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Price Signal Summary - USDCAD Shooting Star Reversal

MARKET INSIGHT
  • On the equity front, S&P E-minis have extended their recovery and traded at fresh all-time highs. This confirms a resumption of the underlying uptrend and attention turns to the 4500.00 handle. EUROSTOXX 50 key support has been defined at 4078.00, Aug 19 low.
  • In the FX space, the USD remains in an uptrend and yesterday's weakness is considered corrective. EURUSD last week cleared 1.1704, Mar 31 low. This signals scope for a move to 1.1621 next, 1.00 projection of the Jan 6 - Mar 31 - May 25 price swing. Firm resistance to watch is 1.1805, Aug 13 high. GBPUSD remains vulnerable despite yesterday's strong bounce. The focus is on the bear trigger at 1.3572, Jul 20 low. Resistance is at 1.3786, Aug 18 high. USDCAD stalled last week at 1.2949, Aug 20 high. Friday's price pattern is a bearish shooting star candle and yesterday's weak close reinforces the bearish pattern. An extension would expose 1.2603, the 20-day EMA and potentially 1.2509, the 50-day EMA.
  • On the commodity front, Gold has cleared its 50-day EMA at $1796.50. The break signals scope for a climb towards $1834.1, Jul 15 high and a bull trigger. WTI futures support has been defined at $61.74, Aug 23 low. Note, yesterday's price action appears to be a bullish engulfing reversal. Further gains would open $68.15, the 50-day EMA.
  • In FI, Bunds support to watch is unchanged at 176.21, Aug 11 low. Trend conditions remain bullish. The bull trigger is 177.61, Aug 05 high. The Gilt futures outlook is bullish too and attention is on 130.72, Aug 4 high and the bull trigger. The support to watch is at 129.16, the 50-day EMA.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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