Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US Stocks
An earthquake of magnitude 10 has hit the markets—U.S. stocks haven’t seen a drop like this since the COVID-19 crash. A freefall in the major indices, particularly the Dow Jones, which plunged 1,600 points during Friday’s session. We’ve also seen a bearish crossover of the simple moving averages, with the Relative Strength Index (RSI) signaling surrender to the dominant downward trend. This opens the door for further targeted declines. The first key support lies at 35,700, followed by 35,000 for the Dow.
Euro
The euro is attempting to find a bottom after a period of volatile trading. It found technical support around the 0.9450 level and is trying to halt the ongoing decline. Short-term movements are currently guided by a medium-term upward trend, suggesting potential for a modest rebound. EUR/USD remains above its 50-day simple moving average, and in my view, it’s still aligned with the broader bullish trend, supported by positive momentum indicators.
A breakout above the psychological resistance at 1.1000 could lead to further gains toward 1.1050 and 1.1080, potentially extending to 1.1130. However, if the pair slips below the 0.9450 support, and confirms a break below 0.8850, this would mark a shift toward a bearish outlook with downside targets starting from 0.8660.
GBP
The British pound is trying to hold its ground against the dollar, supported by a key floor at 1.2860. I believe this level formed a base for the recent upward push and helped maintain bullish momentum. The moving averages support the possibility of further recovery. The official targets remain at 1.3080 and 1.3120—provided we don’t see trading below 1.2960.
A four-hour candle close below 1.2860 could trigger a wave of losses, potentially dragging the pair down toward 1.2687 before any potential rebound.
Gold
Gold managed to recover from early-session losses and is once again trading above the $3,000 mark—what I consider the key level. Holding above this level has provided some positive momentum. The metal is trying to benefit from the simple moving averages, although the RSI has started to send negative signals.
That’s why I see recent gains as possibly short-lived. I would prefer to observe price action closely unless we see trading below the $3,000 per ounce level. My near-term target is $3,080, but a break below that with at least a one-hour candle close could send prices back down toward $2,970.
Canadian Dollar
The Canadian dollar is likely to be influenced by oil price movements. On the technical side, the hourly and daily charts show a bearish crossover of the moving averages. Today’s trading opened with a downward bias, staying below the 1.4300 level. I believe a break below the 1.4170 support could pave the way toward 1.4070 and 1.4050.
Thus, I see the bearish scenario as more likely for the Canadian dollar during today’s session.
As for oil itself, the more likely scenario appears to be a continuation of the downward trend. Prices are in freefall, facing strong selling pressure and steep losses. I believe the downtrend remains intact. My short-term targets are $57.30 and $54.60, unless we see a breakout above $60.40. Overall, the dominant trend in oil prices this month remains bearish, with potential for prices to dip below the $50 mark.
