USDCAD TECHS: Trading Closer To Its Recent Lows
- RES 4: 1.4051 High Nov 28
- RES 3: 1.3925 50-day EMA
- RES 2: 1.3872 20-day EMA
- RES 1: 1.3823 High Dec 11
- PRICE: 1.3793 @ 08:03 GMT Dec 19
- SUP 1: 1.3730 Low Sep 17
- SUP 2: 1.3682 76.4% retracement of the Jun 16 - Nov 6 bull cycle
- SUP 3: 1.3637 Low Jul 25
- SUP 4: 1.3576 Low Jul 23
A bear theme in USDCAD remains intact, reinforced by the recent move down and note that price is holding on to the bulk of its latest downleg. The sell-off maintains the current price sequence of lower lows and lower highs and signals scope for a test of 1.3727 next, the Sep 17 low. Initial firm resistance to watch is 1.3892, the 20-day EMA. Short-term gains would be considered corrective and would allow an oversold condition to unwind
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GILTS: Opening Calls
- Gilt calls, 92.35/92.38. These do NOT take the UK Data into account.
With Sonia up 3 ticks, there's clearly some some upside risk on these calls.
AUDUSD TECHS: Bearish Threat
- RES 4: 0.6660 High Sep 18
- RES 3: 0.6644 76.4% retracement of the Sep-Oct bear leg
- RES 2: 0.6618 High Oct 29 and a key near-term resistance
- RES 1: 0.6524/6580 20-day EMA / High Nov 13
- PRICE: 0.6494 @ 07:56 GMT Nov 19
- SUP 1: 0.6459 Low Nov 5
- SUP 2: 0.6440 Low Oct 14 and key support
- SUP 3: 0.6415 Low Aug 21 / 22 and a bear trigger
- SUP 4: 0.6373 Low Jun 23
Recent weakness in AUDUSD highlights a clear bear threat. This also reinforces a short-term bearish signal on Nov 13 - a shooting star (inverted hammer) candle formation. Note too that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key short-term pivot resistance has been defined at 0.6580, the Nov 13 high. A continued sell-off would expose 0.6440, the Oct 14 low.
EQUITIES: EU Cash Opening Calls
Estox 50: +0.14%, Dax: -0.09%, CAC: -0.00%, FTSE +0.10%, SMI +0.39%.
