Dollar ended as the strongest one last week but Friday’s steel fall after solid non-farm payroll job reports suggests that it’s rally is already losing steam. It’s still a bit early to call a bearish reversal for the greenback. Yet, strong risk-on sentiments could cap Dollar’s upside attempts ahead, and even trigger a deeper pull back.
Euro ended as the second weakest, next to Aussie, but the late development in EUR/AUD suggests that the favor is not on Euro’s side. More importantly, developments in some crosses like EUR/CHF and EUR/CAD indicates that market focuses might turn to selling in Euro in crosses ahead. On the other hand, the late rebound in Canadian Dollar opens up some upside prospects for the near term.
NASDAQ closed at new record, heading to 15k handle
NASDAQ’s up trend continued last wee after some hesitation, and finished with a strong close at new record high of 14639.32. Near term outlook will remain bullish as long as 14439.90 supports. Next target is 61.8% projection of 10822.57 to 14175.11 from 13002.53 at 15074.39.
That would be an important level to overcome as it’s firstly close to 15k handle. More importantly, a strong break of 15k could put weekly MACD back into a rising track. That would in turn argues that NASDAQ is back in medium term up side acceleration. Strong break of 15k would set the stage for even more powerful rise in this 2H of the year.