AUDUSD is consolidating. The trend condition is unchanged and the outlook remains bearish - recent gains, since Mar 10, appear to be a correction. The 20-day EMA has been breached but resistance at the 50-day EMA remains intact. The average intersects at 0.6755. A clear breach of it would signal scope for a stronger short-term recovery. Key support and the bear trigger lies at 0.6565, the Mar 10 low.
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USDJPY bulls remain in the driver’s seat despite the pair fading off highs into the Tuesday close. Price is through 136.67, the 38.2% retracement of the downleg between Oct 21 and Jan 16. The break of this level sets the scene for a climb towards 138.17, the Dec 15 high. On the downside, the support top watch lies at 133.27, the 50-day EMA. A clear break of this EMA is required to signal a possible reversal.
Former President Donald Trump has seen his chances of winning the Republican Party presidential primary increasing following the announcement of "America First," his first significant policy announcement yesterday.
Figure 1: Republican Primary Election Winner (Smarkets)