EURUSD TECHS: Support Remains Intact - For Now
- RES 4: 1.1076 High Apr 1 2022
- RES 3: 1.1033 High Feb 2 and key resistance
- RES 2: 1.0940 High Feb 3
- RES 1: 1.0926/0930 High Mar 30 / 23
- PRICE: 1.0915 @ 15:59 BST Mar 30
- SUP 1: 1.0736/13 20-day EMA / Low Mar 24
- SUP 2: 1.0693 50-day EMA
- SUP 3: 1.0608 Low Mar 17
- SUP 4: 1.0516 Low Mar 15 and the bear trigger
EURUSD is holding on to this week’s gains and price remains above 1.0713, the Mar 24 low. Key short-term resistance is at 1.0930, the Mar 23 high. A break of this level would reinstate the recent bull theme and signal scope for a climb towards 1.1033, the Feb 2 high. On the downside, support to watch lies at 1.0736 (20-day EMA) and 1.0693 (50-day EMA). A move through this support zone would expose the recent low at 1.0516 on Mar 15.
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STIR: BLOCK, Sep'23/Dec'23 Strangle Spd
- -10,000 SFRZ3 94.25/95.25 strangles 21.0 over SFRU3 94.25/95.75 strangles at 1150:07ET
US: CNN-GOP's Zinke Mulling Run Against Dem In Vulnerable MT US Senate Seat
Manu Raju at CNN states that Congressman Ryan Zinke (R-MT) is mulling a run against incumbent Democratic US Senator Jon Tester (D-MT) in 2024. Raju: "GOP Rep. Ryan Zinke told me he is uncertain about challenging vulnerable Democratic Sen. Jon Tester in [Montana], saying it would be a "distraction" from his goals to rein in spending but that he would let the field take shape before making a final decision. "I’m looking at it," he said. "But honestly, this year is going to be important because the House in my opinion is the last stand in checks and balances, and I'm on appropriations..."
- Tester has stated his intention to run for re-election to a fourth term in office. The state is viewed as a key battleground in the 2024 contest for control of the US Senate, with Tester winning by a narrow 50.3%-46.8% margin in 2018.
- As of January 2023, the Cook Political Report has the race as leaning Democratic, while both Sabato's Crystal Ball and Inside Elections have the contest as a battleground/tossup.
- Zinke served as Secretary of the Interior under former President Donald Trump, He resigned from office in 2018 as he faces federal investigations into his travel arrangements, political activity and potential conflicts of interest.
CAD: USD/CAD Rally Moderates, Despite Soft GDP
- CAD remains weaker against most others in G10, with losses extending after the slower-than-expected Canadian GDP release earlier today. Quarterly GDP was flat at 0.0% on an annualized basis, falling well short of forecasts of +1.6%. Additionally, the Q3 release was revised lower to 2.3% from 2.9%.
- USDCAD rallied last week and bulls remain in the driver’s seat for now. Sights are on the bull trigger at 1.3705, the Dec 16 high. A clear break of this hurdle would strengthen bullish conditions and pave the way for a test and break of the 1.3800 handle.
- On the downside, the support to watch lies at the 50-day EMA. It intersects at 1.3458 and a clear break would be seen as a short-term bearish development.
