EURUSD sinking lower
As the dollar finds its feet after January’s sell-off, price action seems firmly bearish, with the euro giving up most of its recent gains. The big question now is whether the trend can continue to allow for a deeper correction. Traders will be looking towards the next rate cut and an assertive guidance by the Fed last week has led traders to wonder if they have made their minds up, or if the central bank is holding out for the next round of jobs data. 1.2000 is the limit, with 1.1700 a critical floor.
XAUUSD looking for direction
The precious metal hovers around 5000 as the greenback remains defiant in attempting to reach another record. The outlook for Gold appears uncertain, as global risks hit another hurdle, with the U.S. President weighing up his options over a fresh attack on Iran. With the Russia/Ukraine conflict showing no signs of stopping, 5100 is the target ahead, with 4830 the first support.
NAS 100 looks to turn things around
The Nasdaq kicked off the year on a positive note before price action slid amid concerns that the tech-stock boom would not continue. Indices have got off to a slow start this month, with a sell-off across the board seeing most of the top earners lose their record highs. AI-powered stocks still look bullish in the short term, but will that be enough to keep traders happy? Improved appetite for riskier equities could see a drop in Treasury yields, lifting the tech-heavy index towards its all-time high above 26200 as 24500 becomes the closest support.