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Forex Market Snapshot
Markets continue to shrug off firming oil prices (but for how long?) where Brent touching $100 per barrel is grabbing headlines.
It may be a matter of a wait-and-see ahead of key events, an expected ECB rate hike Thursday and US inflation reports over the next two days.
In the meantime the dollar is trading a touch softer but so far with limited follow through after EURUSD paused around 1.1650 and USDJPY found support again just below 153.
US Market Wrap: Stocks fall and crude gains amid escalating geopolitics
SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar flat, Gold down
NAS100 (NASDAQ) 4 HOUR: Bids after stops
Attempt to build momentum off the pause just below 29748 met with bids after stops were run rather than follow through below 29400, which is the new obstacle to exposing 29K.
Unless broken, expect more indecisive trading with the onus on the bull side to keep the downside in check as NAS100 trades more on the defensive.
EURUSD Daily
As called yesterday, EUR made an Up attempt today, but stayed shy of Resistance at 1.16450. Hight at 1.16358 – exactly the same as yesterday!
Now let’s see where we close tonight – Close above 1.16225 would leave us with a Pattern calling for a new push Up tomorrow, and stops behind todays high might lead to break of 1.16450 -open road for 1.16650
Major Support at 1.16150
US PREMARKET MOVERS: NVS, TSLA, UNFI, UBER, INTC, RGTI, AMGN, PTON
ES -0.1%, NQ +0.2%, RTY -0.1%
AUDUSD appears to be losing steam after reaching a 4-month high of 0.7223 on Monday, sparking speculation that the bulls may take a backseat in the short term. However. the bullish crossover between the 20- and the 50-period SMAs sustains optimism that any pullbacks could represent healthy consolidations rather than a disruption in the multi-week uptrend.
Market Update
Firm oil prices weighing on risk but so far not by enough to see strong follow through ripple effects elsewhere.
EURUSD, as noted, is still above but so far unable to shake a focus from 1.16.
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Similarly, US500 so far unable to shake a focus from 7700 (on this CFD chart( after trading below it overnight.(Right click on any image (or chart) to open a full screen in a new tab)
EURUSD 4 HOUR: 1.16 remains a focus
So far unable to shake a focus from 1.1600 after breaking a 6-day pattern yesterday trading around it.
To build momentum off of it, 1.1641 (and then 1.1460), would need to be broken.
Otherwise, trapped within a broader 1.1562-84/1.1641-60 range with a bid (even a weak one) unless 1.16 prints again.
USDJPY 1 HOUR: Bounce off the low
As noted yesterday, the break below 155 had left a void until 152.00-07 as the next target and USDJPY made a run at it before pausing at 152.88.
The subsequent bounce has created some up short-term momentum off higher lows (2 red AT lines) that would need to get through 154.38-63-80 to shift the focus back io 155.
Otherwise it is consolidation with upside contained while below the layer of resistance and key sell stops exhausted until/unless a new low is made.
Forex Market Snapshot
The dollar is tracing mixed, up vs all but the CAD and JPY, the latter up small after USDJPY bounced after extending its low to 152.88.
The mood otherwise is risk off as firm oil prices and-higher US bond yields (curve steepening) weigh on stocks amid rising geopolitical concerns.
No key US data is due today.
