AMERICAS OIL: Hedge Funds Boost Net Bullish Nymex Gasoline Bets to 8-Week High

Bloomberg headlines from Trump's Oval Office remarks on Iran:

"*TRUMP: I HAVEN'T MADE A DECISION WITH RESPECT TO IRAN
*TRUMP: HAVEN'T CLOSED DOOR TO CONVERSATIONS WITH IRAN
*TRUMP: POSSIBLE THAT FIGHTING NECESSARY TO BLOCK IRAN NUCLEAR
*TRUMP: JUST BECAUSE US CAN DESTROY FORDOW DOESN'T MEAN WE WILL
*TRUMP: I THINK IRAN WAS FEW WEEKS AWAY FROM A NUCLEAR WEAPON
*TRUMP: WE'RE LOOKING FOR TOTAL VICTORY, NO NUCLEAR WEAPON
*TRUMP: ENDING MIDEAST CONFLICT AS SOON AS POSSIBLE IS GOAL
*TRUMP, ASKED ABOUT LATEST ON ISRAEL: HAVING A MEETING IN HOUR" - bbg

• RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg  
• RES 3: 0.6688 High Nov 7 ‘24
• RES 2: 0.6603 High Nov 11 ‘24
• RES 1: 0.6552 High June 16
• PRICE: 0.6519 @ 15:54 BST Jun 18
• SUP 1: 0.6457/6429 Low Jun 13 / 50-day EMA 
• SUP 2: 0.6357 Low May 12    
• SUP 3: 0.6275 Low Apr 14 
• SUP 4: 0.6181 Low Apr 11 

The trend set-up in AUDUSD remains bullish and the pair is holding on to the bulk of its latest gains. Key support at 0.6429, the 50-day EMA, is intact. A clear break of this EMA is required to highlight a potential short-term reversal. The pair has recently cleared a key resistance at 0.6515, the May 7 high, confirming a resumption of the uptrend. Sights are on 0.6550, a Fibonacci retracement.  

• MNI's Jean Yung asks Powell about why there are no forecasts for rates to rise or stay steady through next year:
• Powell says "people are writing down their most likely path. They're not saying there's 0 possibility of other things...people write down their rate paths and they do not have a really high conviction that this is exactly what's going to happen over the next two years. No one feels that way. They feel like, what am I going to write down? What would you write down? It's not easy to do that with confidence."
• "We don't rule things in or out. Certainly a hike is not the base case at all."