30 and the bull trigger
- PRICE: 1.3712 @ 14:20 BST Oct 7
- SUP 1: 1.3513 20-day EMA
- SUP 2: 1.3358 Low Sep 21
- SUP 3: 1.3224 50-day EMA
- SUP 4: 1.3139 Low Sep 14
Having traded lower Tuesday-into-Wednesday, USD/CAD bounced into the Thursday close, with gains holding into the weekly finish. Key resistance and the bull trigger, has been defined at 1.3838, the Sep 30 high. To the downside, attention is on the next firm support at 1.3513, the 20-day EMA. A break would strengthen bearish conditions.
AUDUSD TECHS: Bear Flag Formation
- RES 4: 0.6750 50-day EMA
- RES 3: 0.6671 High Sep 22
- RES 2: 0.6610 20-day EMA
- RES 1: 0.6550 High Sep 26
- PRICE: 0.6408 @ 14:19 BST Oct 7
- SUP 1: 0.6363 Low Sep 28 and the bear trigger
- SUP 2: 0.6337 Low Apr 24 2020
- SUP 3: 0.6283 Low Apr 23 2020
- SUP 4: 0.6255 1.236 proj of the Apr 5 - May 12 - Jun 3 price swing
AUDUSD continues to consolidate and this pause in the downtrend appears to be a bear flag, reinforcing bearish trend conditions. The recent break of support at 0.6682, Jul 14 low and a bear trigger strengthened a bearish case and this maintains the broader downward price sequence of lower lows and lower highs. The focus is on 0.6337 next, the Apr 24 2020 low. Initial firm resistance has been defined at 0.6610, the 20-day EMA.
