COMMODITIES: Crude Soars as US-Iran Tensions Flare Up Again, Gold Declines
* Crude prices surged on Wednesday following US-Iran strikes overnight and after President Trump s...
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USDJPY TECHS: Bull Cycle Remains Intact For Now
- RES 4: 161.46 1.618 proj of the Jan 27 - Feb - 12 price swing
- RES 3: 161.00 round number resistance
- RES 2: 160.72 High Apr 30 and the bull trigger
- RES 1: 160.39 High Jun 08
- PRICE: 160.12 @ 16:47 BST Jun 8
- SUP 1: 159.26 20-day EMA
- SUP 2: 158.73/157.32 50-day EMA / Low May 14
- SUP 3: 156.78 Low May 12
- SUP 4: 156.24 Uptrendline drawn off Apr’ 25 low
USDJPY traded higher last week and a bull cycle is in play for now. Sights are on key resistance at 160.72, the Apr 30 high. A clear break of this hurdle would strengthen the uptrend. A breach would also cancel a bear threat highlighted by the large bear candle on Apr 30. While price trades between the Apr 30 open and close (the candle body), it is possible that the recovery since May 6 is corrective. Initial firm support is 158.73, the 50-day EMA.
BOC: Expected Instant Answers For Bank of Canada Rate Decision Wed
Following are the expected Instant Answers for the Bank of Canada interest-rate decision due Wed at 9:45am EST:
- Overnight Rate Target (level in x.xx%):
- Does the Bank signal it is prepared to lower rates in the future?
- Does the Bank signal it is prepared to raise interest rates in the future?
- Does the Bank reiterate it will not allow higher energy prices to become broader or persistent inflation?
- Does the Bank reiterate it will look through or show some patience around some short-term inflation from the Iran war?
- Does the Bank reiterate that the current rate looks about right if oil prices come down and US tariffs remain stable?
EURGBP TECHS: Support Remains Exposed
- RES 4: 0.8747 76.4% retracement of the Feb 27 - Mar 16 bear leg
- RES 3: 0.8742 High Mar 31 and Apr 1 and a bull trigger
- RES 2: 0.8731 High May 18
- RES 1: 0.8665/82 50-day EMA / High May 29
- PRICE: 0.8650 @ 16:45 BST Jun 8
- SUP 1: 0.8618 Low May 25
- SUP 2: 0.8610 Low Mar 16 and the bear trigger
- SUP 3: 0.8597 Low Aug 14 ‘25
- SUP 4: 0.8576 Low Jul 2 ‘25
Trend signals in EURGBP are bearish and gains are considered corrective. Attention is on key support at 0.8610, the Mar 16 low. Clearance of this level would highlight an important medium-term bearish breakout. Key resistance to watch is 0.8742, the Mar 31 and Apr 1 high. Initial firm resistance to monitor is 0.8665, the 50-day EMA, recently pierced. A clear break of the average would be a short-term bullish development.
