USDCAD TECHS: Support Remains Exposed
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4196 Channel top drawn from Jul 23 low
- RES 2: 1.4140/67 High Nov 5 / 50.0% of the Feb 3 - Jun 16 bear leg
- RES 1: 1.4131 High Nov 21
- PRICE: 1.4039 @ 08:14 GMT Nov 27
- SUP 1: 1.4029/3993 Intraday low / 50-day EMA
- SUP 2: 1.3920 Bull channel base drawn from the Jul 23 low
- SUP 3: 1.3888 Low Oct 29 and a key support
- SUP 4: 1.3833 Low Sep 24
The move lower in USDCAD yesterday once again highlights a short-term bear threat. Attention is on support at the 50-day EMA, at 1.3993. A clear breach of the average would strengthen a bear theme and expose the base of a bull channel at 1.3920. The channel is drawn from the Jul 23 low. On the upside, a resumption of gain would open 1.4140, the Nov 5 high and the next key resistance.
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USDCAD TECHS: Corrective Pullback
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4167 50.0% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.4111 High Apr 10
- RES 1: 1.4080 High Oct 16 and the bull trigger
- PRICE: 1.3999 @ 08:13 GMT Oct 28
- SUP 1: 1.3970/3914 Low Oct 27 / 50-day EMA
- SUP 2: 1.3836 Bull channel base drawn from the Jul 23 low
- SUP 3: 1.3769 Low Sep 19
- SUP 4: 1.3727 Low Aug 29 and a bear trigger
USDCAD is in consolidation mode and is trading at its recent lows. The trend condition is bullish and the latest move down is considered corrective. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would open 1.4111, the Apr 10 high, and further out, scope is seen for an extension towards 1.4167, a Fibonacci retracement. First key support lies at 1.3914, the 50-day EMA.
AUDUSD TECHS: Recovery Extends
- RES 4: 0.6660/6707 High Sep 18 / 17 and a bull trigger
- RES 3: 0.6629 High Sep 30 & Oct 01 and key short-term resistance
- RES 2: 0.6574 50.0% retracement of the Sep 17 - Oct 14 bear leg
- RES 1: 0.6564 Intraday high
- PRICE: 0.6551 @ 08:06 GMT Oct 28
- SUP 1: 0.6440 Low Oct 14
- SUP 2: 0.6415 Low Aug 21 / 22 and a bear trigger
- SUP 3: 0.6373 Low Jun 23
- SUP 4: 0.6357 Low May 12
Recent gains in AUDUSD reinforces a bull theme. Attention remains on the Oct 14 reversal pattern - a hammer candle. It signals the end of the bear cycle that started Sep 17. The pair has traded through the 50-day EMA - a bullish development. This opens 0.6574 next, a Fibonacci retracement. Key support lies at 0.6440, the Oct 14 low. A break of this level would cancel the reversal pattern and reinstate a bear threat.
EQUITY TECHS: E-MINI S&P: (Z5) Fresh Cycle High
- RES 4: 6993.12 3.500 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 3: 6974.04 3.382 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 2: 6953.25 2.000 proj of the Aug 1 - 15 - 20 price swinge
- RES 1: 6912.75 Intraday high
- PRICE: 6904.50 @ 07:50 GMT Oct 28
- SUP 1: 6812.25/6748.48 High Oct 9 / 20-day EMA
- SUP 2: 6655.59 50-day EMA
- SUP 3: 6540.25 Low Oct 10 and a key short-term support
- SUP 4: 6506.50 Low Sep 5
The trend condition in S&P E-Minis remains bullish and the contract traded higher Monday, as it started the week on a bullish note. The fresh cycle high confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The 6900.00 handle has been cleared, opening 6953.25 next, a Fibonacci projection. Initial firm support to watch lies at 6748.48, the 20-day EMA.
