S&P500 Technical Analysis: Ending the day in the red just below 2,900 level

The S&P 500 retreated slightly this Monday, however, the main trend remains intact.
The market is trading well-above the rising and widening 50, 100 and 200-day simple moving averages and 2,877.00 (January swing high).
The RSI and the MACD are starting to decelerate and the bulls will need to break above the all-time-high in order to resume making higher highs.

Flavio Tosti Independent Analyst

S&P500 daily chart

Spot rate: 2,905.50
Relative change: 0.04%
High: 2,911.75
Low: 2,896.25

Main trend: Bullish

Resistance 1: 2,900.00 figure
Resistance 2: 2,917.00 all-time-high
Resistance 3: 2,930.00 figure
Resistance 4: 2,950.00 figure

Support 1: 2,877.00 January swing high
Support 2: 2,863.75 August 7 high
Support 3: 2,853.00 August 9 low

Author

Flavio Tosti

Independent Analyst

AUD/USD falls from 0.7050 amid Iran uncertainty

AUD/USD is back in the red, falling from 0.7050 in the Asian session on Friday, reversing the previous day's goodish rebound from a nearly two-month low amid a modest US Dollar uptick. Iran downplayed Trump's claim that a deal has been approved and said that key issues, including the Strait of Hormuz and frozen funds, remain unresolved. This keeps a lid on optimism, which, along with Fed rate-hike bets, revives USD demand and weighs on the pair.

USD/JPY recovers above 160.00 as Mideast woes persist ahead of BoJ

USD/JPY recovers ground above 160.00 in the Asian session on Friday. Economic risks due to uncertainty in the Middle East undermine the Japanese Yen, while lifting the safe-haven US Dollar (USD) amid the US-Iran standoff. This acts as a tailwind for the pair, though fears of intervention could limit deeper JPY losses and cap the pair's rebound ahead of the BoJ meeting next week.

Gold drops below $4,200 as Iran risks, Fed bets support USD

Gold is reversing the previous day's strong recovery from the YTD low and drops back below $4,200 in the Asian session on Friday. Despite Trump's claim that a peace deal with Iran has been approved, a standoff over the Strait of Hormuz and Tehran's frozen funds keep a lid on the latest optimism, injecting fresh life into the US Dollar bulls. The Greenback also draws support from hawkish Fed bets, following hot US inflation data.