US: Fed Chair Powell To Testify Before Congressional Committee, July 10
Rep Patrick McHenry (R-NC), chair of the House Financial Services Committee, has confirmed that Federal Reserve Bank Chair Jerome Powell will testify before the committee on July 10.
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US 10YR FUTURE TECHS: (U4) Makes Clean Break of 50-Day EMA
- RES 4: 110-09 High May 16 and the bull trigger
- RES 3: 110-02+ 1.0% 10-dma envelope
- RES 2: 109-28 High May 17
- RES 1: 109-17+ High Jun 3
- PRICE: 109-16 @ 17:56 BST Jun 3
- SUP 1: 107-31 Low May 29
- SUP 2: 107-20+ Low May 29
- SUP 3: 107-12+ Low Apr 25 and the bear trigger
- SUP 4: 107-00 Round number support
Treasuries extended the recovery off last week’s 107-31 low (May 29) to trade higher Monday and extend gains through the 50-day EMA at 109-12. A close above this level confirms a corrective bounce is underway, and signals potential for a continuation toward 109-28, the May 17 high, in the short-term. Any resumption of bearish activity exposes the key support at 107-12+, the Apr 25 low.
EURUSD TECHS: Bull Flag Formation
- RES 4: 1.0981 High Mar 8 and a key resistance
- RES 3: 1.0964 High Mar 13
- RES 2: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
- RES 1: 1.0895 High May 16 and the bull trigger
- PRICE: 1.0886 @ 17:43 BST Jun 3
- SUP 1: 1.0788 Low May 30 and a key short-term support
- SUP 2: 1.0766 Low May 13
- SUP 3: 1.0748 50.0% retracement of the Apr 16 - May 16 rally
- SUP 4: 1.0713 61.8% retracement of the Apr 16 - May 16 rally
EURUSD has recovered from last Thursday’s low of 1.0788. The recent pullback appears to have been a correction and potentially a flag formation - a bullish continuation signal. This reinforces a bull theme and note that moving average studies also highlight an uptrend. A resumption of gains would open 1.0933 next, a Fibonacci retracement. Support to watch lies at 1.0788, the May 30 low.
LOOK AHEAD: Tuesday Data Calendar: Jolts, Factory, Durable Goods Orders
- US Data/Speaker Calendar (prior, estimate)
- Jun-4 1000 JOLTS Job Openings (8.488M, 8.360M)
- Jun-4 1000 Factory Orders (0.8% rev, 0.6%)
- Jun-4 1000 Factory Orders Ex Trans (0.4% rev, 0.3%)
- Jun-4 1000 Durable Goods Orders (0.7%, 0.7%)
- Jun-4 1000 Durables Ex Transportation (0.4%, 0.4%)
- Jun-4 1000 Cap Goods Orders Nondef Ex Air (0.3%, --)
- Jun-4 1000 Cap Goods Ship Nondef Ex Air (0.4%, --)
- Jun-4 1130 US Tsy $60B 42D CMB auction
