By Andrew M Spencer — May 18 - 11:50 PM
Steady, trading in a tight but busy 1.2393-1.2415 range on D3 in Asia
UK consumer confidence continues to recover, despite resilient inflation
No further UK data - market focus likely on Fed Chair Powell's speech
Charts; momentum studies slide, 5, 10 & 21-day moving averages crest/fall
21-day Bollinger bands expand - neutral setup turned negative Thursday
Targets a test of 1.2345, 38.2% of the 2023 rise, with 1.2242 50% below
Thursday's 1.2495 top, then 1.2512/14 10 & 21 DMA initial resistance
NY 1.2392 low and 1.2369 lower 21-day Bollinger band are first supports
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary