S&P 500(SPX) springs back into life
The S&P 500(SPX) took a breather from setting another fresh low as traders digested the Fed’s comments regarding two possible rate cuts this year. US indices in general, have had a rough ride in the past few weeks, with the S&P falling away from its record high. However, in light of the latest Fed decision, tech-heavy stocks will be looking to bounce back and take the indices with them. The index steadily stands at around 5700, with a double bottom at 5500, which is firm support.
USDJPY hits another wave lower
The Yen continued to dominate its dollar counterpart, which has been the theme since the beginning of the year. The pair showed limited reaction to the Bank of Japan and the Fed holding rates last week, a sign that traders are ignoring the news and looking at the trend. With limited high-impact news events this week, economists will be waiting to hear the next announcement from President Trump as the trade war rumbles on. The pair is testing a multi-month low of 146.50, with 150.00 the closest resistance.
AUDUSD remains choppy
The Australian dollar fell lower as employment change declined in February, missing the consensus. However, the struggle against inflation is far from over, as the greenback worries over rising price pressures and labour costs. With the choppy price action ongoing from the beginning of the month, traders will wonder if the 0.6400 top can be broken. 0.6250 is the next target for bears on the downside as the prices slide lower.
