Market Review
On Tuesday, Federal Reserve officials made numerous statements. Minneapolis Fed President Kashkari noted that the likelihood of a rate hike is very low but added that no one has ruled out the possibility entirely; he expects no more than two rate cuts this year. Meanwhile, Fed Governor Bowman believes that with the high usage of overnight reverse repurchase agreements, a slower pace or a smaller scale of balance sheet reduction is warranted. The U.S. Dollar Index fell early in the day but recovered all intra-day losses by the close, ending at 104.62.
Today's Focus
U.S. Dollar Index: Resistance remains at the 104.9-105.1 range; support is at the 104 level. Short-term trends should be observed for any potential reversals after hitting resistance.
EUR/USD: After reaching the 1.089 level, prices have pulled back. In the short term, watch for support at 1.084. If the market breaks below this level, it may test the 1.08 mark. If the price does not break below 1.08, expect consolidation and consider a sell-high, buy-low strategy.
GBP/USD: After testing 1.28, the price has retreated. Continue to monitor support around the 1.27 area. If the price stabilizes after the pullback, it will likely rebound. During the day, watch the short-term support at 1.273; if it holds, consider short-term long positions.
USD/JPY: Prices continue to rise with volatility, currently nearing the 157.5 level. Be cautious of further long positions without a clear break above 158. Support remains at the 156.5 level; await a break above 158 or below 156.5 to inform future trades.
AUD/USD: Yesterday, prices again tested resistance at the 0.667 level and retreated. Until prices break above yesterday's high of 0.668, consider short positions on any rebounds. Focus on short-term support at the 0.66 level, with strong support at 0.656. Short positions can be held to this lower level.
USD/CAD: The market continues to consolidate within the 1.363-1.366 area. Focus on opportunities for a confirmed breakout. The trading range is narrowing, so it's best to remain on the sidelines until a clear breakout provides direction.
Crude Oil: Prices are nearing the 81 resistance area. Short-term trends should be monitored within the 80.5-81.5 range. If the resistance holds, consider short positions. For long positions, wait for another pullback that does not break below the previous low.
Gold: Following a sharp drop, prices are in a weak rebound phase. If prices cannot break through the 2370-2380 range, expect a further decline. Short positions can be held, targeting the 2300 support level for partial exits.
S&P Index: The market is stuck in a short-term consolidation range. Expect volatility until prices break out of the 5250-5350 range. Given the previous strong bullish trend, avoid selling at higher prices during consolidation; instead, look to buy on dips and exit at resistance levels.
Bitcoin: Prices continue to oscillate, receiving support around the 67600 level yesterday and rising again. Maintain short-term long positions as long as prices remain within the 66000-67600 range. Watch for resistance at the 70500-72000 levels.
