UPDATE: The EUR/USD currency pair faces immediate resistance at 1.1610 as traders closely monitor the Dollar Index, which must bounce back from current levels to maintain its target of 101. If the index fails to recover, it risks a drop towards 99 or lower.
Market analysts are urging traders to watch the price action closely as EURINR also encounters resistance at 103.75. The implications of these resistance levels are critical for market strategies in the coming sessions.
In the broader currency market, USDJPY shows potential for growth, with a target of 158 while trading above 155.75. Meanwhile, USDCNY may decline towards 7.07 before a potential rebound. The Australian dollar is projected to test the 0.655 mark shortly, while the British pound has climbed above 1.32, with prospects of reaching 1.33 to 1.34 if sustained.
US Treasury yields are on a downward trend, with further declines possible as they approach support levels, while German yields remain low, indicating vulnerability to further drops. The 10-Year Government of India (GoI) bonds are holding steady above support, with potential for a rebound if stability continues.
On the equity front, major indices are experiencing upward momentum. The Dow Jones aims for 48,000, and the DAX targets 24,000-24,200. The Indian Nifty has tested crucial resistance near 26,200, with a breakout above 26,250 potentially pushing it towards 26,400. Conversely, a failure to break through may lead to declines to 25,800 or 25,500.
In commodities, crude oil prices remain stable with limited downside potential. Gold tested 4,200 before pulling back, with a crucial threshold at 4,200 that, if surpassed, could open the door to 4,400. Silver is nearing its long-term resistance at $54, where a sustained break could trigger bullish activity, while failure to do so might see prices retreat to $50–$48. Copper has hit resistance at $5.21, and a dip towards $5.00–$4.80 is anticipated if this level holds.
Natural gas prices have risen due to stronger-than-expected inventory draws, although a decline towards $4.40 is possible if they fall below $4.70.
As these markets react to the latest developments, traders are advised to stay alert for further updates and potential shifts in momentum. Immediate attention to these resistance levels and market trends could significantly impact trading strategies. This is a developing situation, and updates will continue as new information becomes available.
