US stocks recover, but market breadth remains weak. RBA holds steady, AUD/USD rebounds, and Gold surges to a record high. Our technical analysis covers key levels ahead of US trade reports.
US stock indices snapped a three-day losing streak
The S&P 500, Nasdaq 100, and Dow Jones Industrial Average erased yesterday's 31 March intraday losses and closed near session high at the end of the US trading day, but the small caps Russell 2000 did not participate and underperformed with a loss of 0.6%.
Despite the bounces seen on three of the major US stock indices ahead of today’s release of the US Commerce, Trade and Treasury departments' joint trade and currency policy review reports on China, Canada, and Mexico, the market breadth indicators of the US stock indices remains weak, where potential further down moves on the US stock indices may prevail.
The Australian central bank, RBA, maintained its key policy interest rate at 4.1% as expected. The AUD/USD rebounded by 0.2% from today’s Asia session low of 0.6230 but is still trading below its 50-day moving average, acting as intermediate resistance of 0.6290 at this time of writing.
Gold (XAU/USD) powered up relentlessly to another fresh all-time high of US$3,148 in today’s Asian session. The yellow metal is on track to record its fourth consecutive day of gains, fuelled by hedging demand ahead of US President Trump’s 2 April “Liberation Day” announcement of reciprocal trade tariffs against “all countries”.
The latest intraday technical analysis on US Wall Street 30, US Nas 100, Hong Kong 33, Japan 225, Germany 30, EUR/USD, GBP/USD, AUD/USD, USD/JPY, Gold (XAU/USD), and West Texas Oil can be found in our YouTube video above.
