TURKEY: Trade Deficit Slightly Narrower-Than-Expected in January
* Turkey's trade deficit narrowed to $7.538bln in January from a revised -$8.79bln in December, ac...
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SILVER TECHS: Recent Gains Considered Corrective
- 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: $29.961 @ 08:12 GMT Jan 28
- 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 are considered corrective. However, recent gains do suggest scope for a continuation higher near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would highlight 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.
BONDS: Some elevated Volumes in US Treasuries
- It is another decent start for US Treasuries in terms of early volumes, TYH5 is sold in over 7k, FVH5 5k, TUH5 3k, all cumulative Volumes as Europe continues to join the session.
- There's some small spillovers into Bund and the BTP, the latter is sold in over 1k.
- Still, overall some two way early price action, with Bund sticking to a very tight 18 ticks range.
USDCAD TECHS: Key Directional Triggers Defined
- 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.
