The SPX 500 index reigns supreme as another record is set. The index is on track for a fifth straight winning month and has been rallying since Q4. The American economy has remained resilient despite the Fed refusing to budge on their rate cutting as inflation remains controlled. As the Fed looks to be the key catalyst in price action, financial and cyclical stocks could help the index push above 5500. 5200 is a solid support, and 5280 is a crucial resistance.
AUDUSD resumes the downtrend
Market Strategist at Orbex David Kindley is a renowned fundamental analyst with over 10 years of trading experience in the financial markets. With a keen eye for macroeconomics and a special focus on trading psychology, David is passionate about helping everyday investors make informed trading decisions through his thorough research and analysis.
The Australian dollar drifted lower as consumer confidence and retail sales fell. With the RBA holding their stance in their previous interest rate meeting, the US dollar has capitalised. Uncertainty in the financial system could be another factor that could prompt the central bank to stay higher for longer in its next meeting. With the balance of trade data expected to slip, the Aussie could be in for a rough Q2. 0.6620 is a fresh resistance, and 0.6460 is the closest support.
NZDUSD hoping for a bullish bounce
