If the price is going higher get above the 100 hour MA/50% (and 200 hour MA)
The issue for the sellers is the market really ripped higher off the lows after the retail sales. So the 1.3393-1.3400 will be support that needs to be re-broken. It is now support again.
Major indices close near the lows
The USD stocks opened lower, rallied toward the unchanged line, but sold off in the last hour and is closing near the session lows. In between, there was plenty of ups and down.
Ceiling holds at the highs and pair cracks below the 100 and 200 hour MAs
THe pair has moved below its 61.8% retracement of 1.00767. The 50% midpoint of the recent range comes in at 1.0085.. Those levels will now be eyed as resistance.
The USD is mostly lower
As NA traders enter for the day, the CHF is the strongest (and is pushing to new highs as I type). The GBP is the weakest as political concerns continue to weigh on that currency. The USD snapshot is pointing mostly to the downside, with gains only vs the weak GBP and the NZD.
Cable hits a fresh session low of 1.2651 currently
The decline in the pound since two weeks ago has been an ugly one and is evident in the cable chart above. Price hit a high of 1.3185 on 6 May as cross-party talks seem to build up hope only to see it all crashing down thereafter as we're stuck with yet another vote on Theresa May's already beaten-to-death Brexit deal.
Theresa May's Brexit deal is dead on arrival once again
Cable has now slipped to a low of 1.2666 on the session, its lowest level since 4 January and closes in on support from the swing region around 1.2660-70. However, a daily close below notable support around 1.2696 should be enough to reaffirm the downtrend we've been seeing over the past two weeks in my view.Beyond this, further support is only seen around 1.2620-30 levels before light bids around 1.2600. But technically speaking, we could see a fall back towards the December and January lows and the 1.2500 handle if things continue down this path.
Retail sales for 1Q estime 0.6% vs 1.7% in 4Q
In the new trading day, the NZ retail sales report for the 1Q will be released. The estimate is for a 0.6% gain. That comes after a 1.7% gain in the 4Q. That was the strongest quarter since 1Q 2017 (also 1.7%).
That''s a wrap for the June contract. July is the front contract tomorrow
The June WTI crude oil futures contract settled at $62.99. That represented an $.11 increase or 0.17% on the day. The high reached $63.60. The low extended to $62.75.
Back lower on the day
The EURUSD rose in sympathy with the GBPUSD and like that pair, the price made some bullish overtures, but when the dust settled, the pair stalled ahead of the 38.2%, and retraced back below broken levels (including a downward sloping trend line and 100 hour MA - blue line in chart below).
Back below the 100 hour MA and the high from yesterday
The dust from the barrage of headlines from PM Mays new Brexit deal overtures.
There is no new referendum vote per se, which helped to push the GBPUSD sharply higher before the speech. That run higher took the pair toward the 38.2% of the move down from the May 13 high at 1.28204. THe high reached 1.2813 today, but is back down now and trading at 1.2745 area.