The trend structure in USDCAD remains bearish and short-term gains are considered corrective. Support at 1.3686, the May 26 low and a bear trigger, has recently been cleared, confirming a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs. Sights are on 1.3579 next, a Fibonacci projection. Resistance at the 50-day EMA is at 1.3892 - a key level. The 20-day EMA is at 1.3772.
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AUDUSD continues to trade below last Wednesday’s high. The trend condition is bullish and the latest move down is considered corrective. The recent breach of 0.6450, the Apr 29 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position, highlighting an uptrend. A resumption of the trend would open 0.6528, the Nov 29 ‘24 high. Key support to monitor is 0.6342, the 50-day EMA.
The latest pullback in Gilt futures appears corrective. However, the contract has traded through support at the 50-day EMA, at 92.52. The breach signals scope for a deeper retracement and attention turns to 91.73, the Apr 17 low. On the upside, a reversal higher would signal the end of the corrective phase and open 94.50, the Apr 7 high and key resistance. Initial firm resistance to monitor is 93.93, the May 2 high.
Some suggest slightly higher.