Markets on Wednesday: Markets Bounce Back Hard
Rowan Crosby • 1 min read
It’s certainly been a wild couple of days on US equity markets. After Tuesdays huge sell-off, all the headlines were about the new financial crisis. But by days end the S&P 500 and Dow Jones had put in massive green candles.
It was a big turnaround, but at the same time the kind of action we might expect. There is still every chance of more downside to come so I don’t think we are out of the woods by any stretch.
On forex markets, the action has been a fair bit more subdued. We’ve seen decent action in the USD/JPY with a test of support and a strong rebound. While the Euro has also bounced off key support.
Bitcoin (BTC) tested 6000 and it held up. Although we initially slid straight through 7000 as we thought we might.
USD Testing Resistance
The USD has remained strong through all the turmoil and if anything it’s gaining strength. We saw a test of 90.00 yesterday although we pulled back.
90.00 will be the big level for us. If we can crack through then we will start to see some strong upside momentum.