USD INDEX
A statement day for the USD as sellers confirmed the lack of demand for the global currency as the index was sold off throughout the day. The technical downtrend gained momentum with negative sentiment adding to the strong push lower. It appears Trump’s turnaround yesterday (Greenland) left the market far from assured going forward. Next target on the downside sits at the 98.00 mark. Resistance at 98.66 with support at 98.09.
S&P 500
US stock markets picked up from where they left off yesterday with steady gains across the board. The index reflected a higher high and higher low on the charts as buyers look up to reclaim the 7000 level. Notwithstanding, EMAs remain down for now. Resistance at 6968 with support at 6910.
GOLD
A 4th consecutive higher high, together with a 4th consecutive record high for the metal. As financial markets tread wearily, and geopolitical conflicts remain unsettled, specifically Ukraine/Russia, Iran and Greenland, the safe haven commodity continues to attract demand. With buyers aiming at the $5K mark, sellers will note the overbought technicals (RSI 82!) and profit takers looking for the first signs of a retracement. Resistance at $4933 with support at $4768.
BRENT OIL
Sellers controlled the day’s activity confirming the downtrend and putting in a weekly low before buyers stepped in with a moderate bounce through the late US session. However, note the week- long $2 range remains in place, between $63 and $65. Resistance at $64.69 with support at $62.91.
BITCOIN
Neither buyers nor sellers made any significant moves as the cryptocurrency traded within a noticeably narrow $2K range. Note the doji-like daily candlestick confirming the lack of direction. The bias remains tilted to the downside with the downtrend (EMAs pointing down) intact and buyers unable to maintain above the $90K mark. Resistance at $90.3K with support at $88.3K.
