USDCAD TECHS: Key Near-Term Support Remains Intact For Now

• 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: 0.6384 High Dec 13 
• PRICE: 0.6364 @ 16:16 GMT Feb 17 
• SUP 1: 0.6303/6231 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

AUDUSD traded higher again Monday as it starts the week on a bullish note. Recent gains have reinforced bullish conditions. The pair has cleared 0.6331, the Jan 24 high and a key short-term resistance. The breach highlights a stronger reversal and opens 0.6414, a Fibonacci retracement. Note that MA studies remain in a bear-mode position. This suggests the latest recovery is a correction. Initial firm support to watch is 0.6231, the Feb 10 low.       

• RES 4: 164.08 High Jan 24  
• RES 3: 162.71 76.4% retracement of the Dec 30 - Feb 10 bear leg     
• RES 2: 162.49 High Jan 29
• RES 1: 160.97/161.19 50-day EMA / High Feb 13
• PRICE: 158.65 @ 16:15 GMT Feb 17
• SUP 1: 157.90/155.61 Low Feb 12 / 10 and the bear trigger 
• SUP 2: 155.15 Low Sep 16 ‘24
• SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
• SUP 4: 153.87 Low Dec 14 ‘23  

Recent gains in EURJPY have allowed an oversold trend condition to unwind. For now, resistance at 160.97, the 50-day EMA, remains intact. It has been pierced, but a clear break is required to strengthen bullish conditions and signal scope for an extension towards 162.71, a Fibonacci retracement. For bears, the cross has pulled back from its recent highs. A stronger reversal would refocus attention on 155.61, the Feb 10 low and bear trigger.   

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• Full link here: https://x.com/realDonaldTrump/status/1891572283161944433