EUR/USD on the back foot today and risk off for equities with high oil prices from Sundays futures markets open and a fed decision fast approaching . NASDAQ futures breaking 29,000 in the Asian session to trade just below .
technical analysis on major instruments
FOREX EUR/USD EUR/USD is trading lower, having breached its MA20 and MA200, signaling bearish momentum. The pair is testing session lows, with previous close at 1.16100 now acting as immediate resistance. A break below the 1.15660 session low would target the 60-day swing low of 1.13254. The MA50 at 1.15300 provides a potential support convergence. Bias: Bearish below 1.16040.
GBP/USD GBP/USD holds just below its previous close, oscillating around the 1.35060 mark. It sits above both its MA50 and MA200, but below the MA20, indicating mixed short-term signals within a broader uptrend. Resistance lies at the MA20 of 1.35630 and the 60-day swing high of 1.36750. Support is near the MA50 at 1.34800. Bias: Neutral; bullish above 1.35290, bearish below 1.35010.
USD/JPY USD/JPY is down 0.30%, retreating from its MA20, MA50, and MA200, which are all positioned above current price action. This confirms a strong bearish trend with all key moving averages in downtrend formation. The pair is approaching its 60-day swing low of 152.897. Further downside could be limited by the 52-week low of 146.217. Bias: Bearish below 154.141.
AUD/USD AUD/USD is marginally lower, trading beneath its MA20 but above its MA50 and MA200. The pair is consolidating within its session range, with the 0.71660 MA20 posing as immediate resistance. A break above the session high of 0.71730 could target the 60-day swing high of 0.72390. Support is at the session low of 0.71440 and the MA50 at 0.70680. Bias: Neutral; bullish above 0.71730, bearish below 0.71440.
DXY The US Dollar Index is up 0.21%, trading above its MA200 and MA20, suggesting renewed short-term strength. The index is testing its session high of 99.366, with previous close at 99.120 providing immediate support. Continued strength above 99.366 could challenge the MA50 at 100.020. A failure to hold above 99.120 could see a retest of the 60-day swing low of 98.560. Bias: Bullish above 99.120.
INDICES AND FUTURES Nasdaq 100 futures (NQ) NQ futures are down significantly by 1.34%, trading well below its MA20 and MA50, indicating strong bearish momentum. The contract broke below its previous close of 29387.00 and is testing the lower end of its session range near 28981.00. Key support is identified at the 60-day swing low of 27201.50, with continued selling pressure suggesting further downside towards 28000. Bias: Bearish below 29111.00.
S&P 500 futures (ES) ES futures are showing weakness, down 0.57% and trading below its previous close of 7659.50 and its MA20. The contract finds itself between the MA50 at 7635.98 and the session low of 7604.25. A sustained break below 7600 would target the 60-day swing low of 7324.00. The MA200 at 7192.95 indicates a longer-term bullish trend that is currently being challenged. Bias: Bearish below 7634.50.
Dow futures (YM) YM futures are slightly lower by 0.13%, holding above its session low of 52226.00 but below its MA20 and MA50. The contract is struggling to reclaim the previous close of 52585.00, suggesting a weakening short-term outlook. Key support exists at the 60-day swing low of 51587.00. A break above the MA50 at 53094.96 would be required to shift sentiment. Bias: Bearish below 52625.00.
DAX The DAX is exhibiting strength, up 0.82% and trading at session highs, having broken above its previous close of 25361.15. Despite being below its MA20 and MA50, the current upward momentum is significant. Resistance lies at the MA50 of 25745.26. Support from the previous close should hold for continuation. Bias: Bullish above 25396.38.
FTSE 100 The FTSE 100 is higher by 0.39%, trading above its previous close of 10608.90 and pushing towards its session high. However, the index remains below its MA20 and MA50, suggesting the bounce is within a broader consolidation. Key resistance is at the MA50 of 10738.44. Support is at the session low of 10602.13. Bias: Neutral; bullish above 10714.67, bearish below 10602.13.
COMMODITIES Spot gold (XAU/USD) Gold is marginally lower, consolidating around the 4365.80 level. It remains significantly below its MA20 and MA200, confirming a bearish trend, but above its MA50. The previous close of 4366.20 acts as immediate resistance. Support is observed at the session low of 4360.50, with the 60-day swing low of 3962.50 as a longer-term target. Bias: Bearish below 4396.80.
Spot silver (XAG/USD) Silver is down 0.50%, trading below its previous close of 64.554 and well below its MA20 and MA200. The MA50 at 62.589 serves as potential support if current levels fail. Key resistance is at the MA20 of 66.538. A breakdown below the session low of 64.000 would target the 60-day swing low of 55.015. Bias: Bearish below 64.980.
Copper Copper is slightly lower by 0.26%, trading below its previous close of 6.46950 and its MA20. It currently sits near its MA50 at 6.46780, which offers immediate support. A break below the session low of 6.45000 could lead to a test of the 60-day swing low of 5.92850. Resistance lies at the MA20 of 6.56870. Bias: Neutral; bullish above 6.55200, bearish below 6.45000.
WTI crude WTI crude is surging, up 2.23% and trading above its previous close of 100.050, its MA20, MA50, and MA200. The price action is robust, pushing towards the 60-day swing high of 104.460. The current session high of 103.600 marks immediate resistance. Strong momentum suggests further upside. Bias: Bullish above 101.590.
Brent crude Brent crude also shows strong bullish momentum, up 2.09% and trading above all key moving averages (MA20, MA50, MA200). The current price is approaching the 60-day swing high of 110.190. The session high of 108.460 indicates immediate resistance, while the previous close of 104.610 offers strong support. Bias: Bullish above 106.030.
Natural gas Natural gas is up 2.05%, trading above its MA20 and MA50, signaling renewed short-term strength. The price is pushing towards the session high of 2.89500, with the previous close of 2.83100 providing support. Resistance exists at the 60-day swing high of 3.44100. Bias: Bullish above 2.84900.
RATES US 10-year Treasury yield The US 10-year Treasury yield is up 0.63%, trading at 4.97500, pushing against its 60-day and 52-week swing high of 4.98500. It remains strongly above its MA20, MA50, and MA200, indicating a persistent uptrend in yields. A break above 4.98500 would signal new highs and further hawkish sentiment. Bias: Bullish above 4.94400.