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Nvidia – NVDA
Nvidia overshoot the resistance at 135.00, and if it manages to hold onto gains now, next target is at 143.75.
This is very bullish run, with opening gaps to the upper side, so if it continues like that, we can see 150 within days.
But do not fall for it just yet – there is always something that will force it into consolidation or correction. So be cautious and watch your step.
Supports at: 124.50 & 119.05
Sterling snaps seven-day streak of gains against the euro
Sterling slid against the euro on Wednesday after seven straight days of gains, while it rose against a weakened dollar as the market shed the initial optimism from a de-escalation in U.S.-China trade tensions at the beginning of the week.
The euro was up 0.35% to 84.33 pence, after seven consecutive days of declines.
It hovered around early April levels, halting a progressive slide against the pound from a peak at 87.38 pence on April 11.
“It does seem that the 84 level is offering pretty good support,” Rabobank’s head of FX strategy Jane Foley said, adding that sterling may struggle to advance further against the euro unless growth data starts to significantly improve in Britain relative to market expectations.
“There is a risk that growth could come in below the 1% level for 2025. If those risks increase, I think sterling will again be on the back foot against the euro.”
British GDP data for both March and the first quarter as a whole will be released on Thursday.
It will give initial hints at where 2025 growth lands, but could also complicate the picture. Sanjay Raja, senior economist at Deutsche Bank, expects the quarterly data to show a significant jump, but a short-lived one, and that GDP will shrink in the second quarter.
That adds additional uncertainty for investors trying to judge the Bank of England’s policy path.
Technicals – Mixed
Oil Falls on Trade Uncertainty, U.S. Weekly Inventory Prospects
Oil prices extend losses in afternoon trade as lingering uncertainties around global trade negotiations and a projected build in U.S. crude stockpiles weigh on sentiment. Brent crude falls 1.1% to $65.88 a barrel, while WTI is down 1.2% to $62.92 a barrel. Prices climbed in the previous trading session, supported by a significant de-escalation between the U.S. and China, a cooler-than-expected inflation report and fresh sanctions on Iranian oil. “Despite this boost, markets remained cautious,” analysts at IG say. Meanwhile, OPEC kept its forecast for global oil demand growth unchanged as it prepares to accelerate output hikes for a second straight month in June, and lowered supply growth estimates from countries outside of the OPEC+ group.
DAX
Dax holding for now, but time is of essence here…
If the previous high at 23.911 becomes an issue, it might have to go to consolidation phase.
Support is at 23.445 & 23.365
It doesn’t look capable of going higher right now, but if it closes today above 23.680 it would be a bullish set up for tomorrow.
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