SILVER TECHS: Tests Support Around The 50-Day EMA

• RES 4: 1.4654 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: 1.4404 @ 08:06 GMT Jan 28 
• SUP 1: 1.4261 Low Jan 20
• SUP 2: 1.4253 50-day EMA
• SUP 3: 1.4120 Low Dec 11 
• SUP 4: 1.4011 Low Dec 5

USDCAD is trading inside a range. Recent price action highlights resistance at 1.4516, the Jan 21 low, and support at 1.4261, the Jan 20 low. Both levels represent important short-term directional triggers. The trend condition is bullish and a clear breach of 1.4516 would confirm a resumption of the bull cycle. For bears, a move through 1.4261 and 1.4253, the 50-day EMA, would instead highlight a possible reversal.

New 10-year Feb-35 RAGB

• Guidance: MS+51bps area
• Size: EUR benchmark (MNI expects E4.5-5.0bln including E250-500mln retention)
• Maturity: 20 February 2035
• Coupon: Long first
• ISIN: AT0000A3HU25 

1.85% May-49 Green RAGB tap

• Guidance: MS+80bps area
• Size: EUR benchmark (MNI expects E1.0-2.0bln)
• ISIN: AT0000A2T8G4

For both:

• JLMs: BofA Securities, Deutsche Bank, Erste Group, J.P. Morgan, Morgan Stanley and Raiffeisen Bank International 
• Timing: Books open, today's business

From market source

• RES 4: 0.6441 38.2% retracement of the Sep 30 - Jan 13 downleg  
• RES 3: 0.6429 High Dec 12               
• RES 2: 0.6384 High Dec 13  
• RES 1: 0.6325/6331 50-day EMA / High Jan 24
• PRICE: 0.6252 @ 07:58 GMT Jan 28 
• SUP 1: 0.6209 Low Jan 21     
• SUP 3: 0.6165/31 Low Jan 17 / 13 and the bear trigger
• SUP 3: 0.6100 Round number support
• SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

A medium-term bearish trend condition in AUDUSD remains intact and recent gains have stalled at resistance around the 50-day EMA, at 0.6325. The reversal lower suggests the possible end of the correction between Jan 13 - 24. A continuation lower would open 0.6131, the Jan 13 low and the bear trigger. On the upside, a clear breach of the 50-day average is required to signal scope for a stronger recovery.