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US PRE-MARKET MOVERS: INTC/semi’s, CHTR, PG, HIG, PFG, DLR, EW, BYD
ES +0.4% NQ +1.3% RTY +0.4%
Recent risk-on seen amid reports Pakistan could announce resumption of US/Iran talks toda
<p style=”text-align: center;”>Source: Try Newsquawk free for 7 days</p>FX option expiries for 24 April 10am New York cut
EUR/USD at the 1.1650 level.
The dollar has been a little firmer in the past few sessions but not really pushing gains all too much as the risk mood holds steadier today. That after the retreat in US trading, with yet another day of stalled plans for negotiations between the US and Iran.
In the case of EUR/USD, the pair is also continuing to keep around the 200-day moving average at 1.1674 and that is the bigger technical level in play currently. Buyers are holding the line so as to not give up technical control to sellers but the pressure is definitely building as the US-Iran conflict drags on.
XAUUSD (GOLD) 4 HOUR
Remains on the defensive following this week’s break of a 6 day pattern around 4800.
Low extended to 4658 before a bounce that would at least need to renew 4700+ to slow the risk, but only above 4743/53/72 would negate it.
4632 remains the level bulls do not want to see broken..
Forex Market Snapsho
The dollar is trading around unchanged in what is so far defensive trading ahead of the weekend.
EURUSD is trading within 1.1670-00, GBPUSD below 1.35, and USDJPY stays below 160 as it heeds the BoJ intervention threat. The SNB has threatened to intervene as well.
Otherwise, it is more of the same,watching headlines on the Middle East and the price of oil.
Newsquawk US Market Wrap: Stocks hit and crude gains in choppy, geopolitics-driven trade
SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold down
NAS100 (NASDAQ) 4 HOUR
New record high set at 26027 before the bottom dropped out on a news headline.
The volatility should see a more cautious approach into the weekend where 27000 is pivotal (i.e. needs to become support to build further momentum) while 26500 and 26198 need to hold to keep the downside in check.
US500 (SP500)4 HOUR
It’s hard to ignore the double top at 7152 after the retest of the record high today.
Guess where the retreat paused at?
7050 = a “Power of 50” level.
Stock market bulls will not give up without a fight and for that to happen, 7000 would need to be broken (supports at 7050, 7040 and 7011 ahead of it).
So, expect either consolidation or some book squaring into the weekend given the geopolitical event risk barring a surprise positive headline ahead of it.
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