STIR: Green/Blue Euribor Futures Almost 50 Ticks Off Monday's Settlement

• RES 4: 1.5000 Psychological round number 
• RES 3: 1.4948 High Mar 2003  
• RES 2: 1.4814 High Apr 2003
• RES 1: 1.4600/1.4793 Round number resistance / High Feb 3    
• PRICE: 1.4435 @ 08:03 GMT Feb 4  
• SUP 1: 1.4398 20-day EMA
• SUP 2: 1.4290 50-day EMA
• SUP 3: 1.4261 Low Jan 20 and a key support
• SUP 4: 1.4178 High Nov 6 ‘24

USDCAD traded sharply higher Monday, before reversing lower into the close. Despite the pullback, Monday’s gains reinforce and strengthen bullish conditions. The break higher has confirmed a resumption of the uptrend and sets the scene for a climb towards 1.4814 next, the Apr 2003 high. Moving average studies remain in a bull-mode position highlighting  a dominant uptrend. Initial firm support to watch is 1.4398, the 20-day EMA (pierced).

Gilt calls, 92.70/92.74 range.

• RES 4: 0.6429 High Dec 12 
• RES 3: 0.6384 High Dec 13               
• RES 2: 0.6307/31 50-day EMA / High Jan 24  
• RES 1: 0.6244 20-day EMA 
• PRICE: 0.6205 @ 07:55 GMT Feb 4 
• SUP 1: 0.6088 Low Feb 3
• SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 3: 0.6000 Round number support
• SUP 4: 0.5931 1.764 proj of the Sep 30 - Nov 6 - 7 price swing

The trend condition in AUDUSD remains bearish and the pair traded to a fresh cycle low on Monday. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. A continuation would open 0.6045, a Fibonacci projection. Moving average studies are in a bear-mode position and this highlights a dominant downtrend. Key resistance is at 0.6307, the 50-day EMA. Gains are - for now - considered corrective.