Weekly outlook covering Where EURUSD is looking for the next peak and UKOIL, with NAS100 analysis and key support and resistance levels shaping market expectations.
EURUSD looking for the next peak
Traders can’t escape the fact that the main fundamental news events concern what new proposals will be made between the U.S. and Iran. Even though this week’s inflation data could see a jump from the previous reading, investors will be focusing on Iran’s response to proposals to end the war. But inflation is expected to provide insight into the rest of the second quarter, as it could signal a rocky road for the pair. On the chart, 1.1720 is the closest support, and 1.1850 is the resistance ahead.
UKOIL awaiting next signal
Brent crude, like most of the market, is awaiting the next signal on the Middle East conflict. After last week’s drop in price action due to reports of a potential deal on the table, traders looked to the future as sellers stepped into the market. However, this does sound like we have heard this all before, which could cause some hesitancy for investors to drop oil back to pre-war levels. This week’s updates from the White House are sure to point us in the next direction. 106.00 will be a fresh hurdle to overcome, with 96.50 acting as a fresh support.
NAS 100 remains bullish
Wall Street continued its upturn last week, keeping the indices at record highs. The Nasdaq, as well as the S&P500, remained bullish amid a series of favourable earnings, and the hope of an end to the war propelled the market further. After last week’s NFP figures stalled, the American economy remains hopeful that projected earnings from big tech companies can keep the rally going. The index is testing the next high around 29500, and 28400 remains a key target for sellers.
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