Australian Dollar (AUDUSD) resumes the uptrend
The Australian Dollar (AUDUSD) continues its advance after jumping over 300 pips from the start of April. President Trump removed key technology products from his reciprocal tariffs, including some from China, which offered a boost to the Aussie as China remains Australia’s largest trading partner. If this can continue, the currency pair could be in line for a productive second quarter. 0.6430 is a fresh resistance, and 0.6300 is the closest support.
XAUUSD pushing for another record
Gold maintains its uptrend as investors look for more record highs. The safe-haven demand continues to surge on the US and China trade war and further dollar weakness. In addition, Trump’s tariff probe on critical minerals sparked more global tensions, driving more investors into the yellow metal for safety as the greenback slides lower. Bullish momentum remains strong above the 3280 support as buyers look for the 3400 as the next target higher.
SPX 500 remains subdued
It’s all about tariffs and trade wars as the market follows fundamental trends. The S&P is no different after price action looks to recover from the recent sell-off. The markets will attempt to avoid the tariff volatility and focus on the upcoming earnings season, which could revive stocks from their slumber. Banking stocks are looking to bounce back, which could lift the indexes. 5500 is the first target for buyers, whilst 5100 remains a solid support.
