Q2 Starts Off With A Bang
Matt Simpson | Apr 02, 2014 12:41AM ET
The first day of Q2 went off with a bang to see US Stocks gun for the all-time highs, and with bonds edging lower risk assets gaining interest again.
INDICES: The first day of Q2 went off with a bang to see US Stocks printing fresh all-time highs, bonds edging lower and risk assets gaining interest again. The Nasdaq 100 broke up through 50-day eMA and Monthly pivot point and closed up 1.9%, the most bullish day since 7th Feb. The positive sentiment was also among the Europeans which saw CAC break to multi-year highs for a brief period and FTSE back at 2-week highs.
COMMODITIES:
Energy also bore the brunt of Greenback strength as Brent broke through a 5-yar trend line to suggest a more bearish picture, however Natural Gas saw the heaviest losses amongst the Energy sector at just under -5%.
FOREX: The Kiwi dollar unwound the furthest among the G10 currencies but many have been waiting for a pullback. Fundamentally and Technically the Kiwi is still strong but near-term continues to look weak after confirming a double top on the NZD/CAD and a swing low has formed on the AUD/NZD.
AUD/USD produced a shooting star reversal to warn of near term weakness. 0.920 s likely support in event of a pullback.
GBP/USD produced a bearish inside day however holding above 1.66 support.
EUR/USD produced a 3rd bullish close but remains beneath 1.380 resistance.
USD/CHF edged lower for a 3rd down day but finished with a potential bullish hammer.
USD/CAD continues to respect 1.10 support - the line in the sand - however closed with a bearish inside candle.
NZD/USD also down but remains within bullish channel.
USD/JPY remains above 103 with a high of 106.68. Now trades beneath 103.80 resistance
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