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
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AUD/USD remains firm above 0.6600 ahead of RBA
AUD/USD maintains its bullish bias well and sound on Monday, extending the multi-session recovery past the 0.6600 barrier ahead of the key interest rate decision by the RBA.
EUR/USD keeps the constructive tone near 1.0800
EUR/USD started the week in a positive note amidst the Dollar’s inconclusive price action, altogether motivating the pair to attempt a move to the proximity of the 1.0800 region, where the 200-day SMA also converges.
Gold holds on to modest gains around $2,320
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Bitcoin (BTC) price recorded a rather bold two days this past weekend in a surge that saw millions in positions liquidated. However, the week is off to a calm start with altcoins sucking liquidity from the BTC market.
Stagflation warning: Service economy contracts as prices rise
In another stagflation warning sign, the U.S. service sector contracted in April even as service prices rose. The Institute for Supply Management's non-manufacturing PMI dropped to 49.4 in April, dipping from 51.4 in March.