EUR/USD 1.3400 is a key short to medium term pivot point. If the market can consolidate above last weekend’s gap level then a bigger rally should develop. If it continues to act as resistance though it will confirm that the wave cycle is still bearish. 1170 is a similar important pivot in the S&P 500. Gold is holding below the USD1,704 resistance that is confirming a medium term double top.
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HSBC Global Research