USD INDEX
The USD started out strong through the Asian and European sessions, only for sellers to step in late during the US session and give back the majority of the gains by the close. While the downtrend remains in place, today’s contradictory green candlestick shows a higher high and higher low on the chart. While USD sentiment remains negative buyers will struggle to hold onto intraday gains. Resistance sits at 96.80 with support below at 96.25.
S&P 500
A slow start, yet buyers maintained control with demand in play throughout the session. A higher high and a higher low on the chart added to the uptrend, and in so doing set a new record high in the process. Resistance established at 6275 with support lower at 6233. No significant news on the tariff/trade deal front seems enough to keep the bias, mood and sentiment all positive for the major US stock markets.
GOLD
A 3rd consecutive up day with higher lows doing enough to initiate a new uptrend with EMAs crossing upwards on the daily chart. Support sits at $3328 with resistance set at $3359, matching alongside yesterday’s high. The metals safe haven status continues to create demand at all levels as buyers look up to the $3400 mark. Sellers will look below $3350 as a first goal to reverse the trend.
BRENT OIL
Following a week of limited activity in the oil market with buyers and sellers appearing content to hover between $66 and $67, buyers took control to breakout with a rally up to the $69 level. Resistance was established at $69.25 with support sitting below at $66.96. Note the current resistance level matches the support area from earlier this year in March.
BITCOIN
Buyers took control from the outset and reversed the trend with a meaningful $4.7k push higher. Support sits at $105.1K with resistance established at $109.8K. Buyers will be retesting the $110K level (unsuccessful attempt last month) with the $112K record high in view. Trend, bias and sentiment all favour the upside.
