SILVER TECHS: Bulls Remain In The Driver’s Seat
- RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.548 - High Oct 29 ‘24
- RES 1: $34.233 - High Mar 18
- PRICE: $33.709 @ 08:07 GMT Mar 27
- SUP 1: $32.665 - Low Mar 21
- SUP 2: $32.334/30.815 - 50-day EMA / Low Feb 28 and key support
- SUP 3: $29.704 - Low Jan 27
- SUP 4: $28.748 - Low Dec 19 and a bear trigger
Recent short-term weakness in Silver is considered corrective and a bull cycle remains in play. The metal has recently breached a key resistance at $33.397, the Feb 14 high, confirming a resumption of the bull cycle that started Dec 19 ‘24. This signals scope for a climb towards $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Key trend support has been defined at $30.815, the Feb 28 low.
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USDCAD TECHS: Bearish Theme Remains Intact
- 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.
AUDUSD TECHS: Sights Are On The 100-DMA
- 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.
GILTS: Opening calls
Gilt calls, 92.57/92.87.
