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Nasdaq 100 Technical: Eyeing a new fresh all-time high, supported by momentum and flattening US Treasury yield curve
AI optimism continues to fuel risk-on sentiment, with U.S. equities rallying after news of a potential $500B valuation for OpenAI. The Nasdaq 100 extended gains, supported by momentum indicators and a flatter U.S. yield curve. Price action suggests a medium-term bullish breakout, with key support at 22,945 and targets at 23,820 and 24,220. A break below 22,945 support may signal a deeper correction toward 22,670.
by Kelvin Wong
EUR/GBP Technical: Bullish impulsive upleg intact (EUR outperformance over GBP) as BoE looms
The Bank of England is expected to cut interest rates by 25 bps to 4%, its lowest in over two years, amid persistent inflation concerns. UK core inflation rose to 3.7% y/y in June, well above the 2% target. Ahead of the BoE decision, EUR/GBP appears poised for a potential bullish breakout, supported by firm technical momentum and narrowing in the discount of German-UK bond yield spreads, with key resistances at 0.8740 and 0.8800, followed by 0.8860 next.
by Kelvin Wong
EUR/USD Technical: Poised for a minor bullish breakout in euro strength
The euro staged a sharp rebound against the US dollar on 1 August, gaining 1.5% after weaker-than-expected US jobs data halted a week-long decline. Since 4 August, EUR/USD has traded in a narrow range, as markets digest rising stagflation risks and await President Trump’s Fed nomination. Technical indicators suggest a potential bullish breakout, with support at 1.1520 and resistance at 1.1600 and 1.1680/1705.
by Kelvin Wong
Nikkei 225 Technical: Start of new bullish impulsive up move as Japan’s wages tick higher
The Japan 225 CFD Index has declined by -5.5% from its 24 July high of 42,084 to a low of 39,980, but signs point to a potential bullish reversal. Rising nominal wages and anticipated positive real wage growth could boost consumer confidence and support Japanese equities. Technically, price action has rebounded above the 20-day moving average, while momentum indicators suggest short-term upside potential above the key 40,130 support level.
by Kelvin Wong
Gold's (XAU/USD) Whipsaw Price Action a Sign that Bulls are Back at the Table. $3400/oz Up Next?
Gold (XAU/USD) shows whipsaw action, driven by US data and Fed rate cut expectations. The US ISM Services PMI dropped, boosting rate cut bets and supporting gold's recovery. With an 88% probability of a September rate cut, gold is poised for further gains. Technical analysis suggests potential upside if gold holds above $3300/oz. Client sentiment leans long, but its a close call. A sign of indecision?
by Zain Vawda
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