FOREX: USD Bounces on Phase of Stocks Weakness

Of note:

EURUSD 2.24bn at 1.1700/1.1710.

USDJPY 1.06bn at 147.00.

EURUSD 6.62bn at 1.1695/1.1725 (thu).

AUDUSD 1.25bn at 0.6600 (thu).

• EURUSD: 1.1650 (833mln), 1.1700 (1.46bn), 1.1705 (382mln), 1.1710 (397mln).
• USDJPY: 146.75 (570mln), 146.85 (752mln), 147.00 (1.06bn), 147.50 (263mln).
• GBPUSD: 1.3510 (471mln), 1.3540 (203mln), 1.3550 (317mln).
• USDCAD: 1.3725 (555mln), 1.3835 (417mln).
• AUDUSD: 0.6550 (597mln), 0.6575 (747mln).

• RES 4: 113-23   76.4% retracement of the Sep’24 - Jan’25 sell-off
• RES 3: 113-07   76.4% retracement of the Apr 7 - 11 sell-off 
• RES 2: 112-23   High May 1 
• RES 1: 112-15+ High Aug 5
• PRICE:‌‌ 112-00 @ 08:36 BST Aug 13
• SUP 1: 110-19+/08+ Low Jul 24 / Low Jul 14 & 16        
• SUP 2: 110-03   76.4% retracement of the May 22 - Jul 1 bull leg
• SUP 3: 109-28   Low Jun 6 and 11
• SUP 4: 109.25   Low May 27

Treasury futures spiked sharply on the CPI print, hitting 112-06 before fading into the close. Despite the intraday reversal off highs, the bullish theme persists, supported by the clearance of the bull trigger at 112-12+, the Jul 1 high, on the NFP reaction. Prices remain toward the upper-end of the range, keeping the May 1 high at 112-23, the next upside level. Clearance here opens retracement levels layered between 113-07 and 113-23. On the downside, key support is 110-08+, the Jul 14 and 16 low. First support lies at 110-19+, the Jul 24 low.   

• The Kiwi has taken over the SEK as the early best performer against the Greenback within G10 Currencies, now half a percent up, and looking to break back above 0.6000, with small resistance seen at 0.6011.
• The Pound might not be the best performer for Today, but it is up 1.41% for the past 5 days and leading, has broken above yesterday's high, and Market Participants will now be watching for the next resistance at 1.3589 High Jul 24.

(Chart source: MNI/Bloomberg Finance LP).