SILVER TECHS: Trend Structure Remains Bullish
- RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $40.000 - Psychological round number
- RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- PRICE: $37.134@ 08:04 BST Jul 31
- SUP 1: $36.545 - 50-day EMA and a key support
- SUP 2: $35.285 - Low Jun 24
- SUP 3: $33.967 - Low Jun 3
- SUP 4: $31.651 - Low May 15
Trend signals in Silver remain bullish and the latest pullback is considered corrective. Recent gains reinforce a bullish theme, the metal has traded above resistance at $39.132, the Jul 14 high. The break confirms a resumption of the uptrend. Note too that MA studies remain in a bull-mode position. Support to watch lies at $36.545, the 50-day EMA. A resumption of gains would signal scope for $39.655 next, a Fibonacci projection.
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AUDUSD TECHS: Resumes Its Uptrend
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6603 High Nov 11 ‘24
- RES 1: 0.6584 Intraday high
- PRICE: 0.6577 @ 08:02 BST Jul 1
- SUP 1: 0.6500 20-day EMA
- SUP 2: 0.6453/6373 50-day EMA / Low Jun 23 and a reversal trigger
- SUP 3: 0.6357 Low May 12
- SUP 4: 0.6275 Low Apr 14
The medium-term trend set-up in AUDUSD remains bullish and Monday’s gains strengthen current conditions. The break higher marks a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 0.6603 next, the Nov 11 2024 high. Key short-term support has been defined at 0.6373, the Jun 23 low. A pullback would be considered corrective.
EURJPY TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 171.28 1.382 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 171.09 High Jul 23 ‘24
- RES 2: 170.47 76.4% Fibonacci retracement for Jul - Aug ‘24 downleg
- RES 1: 169.91 1.236 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- PRICE: 169.31 @ 07:53 BST Jul 1
- SUP 1: 168.56 Low Jun 26
- SUP 2: 167.21 20-day EMA
- SUP 3: 165.91 Low Jun 16
- SUP 4: 165.14 50-day EMA
The trend set-up in EURJPY is unchanged, it remains bullish and the cross is trading just below its latest highs. Recent gains resulted in a break of 166.69, the Oct 31 ‘24 high. Scope is seen for a climb towards 170.47, a key Fibonacci retracement point. Note that the uptrend is in overbought territory, a pullback would unwind this condition. Support to watch lies at 166.94, the 20-day EMA. A break of it would suggest potential for a deeper retracement.
GILTS: Opening calls
Gilt Opening calls, 93.28/93.34 range.
