Forex Marketz Daily Forex News – Fully Markets Update
S&P 500 (2,000.02)
We have reached and set a new record in this market. The S&P 500 has closed above 2,000. Yet we have some doubts. This move came on the lowest volume on any non-holiday on record. We now need to move above 2,020 and there are doubts as to the strength of this move.
Technically speaking no change to our analysis. This market continues to push higher. We have now cleared the cluster resistance area which was at 1985.35 to 1991.50. Buyers are now looking to challenge 2006.50. If we continue to move higher we will challenge 2020.00. A push back below 1985.35 could open the doors for 1963.50 then 1960.00 once again.
EUR/USD (1.31615)
To say the euro has been under heavy selling pressure is an understatement. We are eying yearly lows against the dollar.
A close below 1.3150 targets 1.3050 to 1.3065 congestion area. A reversal and defend of 1.3150 needs to see a break above 1.3205 to target 1.3250 and higher.
USD/CAD (1.09229)
The threat the dollar would correct downwards versus the Canadian Loonie has returned. We have negative RSI convergence plus a bearish candlestick pattern.
Short term support is at 1.0950 which has support from a rising trend line. A move below this targets 1.0890 hen 1.0880. Alternatively, a move above 1.0980 then 1.1005 targets 1.1045 and higher.
