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Newsquawk US Oprn
US futures mixed, GOOGL beats, DXY lower ahead of US ADP, PCE Prices/GDP Advance & GBP awaits Budget
Good morning USA traders, hope your day is off to a great start! Here are the top 5 things you need to know for today’s market.5 Things You Need to Know
European bourses opened in negative territory and continued to trundle lower as the morning progressed, Tech lags post-AMD
Stateside, futures are firmer but only modestly so with Alphabet supporting as AI bolstered cloud performance
DXY briefly dipped below the 104.00 mark, EUR aided by hawkish-data while GBP awaits the budget
USTs continue to gain after Tuesday’s 7yr into Refunding, Bunds weighed on by data
Crude firmer after the surprise inventory draw with specifics otherwise somewhat light, XAU at another ATH
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EURGBP 30 MINUTE CHART – REAL MONEY BUYINH
EURUSD 1.0835
GBPUSD 1.2974
EURGBP .8351Scroll down for a EURGBP update… also resistance at .8352,66,83
Note when you see a one-way move such as the one today in EURGBP it Suggests rea; money buying ahead of the UK budget announcement.. see preview
XAUSD 4 HOUR CHART – Where will it pause?
As you can see by the red Amazing Trader support lines, any attempt to correct is being met with buying, setting up a new (record) high.
So where might it pause?
There is no reason to guess at a top but the next pivotal level and obvious target is 2800.
On the downside, keeps a bid as long as it trades above 2750-60, even stronger bid if 2780 becomes support.
FWIW I ssaw one major bank raise its target to 2900.
EURUSD 4 HOUR CHART – Bullish or not?
Current Pattern: 5 days in a row seeing the 1.08 level trade… while a break of this pattern would send a bullish signal EURUSD would need to make a firm move above 1.0873 to confirm.
Look for 1.0850 to now be pivotal.in setting the day tone.
Back below 1.0839 would cool the risk if it fails to become support.
If you are looking for a flow driving EURUSD demand, look at a EURGBP chart.
