EURUSD sliding lower
The dollar looks poised to hold onto recent gains as traders continue to move away from the gold market. With Donald Trump expected to announce new terms to his peace plan, the Middle Eastern conflict shows no signs of slowing down. On top of that, higher inflation could lead to a stronger dollar as we head into the second quarter. It could be a long year ahead for the greenback and its competitors. The pair is to test 1.1420 with 1.1600 as a fresh resistance.
USOIL breaks higher
WTI continues its bullish trajectory amid escalating US-Israeli tensions with Iran. With President Trump stating he could seize the major fuel hub of Kharg Island, oil doesn’t seem to be reversing anytime soon. With Brent crude also on track for its biggest monthly gain on record, the commodity looks to remain in the headlines for weeks to come. The price is attempting to break above 100.00, with 108.00 in sight, as 96.00 becomes a firm support.
SPX 500 seeking another low
Global indices continue to sell off as the S&P looks for support. The macroenvironment has shown decent economic data, coupled with hawkish Fed comments, that are helping keep the index from dropping further. All eyes will be on this week’s Non-Farm Payrolls to see if price action can move higher. The index is pushing once again to multi-month lows, with 6000 being the psychological target to break; 6450 is the firm target higher.
