LNG: EU to Allow Some Continued Transfer of Russian LNG

• RES 4: 1.4328 1.764 proj of the Mar 9 - 31 - May 1 price swing
• RES 3: 1.4292 61.8% Retracement Feb’25 - Jan’26 downleg
• RES 2: 1.4211 1.50 proj of the Mar 9 - 31 - May 1 price swing   
• RES 1: 1.4193 High Jun 22
• PRICE: 1.4174 @ 08:17 BST Jun 23
• SUP 1: 1.4095 Low Jun 18  
• SUP 2: 1.3973 20-day EMA
• SUP 3: 1.3863 50-day EMA
• SUP 4: 1.3837 Low Jun 3 

A strong impulsive bull cycle in USDCAD remains intact and the pair is holding on to its latest gains. Last week’s rally signals scope for an extension towards 1.4211, a Fibonacci projection point. Further out, sights are on 1.4292, a Fibonacci retracement. Note that the trend is in overbought territory. A pullback would allow this condition to unwind. The first important support to watch lies at 1.3973, the 20-day EMA.

• MNI: FRANCE JUN FLASH MANUF PMI 50.7 (50.1 EXP, 49.7 MAY)
• FRANCE JUN FLASH SERVICES PMI 47.4 (46.0 EXP, 44.3 MAY)
• FRANCE JUN FLASH COMPOSITE PMI 47.6 (46.0 EXP, 44.9 MAY)

• RES 4: 0.7223 High May 15
• RES 3: 0.7149/7201 High Jun 4 / High May 29
• RES 2: 0.7088 High Jun 15 and a key short-term resistance
• RES 1: 0.7069 20-day EMA
• PRICE: 0.6960 @ 08:12 BST Jun 23
• SUP 1: 0.6950 Intraday low
• SUP 2: 0.6938 76.4% retracement of the Mar 30 - May 6 bull leg
• SUP 3: 0.6899 Low Apr 7
• SUP 4: 0.6833 Low Apr 30 and a key support

A short-term bear cycle in AUDUSD remains in play and today’s extension reinforces the current trend condition. The break lower signals scope for a move towards 0.7003, a Fibonacci retracement point. Clearance of this level would open 0.6833, the Apr 30 low and a key support. Key short-term resistance has been defined at 0.7088, the Jun 15 high, where a break is required to signal a possible reversal.