USDCAD TECHS: Pullback Considered Corrective
- RES 4: 1.4000 Psychological round number
- RES 3: 1.3977 High Oct 13
- RES 2: 1.3898 High Oct 14
- RES 1: 1.3814/3862 High Mar 15 / 10 and the bull trigger
- PRICE: 1.3684 @ 07:58 GMT Mar 17
- SUP 1: 1.3652 Low Mar 14
- SUP 2: 1.3562 50-day EMA
- SUP 3: 1.3515 Low Feb 22
- SUP 4: 1.3442 Low Feb 20 / 21
The recent move lower in USDCAD appears to be a correction and this is allowing a recent overbought condition to unwind. Recent gains strengthened a bullish theme. Price has cleared the Dec 16 high of 1.3705 and traded above 1.3800. Scope is seen for gains towards 1.3977, the Oct 13 high. Initial support is seen at 1.3652, Tuesday’s low. Key short-term resistance and the bull trigger is at 1.3862, the Mar 10 high.
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EURUSD TECHS: Support Holds At The 50-Day EMA
- RES 4: 1.1076 High Apr 1, 2022
- RES 3: 1.1054 1.236 proj of the Oct 13 -27 rally from the Jan 6 low
- RES 2: 1.0940/1.1033 High Feb 3 / High Feb 2
- RES 1: 1.0793 20-day EMA
- PRICE: 1.0709 @ 07:59 GMT Feb 15
- SUP 1: 1.0656 Low Feb 13
- SUP 2: 1.0634 Low Jan 9
- SUP 3: 1.0484 Low Jan 6 and a key support
- SUP 4: 1.0461 38.2% retracement of the Sep 28 - Feb 2 bull leg
The intraday spike in EURUSD reversed into the Tuesday close, showing rallies are still prone to pullbacks on any move higher. Prices remain above support at 1.0674, the 50-day EMA, for now. This represents a key short-term level and the recent move down is considered corrective. The Feb 7 price action is a doji candle pattern - a potential bullish reversal signal. A recovery would refocus attention on 1.1033, the Feb 2 high. A clear break of the 50-day EMA would instead strengthen the bearish cycle and expose 1.0634, the Jan 9 low.
MNI: SPAIN JAN HICP -0.4% M/M, +5.9% Y/Y
- MNI: SPAIN JAN HICP -0.4% M/M, +5.9% Y/Y
EQUITIES: EU Cash opening calls
- Estox 50: +0.03%.
- Dax: +0.09%.
- CAC: -0.03%.
- FTSE +0.17%
- SMI +0.32%.
