Market Review
On Monday, several Federal Reserve officials spoke, showing caution regarding rate cuts and anti-inflation prospects. Cleveland Fed President Mester noted that the expectation of three rate cuts this year is no longer appropriate. Rate hikes may be possible if necessary, but this is not the baseline scenario, and there is reason to believe that the neutral rate is rising. Fed Vice Chairman Jefferson said that it is too early to judge whether the slowdown in inflation will be sustained. Atlanta Fed President Bostic believes that the stable rate after the start of the rate cut cycle may be higher than in the past decade. As a result, the U.S. dollar index fluctuated higher, finally closing at 104.62.
Today's Focus
U.S. Dollar Index: Short-term resistance remains in the 104.9-105.1 region, with support at the 103.8-104 region, indicating continued fluctuations before an effective breakthrough. Short-term trading can involve high selling and low buying after reaching the stipulated ranges, with future large-scale trading opportunities awaiting a breakthrough in this area.
EUR/USD: Continue to monitor the direction of the trend within the day. Key resistance remains at the previous high, with strong resistance at the 1.0943 high. Support on the downside remains at the 1.08 level. Maintain a fluctuation outlook until an effective breakthrough is achieved, with future trends dependent on a clear direction post-breakthrough.
GBP/USD: Prices continue to fluctuate around the 1.27 level. Short-term upward resistance is observed at 1.28, with downward focus at 1.26 support. Keep an eye on the directional choice within this area as potential large bullish or bearish movements may present rebound trading opportunities.
USD/JPY: Prices continue to rise, with short-term resistance still observed at the 157-157.5 range. Future trends depend on the direction chosen after reaching these levels. Focus within the day on the 156 level for potential pullback opportunities. Stabilization on a pullback may invite further long positions.
AUD/USD: Prices have once again pulled back to the previous long-short conversion area. Stability around the 0.664-0.666 range can support continued long positions. Strong support is identified at the 0.656-0.658 range, maintaining an overall bullish outlook unless broken. Watch for resistance at the 0.687 high.
USD/CAD: Prices have rebounded to the 1.363-1.365 resistance range. Short-term focus is on the resistance within this range, and a future breakout above this resistance could see larger upside moves. Short-term operations may involve continued short positions if resistance holds, switching to long positions upon a breakout.
Crude Oil: Short-term trends indicate a bottoming pattern. Pay attention to the 77.5 support level on another decline. If prices do not break the previous low, an upward trend may commence. Resistance is observed at the 81 level. Future trends depend on a confirmation candlestick pattern before considering short positions.
Gold: Prices are above the 2400-2410 support region, with short-term trends remaining bullish. Maintain a long position strategy on any pullback. Strong support is identified in the 2370-2380 range. Short positions should wait for a clear top signal before re-evaluating.
S&P Index: Prices have continued to rise after creating a new high and pulling back. The bullish outlook persists. Short-term prices should observe the 5270-5290 support region. Stabilization on a pullback invites continued long positions, with strong support identified at the 5200 level. Future major corrections should revisit this price area.
Bitcoin: Early morning ETH news led to a broad rise in digital currencies, bringing Bitcoin close to previous highs. Resistance remains at the 73000 region. Short-term focus is on reactions to testing this resistance. If unable to break effectively, it will return to fluctuation, so caution is advised on short-term high positions.
