SILVER TECHS: Holding On To Its Recent Gains
- RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
- RES 1: $32.283 - High Dec 9
- PRICE: 31.693 @ 08:15 GMT Dec 11
- SUP 1: $29.642 - Low Nov 28
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
Silver is holding on to its recent gains. Despite a recovery in price, the bear cycle that started Oct 23 remains in play and gains are considered corrective - for now. Price has recently traded through a trendline drawn from the Aug 8 low. A resumption of the bear leg would open $28.446, a Fibonacci retracement. The 50-day EMA, at $31.209, has been pierced. A continuation higher would expose $33.125, the Nov 1 high.
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SILVER TECHS: Approaching Trendline Support
- RES 4: $36.050 - 2.236 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 3: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 2: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 1: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
- PRICE: 31.283 @ 08:08 GMT Nov 11
- SUP 1: $30.832 - Low Nov 6
- SUP 2: $30.387 - Trendline support drawn from the Aug 8 low
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
Bullish conditions in Silver remain intact and the bear cycle that started on Oct 23 is considered corrective - for now. The metal has breached the 20- and 50-day EMAs. The breach of the 50-day average signals scope for a deeper retracement towards $30.269, a trendline support. For bulls, a reversal higher would refocus attention on $34.903, the Oct 23 high and bull trigger.
USDCAD TECHS: Northbound
- RES 4: 1.4181 2.0% 10-dma envelope
- RES 3: 1.4000 Round number resistance
- RES 2: 1.3977 High Oct 13 and a key M/T resistance
- RES 1: 1.3959 High Nov 1 / 6
- PRICE: 1.3920 @ 08:05 GMT Nov 11
- SUP 1: 1.3843/22 20-day EMA and a key S/T support / Low Nov 6
- SUP 2: 1.3750 50-day EMA
- SUP 3: 1.3611 Low Oct 8
- SUP 4: 1.3567 Low Oct 7
USDCAD last week recovered from the Nov 6 low and the pair is trading closer to its recent highs. The trend outlook is unchanged, it remains bullish. Attention is on the key resistance at 1.3946, the Aug 5 high. This hurdle has been pierced, a clear break of it would strengthen the uptrend and open 1.3977, the Oct 13 high and a key medium-term resistance point. Initial firm support to watch lies at 1.3843, the 20-day EMA.
AUDUSD TECHS: Bear Trend Remains Intact
- RES 4: 0.6841 76.4% retracement of the Sep 30 - Nov 6 bear leg
- RES 3: 0.6762 High Oct 9
- RES 2: 0.6727 50.0% retracement of the Sep 30 - Nov 6 bear leg
- RES 1: 0.6680/88 50-day EMA / High Nov 7
- PRICE: 0.6583 @ 08:00 GMT Nov 11
- SUP 1: 0.6513 Low Nov 6 and the bear trigger
- SUP 2: 0.6508 Low Aug 8
- SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
- SUP 4: 0.6472 Low Aug 6
A bear cycle in AUDUSD remains intact and recent gains appear to have been a correction. Last Wednesday’s sell-off resulted in a breach of 0.6537, the Oct 30 low and bear trigger, highlighting a resumption of the downtrend. Sights are on 0.6490, a Fibonacci retracement point. Firm resistance is at 0.6680, the 50-day EMA (pierced). A clear break of it would highlight a possible reversal.
