The dollar looks to finally broke through key levels this week and all there’s left is for Powell not to muck it all up later today.
- EUR/USD breaks below 1.0800 and 100-day moving average of 1.0806
- USD/JPY breaks above 138.00 and resistance region of 137.77-91 to highs for the year
- USD/CHF returns back above 0.9000 with 100-day moving average at 0.9148 eyed
- Gold slides below support of $1,975-81 with 100-day moving average at $1,928 eyed
This comes despite the continued breakout in tech stocks, with the Nasdaq rising further to eye the highs from August last year at 13,181. We are now just under 4% from touching there. That comes after the nearly 4% gains already seen in trading this month. Even the S&P 500 is also at the highs for the year, closing above the February high of 4,195 yesterday.
The 100-week moving averages for the Nasdaq and S&P 500 are key levels to be wary about though, sitting at 12,917 and 4,201 respectively.
Overall, there’s definitely some contrasting themes but the technicals is where the action is at currently I would say.
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