Market Highlights
1 - US stock markets rally to record high levels. S&P +1.46%, DJ +1.24%, 2.02%
2 - European indices close up on the day. DAX +1.67%, FTSE +0.7%, IBEX +2.3%
3 - Gold up $104 at $4697; Bitcoin struggles to hold onto gains +$620 at $81.5K
4 - Forward looking oil markets down on potential middle east deal, -$6.80 at $101.23
5 - USD mostly down on the day. EUR +0.31%, AUD +0.51%, JPY -0.84%; CAD the outlier +0.22%
Daily Price Activity
Insights
USD INDEX A strong sell-off to start, yet the push lower did not last with buyers stepping in at the start of the US session, going on to recoup the majority of losses by late in the day. Note the strong support which buyers continue to guard successfully. Downtrend remains in place as negative sentiment hangs over the global currency. Resistance at 98.22 with support at 97.44.
S&P 500 Demand for US equities continues with buyers in complete control throughout the session, even as the USD rallied through the US session. Optimism that the US and Iran will reach a settlement sooner rather than later, as well as investors FOMO, both contributing to the steady rally. Strong earnings season also adding to the positive sentiment. A bout of profit taking will enter the market, but not just yet. Resistance at 7384 with support at 7304.
GOLD A strong day for the metal saw buyers in early, responding to USD weakness, and then maintaining control with a steady rally throughout the day - notwithstanding the USD recovery in the US session. With the new uptrend in place, buyers will aim at $4800 as the next upside target. Resistance at $4728 with support at $4586.
BRENT OIL Optimism replaced fear as US talks of a new deal being imminent. The forward- looking oil market responded accordingly with sellers stepping in and prices breaking below the $100 mark. As of now the straits of Hormuz remain practically closed, and no formal peace plan has been proposed, let alone accepted. Resistance at $109.33 with support at &96.92.
BITCOIN Buyers were off to an early start but were not able to hold onto the push higher and gave up almost the entire move before closing with a small gain late in the US session. However, the chart does reflect a green candlestick, as well as a higher high and higher low adding to the uptrend. Buyers will aim to maintain above the $80K mark, at a minimum, while sellers aim below the new pivotal level. Resistance at 482.7 with support at $80.6K.
FX Pivot Levels
