SILVER TECHS: Trend Structure Remains Bullish

• 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.

• 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.

Gilt Opening calls, 93.28/93.34 range.