SILVER TECHS: Bulls Remain In The Driver’s Seat

• RES 4: 1.4948 High Mar 2003
• RES 3: 1.4814 High Apr 2003 
• RES 2: 1.4503/1.4793 High Fb 4 / 3 and key resistance
• RES 1: 1.4380 High Feb 10     
• PRICE: 1.4266 @ 08:06 GMT Feb 25
• SUP 1: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
• SUP 2: 1.4011 Low Dec 5 ‘24
• SUP 3: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
• SUP 4: 1.3894 Low Nov 11 ‘24

A bear theme in USDCAD remains intact. The pair has cleared key support at 1.4261, the Jan 20 low. This strengthens a bearish set-up and signals scope for an extension of the current downtrend - a correction. Sights are on 1.4107, a Fibonacci retracement. Initial firm resistance to watch is 1.4380, the Feb 10 high. A move above this hurdle would highlight an early reversal signal. 

• RES 4: 0.6471 High Dec 9 ‘24 
• RES 3: 0.6429 High Dec 12 ‘24               
• RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg 
• RES 1: 0.6409 High Feb 21
• PRICE: 0.6338 @ 07:59 GMT Feb 25
• SUP 1: 0.6315/6231 50-day EMA / Low Feb 10 
• SUP 3: 0.6171/6088 Low Feb 4 / 3
• SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 4: 0.6000 Round number support

A bullish condition in AUDUSD remains intact and recent gains reinforce the current bullish set-up. Sights are on key resistance at 0.6406/14 - the 100-dma and the 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg respectively. A clear break of both levels would set the scene for the next leg higher for the pair, making 0.6429 the next target, the Dec 12 ‘24 high. The 50-day EMA undercuts as support, crossing at 0.6315.

Gilt calls, 92.57/92.87.