- Both the S&P 500 and GBP/USD have posted bullish breakouts, and each of these markets will be in the spotlight in the coming days as tomorrow brings UK inflation numbers for the month of March while US markets focus on Q1 earnings.
- The US Dollar sold-off to fresh April lows during the Asian session, and a bit of support started to show around the European open. The two-month range still applies around the Dollar, and EUR/USD may have a deeper pullback as that range also looks to continue. Of interest around FX is the prospect of continuation in Yen-weakness, as April has shown a reversal of the strength that was so prominent in Q1 of this year.
- DailyFX Forecasts have been updated for Q2, and are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.
Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator.
Bullish Breakout in the S&P 500 as Prices Move to Fresh April Highs
We’re moving deeper into earnings season in the United States, and US equities are on the move.
Over the past month there’s been a build of resistance in the S&P 500, and this has taken place while buyers have been coming-in to produce support a series of higher-lows. This was an ascending wedge