------------------------------------------------------------------------ 2300GMT 0700HKT 1000AED...
Find more articles and bullets on these widgets:
The trend set-up in USDCAD remains bullish and short-term weakness is considered corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4348, the 20-day EMA, has recently been pierced. A clear break of the average would open 1.4197, the 50-day EMA.
A bearish trend condition in AUDUSD remains intact and last Friday’s sell-off plus Monday’s trend low, reinforces this theme. The pair has breached support at 0.6179, the Dec 31 low, maintaining the price sequence of lower lows and lower highs. Note that MA studies are in a bear-mode position too. Scope is seen for an extension towards the 0.6100 handle next. Initial firm resistance to monitor is 0.6240, 20-day EMA. The 50-day EMA is at 0.6358.
A clear downtrend in JGB futures remains intact and the latest fresh cycle lows reinforce this condition. Note too that moving average studies on the continuation chart are in a bear-mode setup, highlighting a clear downtrend. The move down exposes the 140.00 psychological handle next. For bulls, a reversal would open 142.73 and 144.48, the Dec 9 and Nov 11 high respectively.