BOJ: Ueda: Whoever Becomes New PM, Will Need To Reflect In Policy

• 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: $37.177 @ 08:23 BST Aug 20
• SUP 1: $37.090/36.216 - 50-day EMA / Low Jul 31 
• SUP 2: $35.285 - Low Jun 24
• SUP 3: $33.940 - 50.0% retracement of the Apr 7 - Jul 23 bull leg  
• SUP 4: $32.958 - Low Jun 2

Trend signals in Silver remain bullish. The pullback off the late July highs is considered corrective - particularly as prices have recently recovered off support at the 50-day EMA, now at $37.090. A clear break of it is needed to strengthen a short-term bearish threat and allow for a deeper retracement. This would open $35.285, the Jun 24 low. For bulls, a resumption of gains would refocus attention on the objective at $39.655 a Fibonacci projection.

• RES 4: 1.4111 High Apr 10  
• RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg 
• RES 2: 1.3920 High May 21
• RES 1: 1.3884 Intraday high 
• PRICE: 1.3871 @ 08:20 BST Aug 20
• SUP 1: 1.3759/22 50-day EMA / Low Aug 22
• SUP 2: 1.3576 Low Jul 23 
• SUP 3: 1.3557/40 Low Jul 3 / Low Jun 16 and the bear trigger
• SUP 4: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing

A strong rally yesterday in USDCAD and today’s print above resistance at 1.3879, the Aug 1 high, highlights a resumption of the bull cycle that started Jun 16. This also negates a recent bearish threat. An extension and a clear breach of 1.3879, would signal scope for a climb towards 1.4019, a Fibonacci retracement. On the downside, support to watch lies at 1.3759, the 50-day EMA.

• RES 4: 0.6688 High Nov 7 ‘24
• RES 3: 0.6677 0.764 proj of the Jun 23 - Jul 11 - 17 price swing
• RES 2: 0.6569/6625 High Aug 14 / 24 and the bull trigger 
• RES 1: 0.6500 50-day EMA 
• PRICE: 0.6444 @ 08:14 BST Aug 20
• SUP 1: 0.6419 Low Aug 1 and a bear trigger
• SUP 2: 0.6373 Low Jun 23 
• SUP 3: 0.6354 38.2% retracement of the Apr 9 - Jul 24 upleg  
• SUP 4: 0.6323 Low Apr 16

AUDUSD is off its most recent highs and has again traded lower, today. From a trend perspective, the condition remains bullish highlighted by MA studies that remain in a bull-mode position. However, the pair is approaching support at 0.6419, the Aug 1 low and a bear trigger. A clear break of this level would expose support at 0.6373, Jun 23 low and an important support. On the upside, a reversal higher would refocus attention on 0.6625, the Aug 24 high.