Welcome to this week’s Market Blast Fundamentals. 

 

I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at NZDUSD, the S&P 500 (US500), Gold (XAUUSD), USDCHF, and EURUSD.

The USD has finally stopped its bull run as fears of recession are gripping the markets.

We see EURUSD breaking resistance and USDCHF at a key level of support at around $0.97.

These fears and high inflation are affecting the global stock indices and we see the S&P 500 still trending down and well below the 200-day simple moving average.

Gold has also been affected by recession fears and a weaker USD.

Price action did go below $1800 as we discussed last week but has now rebounded to the $1850s.

These three instruments may continue on their current path if we see weak data this week from the US with New Home Sales and a speech by Jerome Powell tomorrow; Core Durable Goods Orders Wednesday; and Quarterly GDP on Thursday.

Of course, good data could see price action reversing.

Tomorrow as well, the Reserve Bank of New Zealand is expected to raise Interest Rates to 2%.

This may already be built in as we see NZD strength during the last few days.

While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.

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