Dollar gains, Japan PMI concerns, Gold's pullback, and US stock rebound fueled by trade hopes. Our technical analysis covers key levels for major markets, providing insights for traders.
USD/JPY spiked up towards 150 while Gold remained lethargic below US$3,038
The US dollar continued to trade firmly in today’s Asia session with a 0.4% intraday gain seen in the USD/JPY as the preliminary Services PMI in Japan for March contracted to 49.5 from 53.7 February, its steepest drop in nine months, in turn, may create another layer of uncertainty on Bank of Japan (BoJ)’s gradual interest rate hike monetary policy stance.
The recent three sessions of US dollar revival against the major currencies have sucked out some strength of the high-flying Gold (XAU/USD) which continued to struggle in today’s early Asia as it traded below last Friday’s US session high of US$3,038.
Three major US stock indices (S&P 500, Nasdaq 100, and Dow Jones Industrial Average) managed to erase last Friday, 21 March intraday losses ex-post “triple-witching” US options expiration” supported by US President Trump’s “flexibility” vibes on the upcoming 2 April reciprocal trade tariff plan.
The Nasdaq 100 CFD Index gapped up at the start of today’s Asia session. watch the key intermediate resistances of 20,130, and 20,340 that coincide with the 20-day and 200-day moving averages respectively.
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.
