US NATGAS: New England Natgas Fundamentals

• RES 4: 1.3800 Round number resistance 
• RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 1: 1.3648 High Jun 24
• PRICE: 1.3618 @ 16:25 BST Jun 25
• SUP 1: 1.3499 20-day EMA 
• SUP 2: 1.3377 50-day EMA
• SUP 3: 1.3288 Trendline support drawn from the Jan 13 low 
• SUP 4: 1.3140 Low May 12 and key support

The trend needle in GBPUSD continues to point north, affirmed by Tuesday's break to a new YTD high. The move higher maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Initial support lies at 1.3499, the 20-day EMA. The key short-term support lies at the 50-day EMA, at 1.3377.         

• Headlines crossing from a Reuters Interview with NATO's Rutte:
  • Whole of NATO, including United States, 'totally committed to keep Ukraine in the fight
  • 'Absolutely nobody is naive about Russia. We all have more or less the same assessment'
  • US capabilities delivered to NATO will gradually come down as Europeans step up but there will be no gaps, process will be well-organised. (Reuters)

The Washington Post reports that support for US strikes on Iranian nuclear facilities grew from 25 percent before the strikes were launched to 38 percent now, while a consistent 45 percent opposed the strikes in both polls. The survey data suggests that US President Donald Trump's handling of the military action will bolster Trump's approval rating on foreign policy. 

• The Post notes: “Republican support for strikes rocketed 30 percentage points since last week, while support among independents grew from 20 percent to 30 percent. Democrats hardly budged, with 9 percent supporting strikes last week and 8 percent saying the same this week.”
• The Post adds: “Americans are nearly split on whether the U.S. airstrikes over the weekend will prevent Iran from developing a nuclear weapon, with 52 percent “very” or “somewhat” confident airstrikes would stop Iran and 48 percent “not so” or “not at all” confident.”

Figure 1: Support for US Strikes Against Iran, Before and After US Strikes

Source: Washington Post