The struggle for conviction continues in broader markets this week, as the slow countdown to the Fed next week plays out. That said, there are some interesting technical observations that might be of some attention:
- AUD/USD holds a daily close below its 200-day moving average at 0.6690 yesterday
- AUD/JPY hopeful of a stronger breakout above 93.00 and February highs
- USD/CAD runs against key trendline support near 1.3330, which is still holding (see below)
- Nasdaq falls back below August highs as upside break falters
- Gold continues to test its 100-day moving average, seen at $1,940 currently
Besides that, in trading today itself, there are large option expiries to consider which may likely keep trading sentiment more contained.
And with equities sentiment rather cautious and on edge, the supposed breakout in tech stocks may be getting checked back now on profit-taking. Is there scope for a rebound later today?
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.