GLOBAL ENERGY: Energy Complex Rises amid US-Iran Clashes in the Strait of Hormuz
Energy complex seeing some upside on the headlines surrounding continued US-Iran naval clashes, with...
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IRAN: Official Warns Tehran Could Break Ceasefire if Lebanon Attacks Extend
"IRAN'S TASNIM NEWS AGENCY CITING UNNAMED SOURCE: IRAN WILL WITHDRAW FROM CEASEFIRE AGREEMENT IF ATTACK ON LEBANON CONTINUES" - RTRS
- From the Tasnim report, which cites an official: "while considering Iran's possible withdrawal from the ceasefire plan, our country's armed forces are determining targets to respond to today's aggression by the Zionist regime against Lebanon."
AUDUSD TECHS: Bull Reversal
- Bull ReversalRES 4: 0.7187 High Mar 11 and key resistance
- RES 3: 0.7161 High Mar 12
- RES 2: 0.7103 76.4% retracement of the Mar 11 - 30 bear leg
- RES 1: 0.7085 Intraday high
- PRICE: 0.7056 @ 15:18 BST Apr 8
- SUP 1: 0.6959 50-day EMA
- SUP 2: 0.6876 Low Apr 6
- SUP 3: 0.6833 Low Mar 30 and a key support
- SUP 4: 0.6727 Trendline support drawn from the Apr 9 ‘25 low
A strong rally in AUDUSD today means that price is once again trading above the 20- and 50-day EMAs. The setup in these two averages is bullish, highlighting a dominant uptrend and the latest rally suggests the recent corrective pullback is over. An extension higher would open 0.7103, a Fibonacci retracement, ahead of key resistance at 0.7187, the Mar 11 high. First support lies at 0.6959, the 50-day EMA.
EURGBP TECHS: Corrective Pullback
- RES 4: 0.8797 High Dec 17
- RES 3: 0.8789 High Feb 27 and key resistance
- RES 2: 0.8747 76.4% retracement of the Feb 27 - Mar 16 bear leg
- RES 1: 0.8742 High Mar 31 and Apr 1
- PRICE: 0.8696 @ 15:13 BST Apr 8
- SUP 1: 0.8686 Intraday low
- SUP 2: 0.8637/10 Low Mar 26 / 16 and the bear trigger
- SUP 3: 0.8597 Low Aug 14
- SUP 4: 0.8578 Low Jul 2 ‘25
A strong rally last week in EURGBP confirmed a clear reversal of the bear cycle between Feb 27 and Mar 16. This opens 0.8747 next, the 76.4% retracement of the Feb - Mar bear leg. The pullback from recent highs is - for now - considered corrective. The cross has pierced support at the 50-day EMA, at 0.8690. A clear break of this average would signal scope for a deeper retracement. The bull trigger is at 0.8742, the Mar 31 and Apr 1 high.
