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Forex Market Snapshot
The dollar is trading mixed with various currencies trading in opposite directions, suggesting cross flows dominating more than outright trading vs. the U.S. dollar. JPY and AUD are trading firmer while the other majors are trading weaker.
In this regard, in this snapshot, red arrows indicate a currency is down vs. the dollar, green arrows indicating a currency is trading firmer (e.g. AUD vs NZD).
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COMING UP: Data: Australian CPI (Jul), US Durable Goods (Jul), PCE (Jul), GDP 2nd (Q2), Atlanta Fed GDP (Q3)
Speakers: ECB’s Cipollone Supply: Germany, Italy,
US Earnings: Nvidia, Salesforce, CrowdStrike.
Newsquawk US Market Wrap – Stocks bid, yields down as crude slumps on US/Iran ceasefire reports
SNAPSHOT: Equities up, Treasuries up, Crude down, Dollar down, Gold up.
(Right click on any image (or chart) to open a full screen in a new tab)
Market Update
EURUSD: Downside contained by the pause above 1.1650 but that just lowers the bottom oif the range to 1.1711 with 1.1775-87 ahead of it.
US500: Pause above the 7640 low has potential to form a higher low but only confirmed if 7700+ trades.
XTIUSD: Turning on the defensive but faces supports still below the market.
\US500 4 HOUR: Watch 7700
Trend: Long term up Momentum: Short-term down but consolidating
What caught my eye is the pause just below 7700, which capped the upside although it would take a move above 7727 (on this CFD chart) to break down momentum. On the downside, move still contained while above 7604, the low at 7640 protecting it.
NAS100 (NASDAQ) 4 HOUR: 29K still pivotal
Trend: Longer-term consolidating Momentum: Short-term down slowed
Support below 29K and a higher low giving hope to the bull side as they try to hang in ahead of Nvidia earnings tomorrow. However, it has not gone far enough to shake a focus from 29K although downside momentum is cooled while above 28944 On the upside, would need to take out 29450 (on this CFD chart) to put bulls back in control;.
Data misses on all fronts,,, equities slip, limited FX reaction so far
US PRE-MARKET MOVERS: TSLA, BABA, DKS, UAL, AMD, Memory names ES +0.5% NQ +1% RTY +0.8%
EURUSD 4 HOUR: Struggling to build momentum
Trend: up Momentum: Short-term down but so far contained
Short-term momentum turning down (lower highs) but downside contained while above 1,1650 (low 1.1651), so far just a minor retracement. To put a squeeze on longs, 1.1650 and the 4 hour trendline would need to be broken. Otherwise, resistance at 1,1675 (Tuesday high) and 1.1687 (Monday high).
Gold is declining📉 towards 4,630 from a fresh 15-week high of $4,697 today, following a two-day uptrend that led the price above the 200-day SMA. Notably, gold has been in ascending mode since August 5, having surpassed the four key SMAs and the key descending trendline drawn from late January, when it hit its all-time 📈high at 5,598.
GBPUSD pinned a six-month📈 high of 1.3674 last Friday before shifting to the sidelines, aiming for a 3% monthly gain within a short-term ascending channel. Although the bulls retained control above 1.3600 in the next sessions, they lacked strong momentum to clear May’s📉 resistance of 1.3656, raising speculation that the rally might be running out of steam.
BTCUSD WEEKLY: Tests 80K+
Trend Up Momentum: Up
Building further on its breakout above 67K but so far pausing below above 80K (high 81252) and below next key target at 82711. For FIBO fans, 83852 = 38.2% of 126232 = 57656 On the downside, support likely as long as it trades above 75-78K, stronger bid if the top end holds although 80K+ is needed to keep current momentum going and avoid a stall.
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