WHITE HOUSE: Musk Seeks To Repair Relations w/Trump Admin
Former special government employee Elon Musk posts on his X platform: "I regret some of my posts about President [Donald Trump] last week. They went too far."
- The spectacular explosion in the relationship between Trump and Musk, who set up the 'Department for Government Efficiency' (DOGE) and donated hundreds of millions of dollars to Trump's re-election campaign, became a major political talking point last week. After Musk criticised Trump's 'One Big Beautiful Bill', the two men traded barbs with Trump criticising Musk during an Oval Office meeting with German Chancellor Friedrich Merz and calling Musk 'crazy' on his Truth Social platform. Musk said Trump was ungrateful and insinuated that Trump was implicated in the files of Jeffrey Epstein, the disgraced financier who died in jail awaiting sex trafficking charges.
- Trump has previously said he is not interested in resuming ties, but on 9 June said, “We had a good relationship, I wish him well, very well". Musk has shown signs of contrition in recent days with posts on X supportive of Trump's actions in taking a hard line against rioting in Los Angeles and deleting incendiary past posts.
- Given the significant impact Musk's presence had on the landscape of US politics for the first few months of Trump's presidency, any rapprochement would likely be taken as a good sign by markets. CNN carries comments from WedBush: “[A]t the end of the day Trump needs Musk to stay close to the Republican party and Musk needs Trump for many reasons including a green light on a federal framework for autonomous [vehicles].”
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Historical bullets
EURUSD TECHS: Corrective Phase Remains In Play
- RES 4: 1.1625 1.500 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 3: 1.1608 High Nov 9 2021
- RES 2: 1.1440/1573 High Apr 23 / 21 and the bull trigger
- RES 1: 1.1273/1381 20-day EMA / High May 2 - 6
- PRICE: 1.1159 @ 08:14 BST May 12
- SUP 1: 1.1144 High Apr 3
- SUP 2: 1.1075 50-day EMA and a pivot level
- SUP 3: 1.1026 38.2% retracement of the Feb 3 - Apr 21 bull cycle
- SUP 4: 1.0943 Low Apr 10
EURUSD maintains a softer short-term tone and the pair is trading lower today. Recent weakness appears corrective and key trend signals remain bullish. However, the pair has traded through the 20-day EMA and this exposes the next important support at 1.1082, the 50-day EMA. On the upside, initial resistance to watch is 1.1381, the May 2 - 6 high. Clearance of this level would signal the end of the correction.
SILVER TECHS: Bullish Theme Intact
- RES 4: $36.000 - Round number resistance
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.590 - High Mar 28
- RES 1: $33.686 - High Apr 25
- PRICE: $32.873 @ 08:11 BST May 12
- SUP 1: $31.668 - Low May 1
- SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A bullish theme in Silver remains intact and the latest pullback that started Apr 25, is likely a correction. Key short-term support has been defined at $31.668, the May 1 low. A break of this level would signal scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. Clearance of this level would confirm a resumption of the uptrend.
USDCAD TECHS: Continues To Trade Above Its Recent Lows
- RES 4: 1.4296 High Apr 7
- RES 3: 1.4111 High Apr 4
- RES 2: 1.4037 50-day EMA
- RES 1: 1.3945 High May 9
- PRICE: 1.3935 @ 08:08 BST May 12
- SUP 1: 1.3814/3751 Low May 8 / 6 and the bear trigger
- SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 3: 1.3696 Low Oct 10 2024
- SUP 4: 1.3643 Low Oct 9 ‘24
USDCAD continues to trade above its recent lows. Despite the recovery, the trend condition remains bearish and short-term gains are considered corrective. A fresh cycle low last Tuesday reinforces the bearish theme. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4037, the 50-day EMA.
