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The Aussie dollar remains bid on Tuesday and holds within daily cloud, with cloud base (0.7591) marking solid support which contained overnight dip after release of news from US/NK summit.

Recovery leg from last Friday's spike low at 0.7560, retraced so far 50% of 0.7676/0.7560 pullback and keep near-term focus at the upside.

Bulls are regaining momentum and generate bullish signal on break above 55SMA (0.7606), as rising 10SMA is attempting to for bull-cross and further support the advance.

We look for bullish signal on close above 55SMA which would open way for extension towards main bear-trendline (0.7658) which repeatedly capped recovery rally from 0.7412 low last week.

Bearish scenario requires close below cloud to shift focus lower.

Res: 0.7621, 0.7632, 0.7658, 0.7676
Sup: 0.7606, 0.7574, 0.7560, 0.7551

Crude oil continues to grind higher. Hourly support and resistance are given at 61.81 (06/04/2018 low) and 72.83 (22/05/2018 high). The technical structure suggests short-term increase.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness is very likely. For the time being, the pair lies in an upside trend since June 2017. Support lies at 42.20 (16/11/2016) while resistance is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.

Silver's bullish rally has paused above 16.87 resistance. Succession of higher lows continues to favor a bullish bias as long as uptrend floor holds. Hourly support and resistance are given at 16.05 (01/05/2018 low) and 17.35 (19/04/2018 high). The technical structure suggests short-term upward moves.

In the long-term, the trend remains negative/sideways. Further downside is very likely. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009). The pair is trading below its 200 DMA.

Gold bearish pattern continues to build suggesting deeper downside correction. Hourly support and resistance are given at 1282 (21/05/2018 low) and 1329 (08/03/2018 high). The technical structure suggests further short-term decrease.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1'392 (17/03/2014) is required to confirm it. A major support can be found at 1'045 (05/02/2010 low). The pair is trading below its 200 DMA.

EUR/CHF has failed to break resistance, shifting into a consolidation pattern. However, the resistance at 1.1663 has yet to be tested. Hourly support and resistance are given at 1.1447 (08/02/2018 low) and 1.2006 (20/04/2018 high). The technical structure suggests short-term upward moves.

In the longer term, the technical structure has reversed. Strong resistance at 1.20 (level before the unpeg) is now at reach. The ECB's slowing QE program is likely to cause buying pressures on the euro, which should weigh in favour of the EUR/CHF. Support and resistance can be found at 1.0624 (24/06/2016 low) and 1.2097 (18/12/2014 high).

EUR/GBP has thus far failed to move towards the high of its range channel, suggesting persistent selling pressures. Hourly support and resistance are given at 0.8668 (22/03/2018 low) and 0.8838 (23/02/2018 high). The technical structure suggests short-term increase.

In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low). The pair is trading below its 200 DMA.

AUD/USD has weakened near the strong resistance at 0.7652 breaking the hourly support at 0.7595 (07/06/2018 low). Break of the strong resistance at 0.7917 (14/03/2018 high) is needed to invalidate the current short-term bearish bias. Hourly support remains at 0.7412 (09/05/2018 low). The technical structure suggests short-term upward moves.

In the long-term, the upward trend slows down after failing to reach key resistance at 0.8164 (14/05/2015 low). Key support stands at 0.6011 (28/10/2008 low). A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.

USD/CAD has successfully bounced off uptrend support, approaching key downtrend resistance. Hourly support and resistance are located at 1.2621 (23/02/2018 low) and 1.3125 (19/03/2018 high). The technical structure suggests short-term decrease.

In the longer term, the pair is trading between resistance point at 1.3805 (05/05/2017 high) and support at 1.2128 (18/06/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pair is trading above its 200 DMA

USD/CHF has broken the key resistance at 0.9879 (downtrend resistance) to improve the short-term upside potential. Key support and resistance are given at 0.9755 (10/01/2018 low) and 1.01 (11/05/2017 high). The technical structure suggests short-term sideways trading moves.

In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support lies at 0.9072 (07/05/2015 low) while resistance at 1.0344 (15/12/2016 high) is distanced. The technical structure favours a long term bullish bias since the unpeg in January 2015.

German ZEW economic sentiment dropped to -16.1 in June, down from -8.2, below expectation of -14.6. Current situation index dropped to 80.6, down from 87.4, below expectation of 85.0.

Eurozone ZEW economic sentiment dropped to -12.6, down from 2.4, below expectation of 0.1. Current situation index dropped -16.2 to 39.9.

Quote from the release:

"The recent escalation in the trade dispute with the United States as well as fears over the new Italian government pursuing a policy which potentially destabilises the financial markets have left their mark on the economic outlook for Germany. On top of this, German industry has been reporting worse than expected figures for exports, production and incoming orders for April. As a result, the economic outlook for the next six months has worsened considerably," comments ZEW President Professor Achim Wambach.

Full release here.