USDCAD TECHS: Pullback Appears Corrective
- RES 4: 1.4287 2.0% 10-dma envelope
- RES 3: 1.4246 2.00 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4196 1.764 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4078/4178 High Nov 27 / 26 and the bull trigger
- PRICE: 1.4005 @ 16:09 GMT Nov 29
- SUP 1: 1.3965/28 20-day EMA / Low Nov 25 and a key support
- SUP 2: 1.3858 50-day EMA
- SUP 3: 1.3822 Low Nov 6
- SUP 4: 1.3747 Low Oct 17
Trend conditions in USDCAD remain bullish and Tuesday’s fresh cycle reinforced this theme. The move higher confirmed a resumption of the primary uptrend and marked an extension of the bullish price sequence of higher highs and higher lows. Sights are on 1.4196 next, a Fibonacci projection. Key short-term support has been defined at 1.3928, the Nov 25 low. For now, the latest pullback appears corrective.
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USDCAD TECHS: Key Resistance Remains Exposed
- RES 4: 1.4115 2.0% 10-dma envelope
- RES 3: 1.4000 Round number resistance
- RES 2: 1.3946 High Aug 5 and a key resistance
- RES 1: 1.3940 High Oct 30
- PRICE: 1.3916 @ 16:15 GMT Oct 30
- SUP 1: 1.3838/3773 Low Oct 25 / 20-day EMA
- SUP 2: 1.3693 50-day EMA
- SUP 3: 1.3611 Low Oct 8
- SUP 4: 1.3567 Low Oct 7
The USDCAD trend outlook remains bullish and the pair traded higher once again on Tuesday. Price has recently cleared 1.3822, 76.4% of the Aug 5 - Sep 25 bear leg. The breach reinforces a bullish theme and opens 1.3946, the Aug 5 high and the next key hurdle for bulls. Initial firm support to watch lies at 1.3773, the 20-day EMA. The uptrend is overbought, a pullback would allow this condition to unwind.
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AUDUSD TECHS: Fresh Cycle Low
- RES 4: 0.6852/6889 High Oct 4 / 3
- RES 3: 0.6762 High Oct 9
- RES 2: 0.6684/6712 20- and 50-day EMA
- RES 1: 0.6622 Low Sep 11
- PRICE: 0.6578 @ 16:14 GMT Oct 30
- SUP 1: 0.6537 Low Oct 30
- SUP 2: 0.6508 Low Aug 8
- SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
- SUP 4: 0.6472 Low Aug 6
A bear cycle in AUDUSD remains intact and the pair has again traded to a fresh cycle low, today. This reinforces the current downtrend. A key support at 0.6622, Sep 11 low, has been breached, strengthening a bearish theme and note too that the pair has also cleared 0.6576, 61.8% of the Aug 5 - Sep 30 bull leg. A continuation lower would open 0.6490, the 76.4% retracement. Initial firm resistance to watch is 0.6622, the Sep 11 low.
