GBPUSD TECHS: Trend Structure Remains Bullish
- RES 4: 1.3605 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 3: 1.3550 High Feb 24 ‘22
- RES 2: 1.3510 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3444 High Apr 28 / 29 and the bull trigger
- PRICE: 1.3346 @ 16:34 BST May 7
- SUP 1: 1.3257 Low May 5
- SUP 2: 1.3245 20-day EMA
- SUP 3: 1.3041/3058 Low Apr 14 / 50-day EMA
- SUP 4: 1.2968 Low Apr 11
Recent weakness in GBPUSD appears corrective and the pair continues to trade inside a range with support at 1.3245, the 20-day EMA, intact. A clear break of this average would signal scope for a deeper retracement. Note that moving average studies remain in a bull-mode position, signalling a dominant underlying uptrend. A resumption of gains would open 1.3510, a Fibonacci projection.
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GBPUSD TECHS: Support Broken At The 50-Day EMA
- RES 4: 1.3434 High Sep 26 ‘24 and a key resistance
- RES 3: 1.3305 High Oct 2 ‘24
- RES 2: 1.3207/3274 High Oct 3 ‘24 / High Apr 3 and the bull trigger
- RES 1: 1.3016 50.0% retracement of the Apr 3 - 7 pullback
- PRICE: 1.2744 @ 16:45 BST Apr 7
- SUP 1: 1.2726 Low Apr 7
- SUP 2: 1.2679 Low Mar 4
- SUP 3: 1.2671 2.0% 10-dma envelope
- SUP 4: 1.2559 Low Feb 28
Monday’s rejection of a further push higher in the pair works against constructive outlook in the initial tariff reaction. Key support at the 1.2792 50-day EMA has given way . The bull trigger remains 1.3207, the Apr 3 high. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend for now.
US TSY FUTURES: BLOCK: Jun'25 2Y Buy
- +7,000 TUM5 104-00.75, buy through 104-00.38 post time offer at 1312:25ET, DV01 $269,000. The 2 Y contract trades 103-29.25 last
FOREX: AUDUSD Selloff Deepens as US/China Tariff Spat Escalates
- Headlines surrounding China and further retaliatory tariffs have kept AUD under pressure Monday, and the general US dollar strength through the session has deepened the significant AUDUSD selloff.
- Price action has confirmed a resumption of the downtrend that started late September. Today’s fresh cycle low and extension below the 0.60 mark reinforces a bear theme, which has paved the way for an extension towards 0.5931 next, a Fibonacci projection. Levels of note on the downside include:
- SUP 1: 0.5900 Round number support
- SUP 2: 0.5830 2.000 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.5729 2.236 proj of the Sep 30 - Nov 6 - 7 price swing
