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<\/p>\nUS stockmarkets were on the rise on Friday, with Dow Jones and S&P 500 reaching new record highs, while Nasdaq also rose, as the market seems to shake off inflation worries adopting a more risk on approach. The USD continued to remain pinned down against a number of its counterparts on Friday, as US bond yields remain at rather low levels with a slight rise on Friday\u2019s session for the 10-year yield. Gold\u2019s prices proved unable to benefit from the greenback\u2019s weakness probably given that yields inched higher highlighting the opportunity cost of gold bearers not switching to bonds. We expect that fundamentals could take the lead for today, also given the lack of high impact US financial releases.
\nDow Jones was on the rise on Friday reaching new record high levels as it tested the 33800 (R1) resistance line. We tend to maintain bullish outlook for the index as long as it remains above the upward trendline incepted since the 8th of April. On the other hand, it should be noted that the RSI indicator below our 1 hour chart has surpassed the reading of 70 confirming the dominance of the bulls yet at the same time may imply that the trading instrument is overbought, and a correction lower is imminent. Should the bulls maintain control over the index, we may see it breaking the 33800 (R1) resistance line and start carving its way for the 34100 (R2) level. Should the bears take over, we may see the pair breaking the prementioned upward trendline, the 33500 (S1) support line and aim for the 33200 (S2) level.<\/p>\n
With the FX market presenting low volatility on Friday, the USD remained pinned down to two-and-a-half-week low level, also in a rather tight range bound movement with little gains. Overall though the USD seems to maintain the initiative over currencies for the time being. CAD gained substantially against the USD given also the stellar employment data for March, which outperformed market expectations. AUD tended to weaken against the USD, due to worries for a possible slowdown of Australia\u2019s vaccination program. Also note that EUR\u2019s fundamentals continue to be surrounded by the path of the pandemic in the continent, which seems to weigh on the common currency.
\nThe USD Index maintained a rather tight range bound movement just above the 92.15 (S1) support line, which it tested, yet proved unable to breach it to the downside. As the pair\u2019s price action has broken the downward trendline characterizing its movement since the 31st of March, we switch our bearish outlook in favour of a bias for a sideways motion initially, yet the bulls may be just around the corner. Should the index actually find fresh buying orders along its path, we may see it aiming if not breaking the 92.80 (R1) resistance line. Should the selling interest be renewed for the USD, we may see the index breaking the 92.15 (S1) line and aim for the 91.65 (S2) level.<\/p>\n
Among a number of data due out, we note the release of Eurozone\u2019s retail sales for February and tomorrow China\u2019s trade data for March. Also note BoE\u2019s Tenreyro and Boston Fed President Rosengren speak today.<\/p>\n
On Tuesday\u2019s European session we note UK\u2019s GDP and manufacturing output growth rates for February and Germany\u2019s ZEW indicators for April, while in the American session the US CPI rates for March. On Wednesday, we get Japan\u2019s machinery orders for February and from Australia, RBA\u2019s interest rate decision. On Thursday, we get Australia\u2019s employment data for March, from Turkey CBT\u2019s interest rate decision, and form the US the NY Fed Manufacturing for April, the weekly initial jobless claims figure, the Philly Fed Business index for April and the retail sales along with the industrial production growth rates for March. On Friday, we get China\u2019s industrial output growth rate for March and GDP rate for Q1 and from the US the number of building permits and housing starts for March as well as the preliminary U. Michigan Consumer Sentiment. Calendar follows<\/p>\n
US 30 Cash H1 Chart<\/b><\/p>\n
<\/p>\n
Support: 33500 (S1), 33200 (S2), 32900 (S3)<\/b><\/p>\n
Resistance: 33800 (R1), 34100 (R2), 34400 (R3)<\/b><\/p>\n
\u00cdndice USD Gr\u00e1fico 4H<\/b><\/p>\n
![\"support](\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Apri-2021\/12-April\/usd-index-12-04-2021.png\")
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Support: 92.15 (S1), 91.65 (S2), 91.30 (S3)<\/b><\/p>\n
Resistance: 92.80 (R1), 93.25 (R2), 93.80 (R3)<\/b><\/p>\n
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![\"Referencia-12-10-2021\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Apri-2021\/12-April\/morning-releases-12-04-2021.PNG\")
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Si tiene usted alguna pregunta o comentario sobre este art\u00edculo, escriba un correo directamente a nuestro equipo de investigaci\u00f3n research_team@ironfx.com<\/a><\/i>\u00a0\u00a0 <\/a><\/i><\/p>\n Descargo de responsabilidad:<\/p>\n Esta informaci\u00f3n no debe considerarse asesoramiento o recomendaci\u00f3n sobre inversiones, sino una comunicaci\u00f3n de marketing. IronFX no se hace responsable de datos o informaci\u00f3n de terceros en esta comunicaci\u00f3n, ya sea por referencia o enlace.<\/i><\/i><\/p>","protected":false},"excerpt":{"rendered":" US stockmarkets were on the rise on Friday, with Dow Jones and S&P 500 reaching new record highs, while Nasdaq<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daim_seo_power":"","_daim_enable_ail":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-13608","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"\n