US: MNI POLITICAL RISK - DeSantis Unveils Economic Plan
- Florida Governor Ron DeSantis (R-FL) has unveiled his “Declaration of Economic Independence” - an economic plan which criticises elites, promises tax cuts, takes a hardline on China, and tracks closely with the agenda of former President Donald Trump.
- A judge in Georgia has rejected an attempt by Trump's legal team to quash an investigation into his alleged efforts to overturn his 2020 election loss.
- US officials will attend the upcoming Ukraine peace summit scheduled to take place in Saudi Arabia, August 5-6.
- President Biden has reversed a Trump administration decision to relocate US Space Command headquarters from Colorado to Alabama.
- Commerce Secretary Gina Raimondo is planning to visit China in late August, "according to people familiar with the matter."
- US President Joe Biden will host Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol at Camp David on August 18.
- Treasury Secretary Janet Yellen will deliver remarks in Virginia on Wednesday on the Inflation Reduction Act and IRS.
- Poll of the Day: Vulnerable Senate Democrats are consistently outperforming President Biden’s approval rating in state polling.
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USDCAD TECHS: Corrective Cycle Still In Play
- RES 4: 1.3427 High Jun 7
- RES 3: 1.3382 50-day EMA
- RES 2: 1.3355 High Jun 15
- RES 1: 1.3280/86 20-day EMA / High Jun 29
- PRICE: 1.3235 @ 16:15 BST Jun 30
- SUP 1: 1.3190/3117 Low Jun 28 / 27 and key support
- SUP 2: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
- SUP 3: 1.2992 50.0% retracement of the Jun - Oct 2022 bull rally
- SUP 4: 1.2954 Low Sep 13 2022
Demand for buying on dips helped USDCAD recover from an intraday pullback on Friday, prompting the pair to hold the week’s gains. Nonetheless, the latest recovery is considered corrective and the trend outlook remains bearish. Moving average studies are in a bear-mode position, highlighting a downtrend. A resumption of weakness would open 1.2992, a Fibonacci retracement. On the upside, firm resistance is seen at 1.3280, the 20-day EMA. Clearance of this level would expose the 50-day EMA, at 1.3382.
AUDUSD TECHS: Bearish Extension
- RES 4: 0.6921 High Feb 20
- RES 3: 0.6857/6900 High Jun 20 / 16 and key resistance
- RES 2: 0.6701/6806 20-day EMA / High Jun 27
- RES 1: 0.6665 Low Jun 30
- PRICE: 0.6659 @ 15:53 BST Jun 30
- SUP 1: 0.6596 Low June 29
- SUP 2: 0.6579 Low Jun 5
- SUP 3: 0.6562 76.4% retracement of the May 31 - Jun 16 rally
- SUP 4: 0.6485 Low Jun 1
Despite a modest bounce Friday, the overarching outlook for AUDUSD remains soft following recent weakness and the extension of the reversal that started Jun 16. The downleg has resulted in a break of the 20- and 50-day EMAs, suggesting scope for a deeper retracement. 0.6627, 61.8% of the May 31 - Jun 16 rally, has also been cleared and this opens 0.6562 next, the 76.4% retracement point. Key resistance is 0.6900, the Jun 16 high. Initial firm resistance is at 0.6701, the 20-day EMA.
EURJPY TECHS: Maintains A Bullish Tone
- RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
- RES 3: 159.09 2.0% 10-dma envelope
- RES 2: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
- RES 1: 158.00 High Jun 28
- PRICE: 157.77 @ 16:13 BST Jun 30
- SUP 1: 155.06/154.05 Low Jun 23 / 20 and key short-term support
- SUP 2: 154.26 20-day EMA
- SUP 3: 153.09 Low Jun 16
- SUP 4: 151.61 Low Jun 15
EURJPY maintains a bullish tone and the cross is holding on to its latest gains. This week’s price action reinforces a bullish theme and maintains the price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting positive market sentiment. The focus is on 158.72, a Fibonacci projection. Initial key support is at 155.06, the Jun 23 low.
