Dailyfx | Apr 23, 2014 10:34AM ET
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD Strategy: Like the long side while over 1.3730.
Instrument |
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Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
EUR/USD |
*1.3730 |
1.3760 |
1.3840 |
*1.3900 |
1.3930 |
Charts Created using Marketscope – Prepared by Kristian Kerr
AUD/USD Strategy: Like being square for a few days.
Instrument |
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App
Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
AUD/USD |
*1.0910 |
.9265 |
.9285 |
.9360 |
*.9495 |
The price action in the S&P 500 since March has taken very much by surprise. Both extremes of the March range had important timing associated with them. Both extremes were broken in the first half April and both had almost no follow through. Frustrating, but oftentimes part of the game in a low vol regime. The key going forward looks to be the Dow 30 on the downside and the Nasdaq 100 on the upside. We say this because the Dow has been relatively strong over the past few weeks and never breached its March 17th low. If weakness materializes in the weeks ahead and extends into the stronger Dow and sees it move below 15,980 then this would be a very powerful sign that a top of some importance is developing. The opposite can be said of the NDX. It has been the weakest of the main indices and its March high is still firmly intact. If a new leg higher is developing we will want to see strength extend into the weaker issues to confirm. A move through 3,740 in the NDX would be very bullish. A few medium-term cyclical relationships converge around the start of May, but mid-July is still the key cyclical focal point.
--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
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