FX Brief:
Price Action:
- AUD/USD and NZD/USD are teasing key support levels near Friday’s low. Whilst this leaves potential for a minor bounce, the bearishness of the declines over Thursday and Friday do suggest we may see another low in due course after a corrective bounce (assuming one is even seen).
- USD/CAD continues to consolidate between 1.2950 and 1.3015 (the 2019 low). Keep an eye for a breakout either side of the congestion zone as it could pave the way for its next directional move.
- USD/CHF produced a spinning top doji on Friday. If prices remain beneath Friday’s high (0.9744) then we could assume the correction has ended and for it to revisit the lows. A break above 0.9944 brings 0.9440 into focus and assumes a deeper correction against the dominant, bearish trend.
- USD/JPY made a minor low today but ultimately remains above 107.88 support. Given it didn’t follow Friday’s move (like gold and WTI did) then it suggests we could be in for a corrective bounce, unless Middle East tensions escalate further.
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Equities Brief:
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