DAX: Rebound
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Pivot (invalidation): 12750.00
Our preference
Long positions above 12750.00 with targets at 12860.00 & 12925.00 in extension.
Alternative scenario
Below 12750.00 look for further downside with 12690.00 & 12630.00 as targets.
Comment
The RSI is mixed with a bullish bias.
SP 500: Further advance
Pivot (invalidation): 3240.00
Our preference
Long positions above 3240.00 with targets at 3279.00 & 3303.00 in extension.
Alternative scenario
Below 3240.00 look for further downside with 3216.00 & 3198.00 as targets.
Comment
The RSI shows upside momentum.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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EUR/USD stays weak near 1.0650 ahead of Eurozone PMI data
EUR/USD remains on the back foot near 1.0650 in European trading on Tuesday. Resurgent US Dollar demand amid a cautious risk tone weighs on the pair. Investors stay wary ahead of the preliminary Eurozone and US business PMI data.
GBP/USD eases below 1.2350, UK PMIs eyed
GBP/USD is dropping below 1.2350 in the European session, as the US Dollar sees fresh buying interest on tepid risk sentiment. The further downside in the pair could remain capped, as traders await the UK PMI reports for fresh trading impetus.
Gold could see a rebound before resuming the correction
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PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
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Focus on April PMIs today
In the euro area, focus today will be on the euro area PMIs for April. The previous months' PMIs have shown a return of the two-speed economy with the service sector in expansionary territory and manufacturing sector stuck in contraction.