Tech stocks in the S&P 500 fell by 1%, ending a seven-day surge in technology. Qualcomm plunged 4.8% after President Donald Trump blocked the $117 billion takeover of the company by Broadcom citing national security risks.
Market sentiment was also hurt by the biggest shake-up of the Trump’s administration, in which Secretary of State Rex Tillerson was sacked and replaced by CIA Director Mike Pompeo.
US dollar lost traction, impacted by tame February inflation data and the ouster of Secretary of State Rex Tillerson. The ICE Dollar Index dropped 0.3% further to 89.66, extending its decline to a third session.
GBP powered higher as there was nothing particularly damaging in the government’s Spring Statement.
EUR/USD traded above 1.2400 on the back of broad-based U.S. dollar weakness, and is holding on the upside after the upward acceleration on last night.
RSI stands firmly above its neutrality level at 50. Therefore, as long as 1.2355 is not broken, look for further advances with target at 1.2450. Alternatively, below 1.2355, expect a return with 1.2280 as target.
On the data slate there’s German CPI; Euro-Zone President Draghi Speaks in Frankfurt; Euro-Zone Industrial production; Euro-Zone Employment; Euro-Zone ECB Vice President Constancio Speaks in Frankfurt; US Mortgage Applications; US Retail Sales Advance; US PPI; US Business Inventories and US Crude Oil Inventories.
BUY EUR/USD @ 1.2400 OR BETTER – STOP @ 1.2360 – TARGET @ 1.2450
BUY GBP/USD @ 1.3970 OR BETTER – STOP @1.3920 – TARGET @ 1.4080
BUY USD/JPY @ 106.40 OR BETTER – STOP @ 106.00 – TARGET @ 107.20
SELL CL0418 @ 61.00 OR BETTER – STOP @ 62.00 – TARGET @ 60.00
SELL AUD/USD @ 0.7870 OR BETTER – STOP @ 0.7900 – TARGET @ 0.7730
SELL XAU @ 1330 OR BETTER – STOP @ 1338 – TARGET @ 1302
SELL XAG @ 16.80 OR BETTER – STOP @ 17.20 – TARGET @ 16.00
Nice market information
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great work.
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nice post,.,.,.,.,.
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Thanks for sharing the news of market and all these news seems to make the market more downward move and it's seem that you are still positive on market.
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great to have all the updates here thanks for posting it :)
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This post has received a 3.99 % upvote from @booster thanks to: @lordoftruth.
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