GBPUSD TECHS: Bullish Outlook
- RES 4: 1.2518 High Jun 6
- RES 3: 1.2406 High Jun 16 and a key resistance
- RES 2: 1.2332 High Jun 27
- RES 1: 1.2293 High Aug 01
- PRICE: 1.2169 @ 20:11 BST Aug 4
- SUP 1: 1.2063 Low Jul 29
- SUP 2: 1.1961 Low Jul 25
- SUP 3: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
- SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
GBPUSD remains below its recent highs. A bullish short-term theme is still intact though. Price has recently traded above the 50-day EMA. This reinforces short-term bullish conditions with the next objective at 1.2332, the Jun 27 high. Potential is seen for a climb towards 1.2406, the Jun 16 high and a key resistance. On the downside, initial firm support to watch lies at 1.2063, the Jul 29 low.
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US: White House Press Conference Beginning Shortly
White House Press Secretary Karine Jean-Pierre is shortly due to deliver the first White House presser since June 23.
- A livestream of the presser can be followed here: https://www.youtube.com/watch?v=gE-N8BGFyaA&featur...
- Since Jean-Pierre's last White House presser, President Biden has attended summits of the G7 and NATO in Europe.
EURJPY TECHS: Corrective Down Cycle Still In Play
- RES 4: 146.74 High Dec 30, 2014
- RES 3: 145.00/58 Round number resistance / High Dec 31 2014
- RES 2: 144.58 0.764 proj of Mar 7 - 28 - Apr 5 swing
- RES 1: 142.86/144.28 High Jun 30/28 and the bull trigger
- PRICE: 139.18 @ 16:12 BST Jul 5
- SUP 1: 139.12 Low Jul 5
- SUP 2: 138.94 50-DMA
- SUP 3: 137.85 Low Jun 16 and key support
- SUP 4: 136.25 Low May 30
EURJPY traded lower last week following a reversal from 144.28, the Jun 28 high. Friday's weakness resulted in a clear break of the 20-day EMA as well as the 50-day EMA today and now markets target 138.94 and below for a deeper pullback. On the upside, an extension higher would refocus attention on the 144.28 bull trigger.
CANADA: Higher Rates Biting In Vancouver Housing Market
- Higher interest rates and supply have seen the Vancouver housing market continue to cool quickly according to the Vancouver Real Estate Board
- Sales fell -35% Y/Y in June or 23% below the 10-year June average. Lower sales have allowed listings to increase, with the sales-to-listings ratio down to 23.4% from the March peak of 56.9% (historically a sustained <12% leads to downward price pressure, >20% upward).
- The benchmark home price index dipped 2% M/M although is still up 12.4% Y/Y.
