For those who are bearish, if the price drops and closes below 1.2000, a further sell-off may resume. Important support levels at 1.2000 last low om May 18th, at 1.16693 inside support from December 16th 2014 and finally the inside support of December 1st 2014 at 1.14665.
For the bulls, the resistance points exist at 1.2330 0.50 Fibonacci retracement level, also at 1.23618 inside resistance from March 18th bottom and finally at 1.26520 last top of April 21st 2021. Inbetween lies the MA100 and the tentative trendline which may also act as strong resistance when the price approaches them.
• It’s a very quiet day ahead on the economic calendar. The activity will be focused on speeches by FOMC members Lael Brainard first and Raphael Bostic at a later stage.
• Wall Street closed mixed at the end of a volatile week of trading, with the Dow Jones Industrial Average being the only bright spot, as inflation concerns loom over growth names. he Dow was lifted by industrial heavyweights, including Boeing (NYSE:BA) and Caterpillar Inc (NYSE:CAT). The S&P 500 pared its earlier gains, down 0.08% to 4,155.86, marking the index's drop for a second consecutive week. Nasdaq Composite finished Friday down by 64.75 points, or 0.48%, to 13,470.99.
• U.S. home sales fell for a third straight month in April as an acute shortage of properties drove prices to a record high.Existing home sales dropped 2.7% to a seasonally adjusted annual rate of 5.85 million units last month, the National Association of Realtors said on Friday.
• Apple CEO Tim Cook faced sharp questioning on Friday from Judge Yvonne Gonzalez Rogers about Apple’s in-app purchase business model at the end of his testimony in the Epic Games v. Apple trial.The questioning gave a preview into the thinking of Rogers, who will decide the outcome of the trial in the coming weeks.
Cook testified that Apple faces fierce competition for users and that the iPhone has only a “high 30s” percentage of market share in the U.S. and about 15% of share internationally.
• Netflix Inc (NFLX) is seeking an executive to oversee its expansion into video games, The Information reports. The report said Netflix has approached veterans in the gaming industry about joining the streaming company’s efforts to expand the vertical.
• Gold was up on Monday morning in Asia, trading near its highest level in four months as hints of a bullish trend start to emerge.
Gold futures were up 0.39% to $1,884.05 by 12:04 AM ET (4:04 AM GMT) after climbing up to $1.890.13, their highest level since Jan. 8, during the previous week.
• Oil prices rose on Monday as a potential snag emerged in reviving the 2015 Iran nuclear deal that could add more oil supply, while Goldman Sachs (NYSE:GS) said the case for higher prices remains intact even with increased Iran exports.
Brent crude oil futures for July rose 72 cents, or 1.1%, to $67.16 a barrel by 0651 GMT, while U.S. West Texas Intermediate for July was at $64.25 a barrel, up 67 cents, or 1.1%.
• At 13:00 (GMT) FOMC Member Lael Brainard is due to speak about digital currencies at the virtual Consensus by CoinDesk Conference.
• At 16:00 (GMT) FOMC Member Raphael Bostic is due to speak about the public policy response to the pandemic at an online event hosted by the Homer Hoyt Institute.
US Indices Friday:
• Dow Jones +0.36%
• S&P 500 -0.08%
• Nasdaq -0.48%
Sources: Investing.com, forexfactory.com,benzinga.com.