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Upside momentum is fading on Wall Street, with the Dow Jones, S&P 500 and Nasdaq 100 in a neutral state heading into the new week. Will key support levels hold?
The US Dollar set a fresh seven-month-low this week while testing a key spot of support at the 50% mark of the two-year-trend.
The US Dollar posed a bullish breakout from the three-week range but aggressively snapped back after a disappointing PMI release, highlighting growing impact from the Fed’s rate hike strategy.
While gold prices were left mostly flat last week, the fundamental landscape arguably remains bearish. This is as XAU/USD shows increasing technical signs of an impending bearish reversal.
Markets remained on the move today through ECB and BoE rate decisions. A massive options expiry is on the calendar for tomorrow, which can keep equities on the move into the end of the week.