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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

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  • RES 4: 116.87 High Jan 11, 2017
  • RES 3: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 115.52 High Nov 24 and the bull trigger
  • RES 1: 113.74 20-day EMA
  • PRICE: 113.36 @ 17:13 GMT Dec 6
  • SUP 1: 112.53 Low Nov 30
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.32 61.8% retracement of the Aug - Nov rally
  • SUP 4: 110.82 Low Oct 4

USDJPY is consolidating near recent lows and the short-term outlook remains bearish. The move lower on Nov 30 resulted in a print below 112.73, Nov 9 low. A clear break of this support would resume the current bear cycle and open 112.08 next, Sep 30 high. Initial resistance is seen at 113.74, the 20-day EMA. A breach would ease bearish concerns and signal a possible S/T base. Key resistance though is unchanged at 115.52, the Nov 24 high.