EURUSD remains below Friday’s high. Short-term gains are considered corrective and the downtrend remains intact. Fresh trend lows last week reinforce bearish conditions and price is trading below the 20- and 50-day EMAs. 1.0653 has been breached, 76.4% of the Mar 15 - Apr 26 rally and this opens 1.0551, Mar 16 low. A firm resistance is seen at 1.0797, the 20-day EMA. Clearance of this average would ease recent bearish pressure.
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USDCAD traded lower still Friday and has resumed the bear leg that started Apr 28. Note too that price has breached both the 20- and 50-day EMAs and this suggests scope for a deeper retracement. Sights are on 1.3442, a Fibonacci retracement and 1.3436, the 1.0% 10-dma envelope. On the upside, key resistance has been defined at 1.3668, the Apr 28 high. A break of this level is required to reinstate a bullish theme.
Treasury futures remain weaker after the bell, drifting near the middle of a wide session range after stronger than expected April employment data took some of the hot air out of rate pause/cuts expectations.
AUDUSD traded higher Friday and has cleared resistance at the 50-day EMA. A continuation would signal scope for a test of 0.6772, the Apr 20 high and a breach of this level would expose key resistance at 0.6806, Apr 14 high. On the downside, key support to watch lies at 0.6565, Mar 10 low. Clearance of this level would be bearish and would resume the downtrend that started Feb 2.