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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

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COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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  • RES 4: $87.00 - Round number resistance
  • RES 3: $85.77 - High Oct 25 and the bull trigger
  • RES 2: $80.08/83.00 - 50-day EMA / High Nov 24
  • RES 1: $77.58 - Low Nov 22
  • PRICE: $75.59 @ 07:06 GMT Nov 29
  • SUP 1: $71.90 - 61.8% retracement of the Aug 23 - Oct 25 rally
  • SUP 2: $69.57 - Low Sep 9
  • SUP 3: $68.62 - 76.4% retracement of the Aug 23 - Oct 25 rally
  • SUP 4: $67.15 - Low Aug 24

Brent futures remain vulnerable. The contract on Friday, cleared former support at $77.58, Nov 22 low to strengthen the current bearish condition that was also reinforced by Friday's sharp reversal lower. The break lower also marks an extension of the current bearish sequence of lower lows and lower highs. Attention is on weakness towards $71.90 next, a Fibonacci retracement. Initial resistance is seen at $77.58.