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US: US President Biden Drops Out of 2024 Presidential Race, Endorses Harris
- US President Biden announced his exit from the 2024 presidential race Sunday afternoon.
- Posted on X: President Biden said "It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term. I will speak to the Nation later this week in more detail about my decision."
- President Biden separately announced his endorsement of VP Kamala Harris as President.
USDCAD TECHS: Bear Threat Still Present Despite Recent Gains
- RES 4: 1.3899 High Nov 1 and a key resistance
- RES 3: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 2: 1.3755/3792 High Jul 2 / High Jun 11
- RES 1: 1.3748 High Jul 19
- PRICE: 1.3716 @ 15:54 BST Jul 19
- SUP 1: 1.3590/89 Low May 16 and a key support / Intraday low
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
- SUP 4: 1.3478 Low Apr 4
USDCAD has recovered from its recent low. However, a short-term bear threat remains present, for now. Recent weakness resulted in a test of 1.3590, the May 16 low and a key support. A clear breach of it would highlight an important technical break and pave the way for an extension lower near-term. Initial firm resistance to watch is 1.3755, the Jul 2 high. Clearance of this level would alter the picture and highlight a bullish development.
AUDUSD TECHS: Support Remains Intact
- RES 4: 0.6895 High Jul 13 / 14 2023
- RES 3: 0.6871 High Dec 28 and a key resistance
- RES 2: 0.6839 High Jan 02
- RES 1: 0.6799 High Jul 11
- PRICE: 0.6693 @ 15:50 BST Jul 19
- SUP 1: 0.6684 Low Jul 19
- SUP 2: 0.6666 50-day EMA
- SUP 3: 0.6576 Low Jun 10 and a key support
- SUP 4: 0.6558 Low May 8
AUDUSD bullish conditions remain intact and the latest pullback appears to be a correction. Initial firm support has broken at 0.6712, the 20-day EMA. A close below here could signal scope for a deeper retracement, towards 0.6666, the 50-day EMA. The bull trigger is at 0.6799, the Jul 11 high. A break would resume the uptrend and pave the way for a climb towards 0.6839 next, the Jan 2 high. Moving average studies are in a bull-mode set-up highlighting a rising trend.
