AUDUSD TECHS: Cracks Support

• Stocks managed to bounce off midday lows, extend past early overnight highs in late Wednesday trade, largely driven by nascent optimism over US delaying auto tariffs on Mexico and Canada as well as renewed talks with Ukraine ahead expectations that a minerals deal will go forward.
• Currently, the DJIA trades up 559.28 points (1.32%) at 43078.24, S&P E-Minis up 71 points (1.23%) at 5859.75, Nasdaq up 285.4 points (1.6%) at 18569.59.
• Materials and Industrials sectors lead gainers in late trade, chemical makers and mining shares buoyed the Materials sector: Celanese Corp +10.87%, Freeport-McMoRan +8.60%, FMC +6.89%, Dow +5.77% and Eastman Chemical +4.74%.
• Defense stocks and airlines buoyed the the Industrials sector: Huntington Ingalls Industries +12.33%, General Dynamics Corp d +5.08%, Carrier Global +4.93%, United Airlines +4.44%, Delta Air Lines +3.29% while Northrop Grumman gained +3.18%.
• Energy and Utility sectors continued to underperform, partially tied to the continued decline in crude prices (WTI -2.10 at 66.16): Marathon Petroleum -4.71%, Valero Energy -4.09%, Phillips 66-2.31% and Occidental Petroleum -2.24%. Meanwhile, NRG Energy -1.90%, FirstEnergy -1.76% and Consolidated Edison -1.62% weighed on the Utility sector.
• Earnings expected after today's close and through Thursday include: Zscaler Inc, Victoria's Secret, Marvell Technology, Kroger, Macy's, Burlington Stores, Costco Wholesale, Broadcom Inc, Hewlett Packard, Samsara, Lexicon Pharmaceuticals and The Gap.

• RES 4: 0.8474 High Jan 20 and a key resistance     
• RES 3: 0.8385 76.4% retracement of the Jan 20 - Mar 3 bear leg 
• RES 2: 0.8385 61.8% retracement of the Jan 20 - Mar 3 bear leg 
• RES 1: 0.8375 Intraday hugh     
• PRICE: 0.8372 @ 16:09 GMT Mar 5 
• SUP 1: 0.8322 50-day EMA    
• SUP 2: 0.8241 Low Mar 3 and a near-term bear trigger 
• SUP 3: 0.8223 Low Dec 19 and a key support  
• SUP 4: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range

A strong reversal in EURGBP from its recent lows highlights a short-term reversal. The cross has traded through both the 20- and 50-day EMAs. The impulsive rally over the past 2 trading sessions signals scope for an extension towards 0.8385 and 0.8419, Fibonacci retracement points. On the downside, initial support is seen at 0.8322, the 50-day EMA. Key short-term support has been defined at 0.8241, the Mar 3 low.

Little to no reaction to latest Trump headlines - or already discounted after earlier reports. Tsys hugging session lows, stocks near top end of session range, US$ index lower.

• "WHITE HOUSE: RECONSIDERING FUNDING FOR UKRAINE", Bbg
• “WHITE HOUSE: TRUMP IS OPEN TO HEARING ABOUT ADDITIONAL TARIFF EXEMPTIONS”, Rtrs 
• "WHITE HOUSE: WILL GIVE ONE MONTH EXEMPTION ON ANY AUTOS COMING THROUGH USMCA", Rtrs