LOOK AHEAD: The US Macro Week Ahead: ISM Services, Waller, FOMC Minutes

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• RES 4: 1.4175 High Jul 13
• RES 3: 1.4129 High Jul 28  
• RES 2: 1.4080 High Aug 4 and 5 
• RES 1: 1.3950 50-day EMA  
• PRICE: 1.3851 @ 16:52 BST Sep 02
• SUP 1: 1.3732 Low Aug 21 and the bear trigger
• SUP 2: 1.3715 76.4% retracement of the May 1 - Jun 24 bull cycle
• SUP 3: 1.3672 Low May 12
• SUP 4: 1.3620 Low May 7

A bear theme in USDCAD firmed Wednesday with the reversal off highs and the hold of the 1.3950 50-day EMA as resistance. A clear break of the average would strengthen any short-term bull theme and signal scope for a stronger retracement of the Jun 24 - Aug 21 bear leg. For bears, a reversal lower would refocus attention on key near-term support at 1.3732, the Aug 21 low.  

• RES 4: 0.7310 1.00 proj of the Mar 30 - May 6 - Jun 30 price swing
• RES 3: 0.7278 High May 6 and key resistance
• RES 2: 0.7223 High May 15
• RES 1: 0.7208 High Aug 28
• PRICE: 0.7168 @ 16:51 BST Sep 02
• SUP 1: 0.7116 20-day EMA 
• SUP 2: 0.7070/0.6922 50-day EMA / Low Jul 29  
• SUP 3: 0.6907 Low Jul 8 
• SUP 4: 0.6865 Low Jun 30 and the bear trigger 

A bull cycle in AUDUSD remains intact - for now - and a fresh cycle high last week reinforces current trend conditions. The pair has breached 0.7181, the 76.4% retracement of the May 6 - Jun 30 bear leg. The move higher strengthens the bull theme and maintains the rising price sequence of higher highs and higher lows. Sights are on 0.7223 next, the May 15 high. Key support to watch is the 50-day EMA at 0.7070.