FOREX: USD Bid, Antipodeans Struggle

A burst of activity in the late SOFR greens and early blues, seemingly centred on 16K of the SFRZ7/H8 spread being sold at 5.0, market left 5.0/5.5.

• RES 4: $84.23 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $81.93 - 2.764 proj of the Apr 9 - 23 - May 5 price swing 
• RES 2: $80.00 - Psychological round number
• RES 1: $77.62 - High Jun 13 
• PRICE: $71.95 @ 07:21 BST Jun 17 
• SUP 1: $68.49 - Low Jun 13
• SUP 2: $63.94 - 50-day EMA
• SUP 3: $59.74 - Low May 30 
• SUP 4: $54.33 - Low Apr 9 and a key support  

WTI futures traded sharply higher last week and Friday’s early rally marked an acceleration of the current bull phase. Price action is likely to remain volatile near-term, and from a technical standpoint, the trend is currently in an extreme overbought position. A continuation higher would expose the $80.00 handle. A firm support is noted $68.49, the Jun 13 low. A breach of this level would signal scope for a deeper retracement.

• RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
• RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 2: $3500.1 - High Apr 22 and bull trigger
• RES 1: $3451.3 - High Jun 16          
• PRICE: $3388.1 @ 07:29 BST Jun 17 
• SUP 1: $3340.2/3267.0 - 20- and 50-day EMA
• SUP 2: $3204.7 - Low May 20 
• SUP 3: $3121.0 - Low May 15 and key support 
• SUP 4: $3100.0 - Round number support 

A bullish theme in Gold remains intact and last week’s gains reinforce current conditions. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3267.0, the 50-day EMA.