AUDUSD remains vulnerable following last week’s move lower and this week’s extension. Key support at 0.6443, the Feb 13 low, has recently been cleared highlighting an important technical breach that has confirmed a resumption of the downtrend that started late December last year. Scope is seen for an extension towards 0.6339, the Nov 10 ‘23 low. Firm resistance is seen at 0.6542, the 50-day EMA. Short-term gains are considered corrective.
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The trend condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle highs reinforce current conditions. Moving average studies are in a bull-mode position and this continues to reflect positive market sentiment. Sights are on the psychological 5000.00 handle. Clearance of this level would strengthen the bullish condition. On the downside, initial firm support lies at 4867.30, the 20-day EMA.
Date | UK | Period | Event |
20-Mar | 0001 | Feb | XpertHR pay deals for whole economy |
20-Mar | 0700 | Feb | CPI / PPI |
21-Mar | 0700 | Feb | Public Sector Finances |
21-Mar | 0930 | Mar | S&P Global PMI flash |
21-Mar | 1200 | Bank Of England Interest Rate Decision | |
22-Mar | 0001 | Mar | Gfk Monthly Consumer Confidence |
22-Mar | 0700 | Feb | Retail Sales |
22-Mar | 0730 | FQ1 | DMO to release calendar for FQ1 (Apr-Jun) Ops |
22-Mar | 1100 | Mar | CBI Industrial Trends |
22-Mar | 1630 | Q2 | BOE to announce APF sales schedule for Q2-24 |
25-Mar | 1100 | Mar | CBI Distributive Trades |
25-Mar | 1415 | BOE Mann At Royal Economic Society Annual Conference | |
28-Mar | 0700 | 4Q | GDP Second Estimate / Quarterly account balance |
02-Apr | 0001 | Mar | BRC Monthly Shop Price Index |
02-Apr | 0930 | Feb | BOE M4 / Lending to Individuals |
02-Apr | 0930 | Mar | S&P Global Final Manufacturing PMI |
09-Apr | 0001 | Mar | BRC-KPMG Shop Sales Monitor |
GBPUSD is trading lower this morning, extending the corrective pullback from 1.2894, the Mar 8 high and bull trigger. The pair is approaching support at 1.2684, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 1.2600, the Mar 1 low. Key resistance is unchanged at 1.2894. Clearance of this hurdle would resume the uptrend and open 1.2946, a Fibonacci projection.