With an empty calendar, our attention should shift somewhere else, but it’s been very difficult to find a major market story in the past three days. In this environment, stocks performed a major reversal yesterday, ending their losing streak. Today, we have a correction of those movements, but it is relatively flat and definitely not dangerous. The most notable fact of this Wednesday is a weaker USD, again.
Cable is currently in a 'now or never' situation. We are on a very important support here and a bearish breakout could be lethal. If buyers are thinking about continuing the trend, they have to act now.
SP500 used the hammer from Monday, which bounced off the long-term upwards trend line and went significantly higher. Positive sentiment is back.
Gold failed to break the neckline, which technically reopens the way for a second test of the 1300 USD/oz.
NZDUSD has a strong bearish setup on the weekly chart, where we have a double top on the 50% Fibo retracement. It is also supported by the Head and Shoulder on the H4. A sell signal will be triggered once the price breaks the neckline at 0.722.