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Scanning through the headlines, there has been a full slate including data but this one caught my attention… green light for 1.20?
Using my platform as a HEATMAP shows…
… the third quarter starting out where the second quarter left off with the dollar trading weak
A highlight has been EURUSD trading above 1.18, although just briefly (high 1.1807) but maintains its bid while above 1.1750.
EURUSD is lagging as it gives back ground on its crosses (e.g. weaker EURJPY and EURGBP) … others such as the JPY outperform vs the USD
Gold extended its rebound
US stocks are mixed
US bond yields continue to slip as markets await the Senate vote on its version of the tax cut and sending bill.
USDX (US DOLLAR INDEX)
It took EURUSD making a new high for USDX to break 97.03.
Support is now a guess so keep an eye o 97.03 as only back above it would negate the downside risk and indicate s EURUSD stall on the upside.
EUR is 57.6% of USDX and  the index is often used as a proxy for the EURUSD
USDX 4 HOUR CHART
NAS100 (NASDAQ)
Same as US500
When in unchartered (record high) territory an absence of key levels leaves the most recent high (new record) as key resistance.
Support at 22393 needs to hold to keep[ Â momentum moving higher. .
A test for stocks will come after month/quarter end passes as fund/money managers will want to show investors that they are invested in the rally to record highs ahead of month end.
NAS100 4 HOUR CHART
US500 (SP500)
When in unchartered (record high) territory an absence of key levels leaves the most recent high (new record at 6218) as key resistance.
This leaves 6200 as the pivotal and bias setting level going forward.
Support at 6177 needs to hold to keep[ 6200+ on the radar.
A test for stocks will come after month/quarter end passes as fund/money managers will want to show investors that they are invested in the rally to record highs ahead of month end.
US500 4 HOUR CHART
EURUSD Daily
Last night before opening we called for Next Leg Up today, and leg up you got…
When EUR moves like this for days, usually it continues in the same direction, unless something unexpected happens….
Or we see a blow off rally…
Resistances: 1.17850, 1.18350 & 1.19100
Supports: 1.17050, 1.16700 & 1.16350
Taking weekly chart into account, 1.18350 should be taken out this week and in that case EURUSD would have an open road to 1.21750
Advanced Micro Devices Inc. – AMD
AMD is consolidating just in front of Channel resistance at 150.95
Supports at: 141.00, 138.80 & 137.55
Correction is overdue , and it would be good for AMD to first test supports – and not straight up for the resistance – as it would give it more chance to overcome that channel line and make a footing above 151.00 later on
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