The Apple Worldwide Developers Conference (WWDC) has so far lacked meaningful AI-related announcements, with only vague comments that AI features are “coming” for developers. In response, Apple’s stock is trading lower, down $3.25 (-1.61%) at $200.70.
From a technical perspective, today’s decline pushes the price below both the 100- and 200-hour moving averages, which sit at $202.02 and $204.10, respectively. The price has also slipped beneath the 38.2% retracement level of the move from the late 2024 all-time high to the 2025 low at $169.21. That retracement level, located at $203.93, overlaps closely with the MAs, increasing the importance of this technical resistance zone.
As long as the price remains below these levels, the short-term technical bias favors the sellers. A move back above the cluster of resistance would be needed to tilt momentum back in favor of the bulls.
This article was written by Greg Michalowski at www.forexlive.com.
Last month featured a wave of predictions about $40 oil after OPEC+ announced fresh production hikes but it hasn’t unfolded that way. For one, there is increasing optimism about global growth in light Trump’s climb-down on Liberation Day tariffs.
In addition, the actual barrels that have flowed into the market have been smaller than feared. The influential May secondary sources report from Reuters showed OPEC output up just 150k bpd in the month, less than the 441K announced. A portion of that is compensatory cuts for previously over-producing but Saudi Arabia and the UAE pumped less than allowed.
Notably though, Reuters highlighted that there is some real uncertainty around the actual level of production, particularly regarding Iraq and the UAE.
Technically, there is the risk of an upside break here with not much standing in the way of $70/barrel.
This article was written by Adam Button at www.forexlive.com.
Daily Pivots: (S1) 1.3494; (P) 1.3540; (R1) 1.3571; More… No change in GBP/USD’s outlook and intraday bias stays neutral. Further rise will remain in favor as long as 1.3414 support holds. Above 1.3615 will target 100% projection of 1.2099 to 1.3206 from 1.3138 at 1.3813. Considering bearish divergence condition in 4H MACD, break of 1.3414 […]
The post GBP/USD Mid-Day Outlook appeared first on Action Forex.
Daily Pivots: (S1) 0.8191; (P) 0.8220; (R1) 0.8248; More…. Outlook in USD/CHF is unchanged and intraday bias stays neutral. Price actions from 0.8038 are seen as a corrective pattern to decline from 0.9200. While fall from 0.8475 might extend lower, downside should be contained by 0.8038 to bring rebound. Break of 0.8436 resistance will suggest […]
The post USD/CHF Mid-Day Outlook appeared first on Action Forex.
Daily Pivots: (S1) 1.1359; (P) 1.1409; (R1) 1.1445; More… No change in EUR/USD’s outlook and intraday bias stays neutral. Price actions from 1.1572 are seen as a corrective pattern to rally from 1.0716. While rebound from 1.1064 might extend, strong resistance should emerge from 1.1572 to limit upside. On the downside, break of 1.1356 support […]
The post EUR/USD Mid-Day Outlook appeared first on Action Forex.
Credit Agricole questions whether the ECB genuinely desires a stronger euro, despite its recent outperformance. While officials have highlighted the EUR’s international role, the bank warns that continued strength could undermine growth and inflation targets.
Key Points:
EUR Among Top G10 Performers in Q2:The euro has been a key beneficiary of USD bearishness, supported by deep Eurozone financial markets and its role as the second-most held reserve currency.
ECB’s Mixed Messaging:Some ECB officials emphasize the benefits of a stronger EUR, such as improved financial conditions and internationalization.However, the risks to competitiveness and inflation are being underplayed.
No Clear Threshold for “Strong” EUR:Recent ECB commentary, including President Lagarde’s, suggests current EUR/USD levels are tolerable, with forecasts anchored near 1.10 into 2025–26.
Fair Value and Policy Limits:Credit Agricole’s short- and long-term fair value estimates also hover around 1.10, implying EUR/USD is not overvalued, but warns ECB tolerance is not limitless.
Forward Focus:Sustained EUR gains could pose downside risks to Eurozone growth and inflation. Market attention this week will be on Eurozone data and ECB speeches.
Conclusion:
While the ECB appears comfortable with the current EUR/USD level, Credit Agricole doubts the central bank would remain passive in the face of continued appreciation, especially if it begins to threaten inflation targets or growth recovery.
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This article was written by Adam Button at www.forexlive.com.
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