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Markets were dominated by renewed bullishness in US stocks last week, as Bitcoin failed to break $100,000 and the US Dollar made a strong bearish retracement.
The EUR/USD climbed from its lows on the 22nd of November which were testing long-term low water from late November 2022, the recent upwards shifts shows behavioral sentiment appears to have solidified but it will be tested quickly.
BTC eyes $100K, metals hold support, ETH targets $4K, while currencies and WTI stay range-bound.
WTI Crude Oil went into this weekend near the 68.480 ratio, the price range of the commodity found durable support near 68.000 most of the week which saw light holiday trading that matched expectations.
Forex markets are seeing a strong US Dollar, which has climbed to a near 2-year high, weakening European currencies such as the British Pound and the Euro, while Bitcoin has climbed to new record highs just below $100,000.
Speculators who have been betting on upside to suddenly emerge in the GBP/USD because they believe the currency pair has been oversold have likely been hit by rather expensive losses.
WTI Crude Oil was able to produce a polite bullish climb last week after testing important support levels last Monday, now speculators may question where reliable resistance might prove durable.
EUR/USD breaks below 1.05 as USD strength dominates, AUD/USD and USD/CAD show short-term pullbacks, while gold and NASDAQ 100 continue their bullish momentum.
The EUR/USD like many major currencies has found its value getting hammered lower as USD centric strength has galvanized global Forex amidst risk adverse trading and shifting behavioral sentiment.
Forex markets are seeing a strong US Dollar, which has climbed to a fresh yearly high, weakening European currencies such as the British Pound and the Euro, while Bitcoin climbs and stocks tumble.
WTI Crude Oil slipped to a mid-term term low as the weekend approached, this after the commodity saw incremental selling grow in power throughout the week in response to the election of Trump.
Global markets see volatility with GBP/USD nearing 1.25 support, USD strong across pairs, S&P 500 testing 5700, gold at $2500, and crude oil holding near $65.
US Stock and cryptocurrency markets are enjoying powerful rallies following the Republican victories in the US general election last week. Several major US equity indices and Bitcoin are powering to new record highs.
The GBP/USD finished the week of trading near the 1.29150 mark which was above the lows seen on Wednesday when the 1.28350 ratio was tested as behavioral sentiment was tested in full.
After challenging higher prices on Thursday near 73.000 USD, WTI Crude Oil started to selloff and by Friday’s close the price of the commodity was near 70.610.
