| The 38.2% of the August trend move higher comes in at 0.6126. Close resistance at 0.6167 noiw, followed by a cluster of MAs between 0.61814 and 0.62039. |
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It’s clear from Bank of Canada Governor Tiff Macklem’s latest speech that he wants to ease rates further but he’s still reluctant to signal it. That’s left us with the clunky line:
“With further and more sustained evidence that underlying inflation is easing, monetary policy no longer needs to be as restrictive as it has been.”
That’s an exact repeat of the line in the press conference last week where he also added that it was reasonable to expect further cuts, but only if inflation continues to ease.
I take it as a flimsy commitment to continue to ease by a central bank that’s worried about getting burned. If not for the mistakes of the post-covid cycle, the Bank of Canada would have lowered rates much further by now but generals always fight the last war so being late was
EURUSD moves to a new high and extends to the next swing area. What next technically?
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A swing area between 1.08538 and 1.08617 looms above. There may be some profit-taking against the area on the first look
EURUSD sellers are looking to take control. Stay below 1.07346 is now a more bearish tilt
2024-06-11
The EURUSD is breaking below the 1.0722 to 1.07346 swing area. Staying below increases the sellers control.
GBPUSD retests 100 bar MA on the 4-hour chart after corrective move higher today.
2024-06-10
The 100 bar MA on the 4-hour chart is being approached at 1.27384
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