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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: 113.91 20-day EMA
  • PRICE: 113.06 @ 06:14 GMT Dec 2
  • 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

A USDJPY short-term bearish threat is still present. Tuesday's weakness resulted in a print below key short-term support at 112.73, Nov 9 low. A clear break of this level would resume the current bear cycle and open 112.08 next, a recent breakout level. On the upside, initial resistance is seen at 113.91, the 20-day EMA. A break would signal a short-term base. Key resistance though is unchanged at 115.52, the Nov 24 high.