USDCAD TECHS: Southbound

• RES 4: 0.5682 High Nov 12 ‘24  
• RES 3: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
• RES 2: 0.6528 High Nov 29 ‘24
• RES 1: 0.6515 High May 7 
• PRICE: 0.6422 @ 15:58 BST May 9
• SUP 1: 0.6371/6339 Intraday low / 50-day EMA   
• SUP 2: 0.6275 Low Apr 14    
• SUP 3: 0.6181 Low Apr 11
• SUP 4: 0.6116 Low Apr 10  

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.

• RES 4: 94.50 High Apr 7 and key resistance  
• RES 3: 94.00 Round number resistance      
• RES 2: 93.59/93 High May 8 / 2
• RES 1: 92.76 20-day EMA                           
• PRICE: 92.47 @ Close May 12
• SUP 1: 92.07 Low May 9                                        
• SUP 2: 91.73/91.43 Low Apr 17 / 15 
• SUP 3: 90.47/89.99 Low Apr 11 / 9     
• SUP 4: 89.68 Low Jan 15 (cont) 

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.

• Gilt calls, 91.88/91.89.

Some suggest slightly higher.