Week wrap – Oil, gold, bonds, BTC. Oil ruled the week. Brent hit its highest level since May, near $115. Gold lost about 3.5% and touched a three-month low under $4,000. The 10-year yield fell to 4.96%. Bitcoin held near $81,600.

Week wrap – Indices. AI fears hit hard. The Nasdaq fell 2.6% on Thursday, its worst day since June, after Meta’s numbers and chip warnings. Chip stocks dropped 6.7%. The S&P 500 slipped to a five-week low near 7,630. The Dow held up better on defensive buying, then lost 1.2% on Friday.

Market Update

EURUSD: Unable to shake a focus from 1.12 but upside likelu limited ahead of Moody’s France credit review after the close.

NAS100 (and US500) trying to find a footing and while 29K+ would cool the downside (use 29000-200), only above 29414 would confirm a break of momentum.

XAUUSD: Still focused on 4000, clearly a bias setter after extending low to 3975. This makes the close vs. 4000 the focus ahead of the weekend.

GBPUSD is still battling 1.34000 since Tuesday & with a strong support 📈 of 1.33500 more bullish 📈 to 1.35000 might be next 🎯

BTCUSD hovers near 81,500 and remains vulnerable to further downside, testing key support around 80,500.

USDCAD is now testing key support near the 1.4000 area, where the 50-day SMA is helping cushion declines📉

GBPJPY holds within a near- term ascending 📈channel that has quided the recovery from the nine-month 📉low of 206.88

Forex Market Snapshot

While all eyes are on US stocks to set the risk tone, the dollar is trading mixed.

EURUSD: Unable to shake a focus from 1.12, currently trading below, as elevated French vs. German bond yield spreads and PMI misses (led by by France) weigh. 1.1150-80 needs to hold to keep the focus on 1.12 and away from the 1.1113 low. Event risk today: Moody’s French credit review (sometme after US markets close)

USDJPY: Remains on the defensive with the focus still on 157 (currently below it) after the overnight plunge paused just above 156. Watch US bond yields for any correlations.

GBPUSD: Retail Sales miss offset by PMI beat. Charts show a lower high off the 1.3419 top, making it dependent on 1.3350-55 holding to keep a bid and prevent down momentum from taking over. Note GBP lagging vs EUR duw to weak EURGBP.

EURUSD Daily

Close tonight Below 1.12150 would lead EUR lower tomorrow

Close tonight Above 1.12300 would be Bullish for tomorrow

Market Update: Yields slide

US bonds getting a safe haven bid as the lead NAS100 briefly breaks its low, leaving 29K blocking the key level at 28755.

The dollar elsewhere is off its highs as yields slide while USDJPY is off its low (but still well down on the day) after pausing above 156.64 in what should remain defensive trading.

US 500 index is 📉losing ground, remaining near key levels and close to its short-term. The bigger picture remains strongly📈 positive as long as the price trades above the uptrend line and the 200-SMA.

Tesla & meta earnings release caused major market moves

Gold is back near the monthly low📉 around 4,050 after facing repeated rejection around a heavy SMA cluster near 4,145

EURUSD failed to break 📉 above 1.12500 multiple times, lets see if 1.12000 could be a strong 📈 support

Market Update: Risk off

Stocks tumbling after Meta and Tesla earnings failed to impress, weighing on yields with USDJPY following.

USDJPY currently pivoting 157.00 (low 156.82) with key support at 156.37 the last line of defense before a void on the downside. Upside limited unless 157.50+ is regained.

XAUUSD failing again to catch a safe haven bid with its tumble testing and holding its 4066 low for a double bottom. However, this is so far only offering a respite as back above 4106 is needed to cool the risk.