EM CREDIT SUPPLY: PPG: IPT

Need to issue a CORRECTION on that large FX Exchange Traded Option last Week.

We noted the Put was sold on Tuesday and Wednesday, but there was some report that the aggressor on Friday was a buyer, in over 13k.

Looking at OI Today, it doesn't look to be the case and the put was only sold, the Option trade should now read:

• EURUSD (7th Feb) 1.0200p, was sold Tuesday, Wednesday and Friday at 0.0102, 0.00090, 0.00060 and 0.00050 in 22.3k.

• RES 4: $34.903 - High Oct 23 and the bull trigger  
• RES 3: $33.125 - High Nov 1 
• RES 2: $32.338 - High Dec 12 and a key resistance  
• RES 1: $31.022 - High Jan 24                              
• PRICE: $30.159 @ 08:12 GMT Jan 27  
• SUP 1: $29.509/28.748 - Low Jan 13 / Low Dec 19 and bear trigger        
• 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  

A bear cycle in Silver that started Oct 23 last year remains in play and recent gains still appear corrective. The metal is holding on to its latest gains and this does suggest scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would signal a reversal. On the downside, support to watch is $29.509, the Jan 13 low, and $29.748, the Dec 19 low and the bear trigger.

• RES 4: 1.4655 2.0% 10-dma envelope
• RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 1: 1.4516 High Jan 21  
• PRICE: 1.4391 @ 08:05 GMT Jan 27 
• SUP 1: 1.4261 Low Jan 20
• SUP 2: 1.4248 50-day EMA
• SUP 3: 1.4120 Low Dec 11 
• SUP 4: 1.4011 Low Dec 5

Recent price action in USDCAD highlights resistance at 1.4516, the Jan 21 low, and support at 1.4261, the Jan 20 low. Both levels also represent important short-term directional triggers. The trend condition remains bullish and a clear breach of 1.4516 would confirm a resumption of the bull cycle. For bears, a move through 1.4261 and 1.4248, the 50-day EMA, would instead highlight a possible reversal.