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US500 4 HOUR CHART
When you compress this chart you can see US500 has been in a range and consolidating for more than a week.
It feels like markets in general are waiting for Israel’s reprisal to get the focus away from geopolitical risks.
Stocks, meanwhile , are waiting for earnings to see if current lofty valuations can be justified.
In any case, risk of a recession has faded and question is whether the uS economy is headed for a soft landing or no landing (i.e. continued growth).
2-10 yield curve widens by 4bps to 0.06
Source: CNBC
A positive yield curve indicates that long-term debt interest rates are higher than short-term debt rates.
A positive yield curve can mean that the economy is expected to grow in the future. This is because a rational market will generally want more compensation for greater risk, and long-term securities are exposed to greater risk.(AI Overview)
EURGBP 4 HOUR CHART – REVERSAL OIF FORTUNE
Retreat from .8404 helping to give GBPUSD a bid while EURUSD lags after a tepid attempt at 1.10, on a reversal of the price action seen yesterday.
With key support at .8349, .8350-00 seems more like a no man’s land so watch this cross as it is influencing EURUSD and GBPUSD.
EURUSD 4h
Waiting from yesterday to see 1.10 and reaction to it – lame…
Supports : 1.09750 , 1.09500 & 1.08850
Resistances : 1.10000 , 1.10350 & 1.10500
Close of this Bar above 1.09850 would be Bullish short term – another leg Up
Close below 1.09800 would indicate possible continuation of the Downtrend
XAUUSD DAILY CHART
Since setting a record high 9 days ago, XAUUSD has traded either side of 2650 in the following 8 days.
This is clearly the pivotal level, especially if you view the current range at 2600-2700.
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GOLD has been aa disappointment in that it is not benefiting from safe haven flows but it remains to be seen if it is just biding its time, In any case, 2650 will eventually dictate whether the current move is just a pause or the start of a retracement,AUDUSD DAILY CHART – Commodity currencies extend slide
AUDUSD continues its retreat from .69+ but faces potential tough areas of support.
Trendline: Around 6713
Key supports:
6690 (also around the 100 day mva – blue)
6621 (also around the 200 day mva – yellow)
On the upside, back above .6738-50 would be needed to slow the risk
USDCAD DAILY CHART – Tests key resistance
Commodity currencies continue to trade weaker
5 green daily candles in a row
Tests the 1.3647 level cited here as the next target, so far holding. A firm break exposes almost another 100 pips on the upside.
Look for support as long as it stays above 1.3600-10
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