Matt Simpson, CFTe, MSTA
CityIndex
A snapshot view of yesterday’s New York - London session with technical notes.
US Stocks press higher: Whilst Israel continued to invade Gaza and tensions within Ukraine remained high, investors paid more attention to strong US housing data and even turning a blind eye to the slower than expected CPI (0.1% vs 0.2% expected).
EURO's sold off across the board: 8 -month lows against USD and AUD, and back near the July 2012 lows against GBP.
Swiss Trade Balance widens: USDCHF breaks to 6-week high.
VIX (Fear INdex) edges to a 3-day low as investors fears ease.
FOREX:
DXY Traded to a 6-week high following 'OK' inflation data; D1 bias remains bullish and targeting 81; Support at 80.70 and 80.65
AUDUSD Back below 94c after an intraday spike above; D1 remains neutral with potential triangle forming
EURUSD Below weekly trendline form 2012 with 1.350 as clear resistance; The downside looms, targeting 1.34
GBPUSD Grinds lower finding support at 1.706; Still within correction from highs but trend remains bullish; Seeking buys above 1.7
USDCAD Continued to trade sideways between 1.07 and 1.08; Break of bearish TL from March highs confirms bullish continuation
USDJPY Shooting Star on D1 warns of pending weakness; D1 is neutral; Intraday is bullish above 101.43
NZDUSD Finds support above 0.864; Markets await Rate rise tomorrow so expecting subdued trading
GOLD Lacks momentum but formig potentialk base above $1291-$1300; Sits above 50/200 sMA but requires a catalyst - until then intraday trading preferred
CFD and forex trading are leveraged products and can result in losses that exceed your deposits. They may not be suitable for everyone. Ensure you fully understand the risks. From time to time, City Index Limited’s (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material. As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.