Market Review
On Friday, Federal Reserve Governor Bowman stated that inflation would remain high for some time. If inflation stalls or rebounds, he is willing to support the Fed in resuming rate hikes. Supported by Bowman's hawkish comments, the U.S. dollar index initially rose and then fell, eventually closing at 104.49.
Focus Today
U.S. Dollar Index: Last week, it retreated after testing the resistance area of 104.8-105. In the short term, focus on the second test of the 104 support level. The market is mainly expected to oscillate within the 104-105 region.
EUR/USD: The short-term market is moving upward again, with immediate resistance at the previous high of 1.089 and strong resistance around 1.094. Caution is advised unless it can effectively break through the previous high. Downward support is focused around 1.08, and short-term trading can mainly be characterized by selling at highs and buying at lows.
GBP/USD: It is currently at the 1.27 resistance area. Pay attention to a potential fallback if it fails to break down effectively. The support level is around 1.26. If it moves directly upwards, look for opportunities to buy on the retracement, with resistance at the 1.28 level.
USD/JPY: The market faces resistance in the 157-157.5 range and support around the 153 level. In the short term, the market is expected to oscillate before any major breakout. Short-term trades should focus on selling at highs and buying at lows, with a directional trade to follow upon a breakout.
AUD/USD: After the price broke through the 0.665 conversion area, it retraced and moved upwards. The bullish trend is continuing. Focus on the continuation if it breaks through the previous high of 0.6715. The former high is around 0.687, and future resistance should be monitored carefully.
USD/CAD: After the market broke and retraced the 1.363-1.365 resistance area, it resumed its downtrend. In the short term, the market remains bearish. As long as intraday resistance holds, continue short positions with the next support around 1.355. A break below this level will initiate a larger bearish trend.
Crude Oil: The short-term market continues to rebound. Currently, resistance is around the 81 level. Caution is advised if the market fails to break through effectively. Intraday operations can wait for the price to reach the 81 area before considering short positions upon reversal signals.
Gold: This morning, driven by risk aversion due to the weekend Iran incident, prices reached new highs. Keep an eye on intraday developments. If the price stabilizes above 2420, gold prices are likely to continue upwards. It's advisable to buy after a small structural formation. If unable to stabilize, beware of a potential pull-back.
S&P Index: After retreating to the 5290 support, the price resumed its upward movement. In the short term, focus on the previous high resistance. A new high breakout could prompt more buy-on-dip opportunities. Avoid directly shorting in a unidirectional uptrend phase; those unwilling to go long can wait and observe.
Bitcoin: The price is currently within the 66000-67600 resistance area. Observe short-term market reactions within this range. A direct breakthrough will extend the bullish trend, while a fall below 64600 will trigger another adjustment downward. Intraday focus will be on directional choices.
