Trading the EURUSD, Gold, S&P500 - 4/9 | Summary and Q&A

TL;DR

Euro vs. US Dollar looks poised for a potential move towards 114.50. WTI oil is still strong despite being overbought. Gold is likely to head back to 13:30 and 13:50. S&P 500 is seeing new highs, but with some cautionary signs.

Key Insights

• 🎚️ Fibonacci levels play a crucial role in determining support and resistance levels in the Euro vs. US Dollar chart.
• 🤒 WTI oil chart remains strong despite being in an overbought condition with an RSI reading of 76.
• 💪 Gold chart shows strong reference levels provided by Fibonacci, with buyers returning and aiming for 1330 and 1350.

Transcript

Read and summarize the transcript of this video on Glasp Reader (beta).

Questions & Answers

Q: How has the Euro vs. US Dollar chart been performing recently?

The Euro vs. US Dollar chart has bounced off the support level at 111.87 and is potentially moving towards the key area at 114.22-114.50.

Q: Is WTI oil overbought currently?

Yes, the RSI reading for WTI oil is 76, indicating it is overbought. However, the trend remains strong, and buying dips is still a viable strategy.

Q: What is the key support level in the gold chart?

The key support level in the gold chart is at 1280, which has held previously. After a recovery, gold is expected to head back to 1330 and 1350 levels.

Q: Are equities weakening in the S&P 500 chart?

No, equities in the S&P 500 are still making new highs, although without strong conviction. Support levels at 2840 and 2750 need to break for a potential turning point.

Summary & Key Takeaways

• The Euro vs. US Dollar chart shows a bounce off the support level at 111.87 and a potential move towards the key area at 114.22-114.50.

• WTI oil chart has surpassed the $60 mark and the 200-day moving average, showing strength and reaching the upside target of 63.70.

• Gold chart has a strong support level at 1280 and is expected to head back towards 1330 and 1350, supported by buyers returning.

• S&P 500 chart is making new highs, but without conviction. Support levels at 2840 and 2750 are critical, and breaking them could indicate a turning point.