Traders Edge: Market Briefing 08/03/23

The testimony by Jerome Powell has brought a change in the dynamic of the market, leading to the strengthening of the American Dollar and weakening of the indices. Here are some key observations:

USDJPY is currently making a new yearly high and still pushing higher.
EURUSD is on track to test the key support level of 1.049.
AUDUSD is experiencing a strong downswing, as it combines the bearish forces of a hawkish FED and a dovish RBA. Additionally, the bearish head and shoulders formation further strengthens the downtrend.
SP500 has dropped below the major up trendline, signaling a bearish sentiment.
DAX has dropped but is still relatively strong above major support levels.
Dow Jones has cancelled a nice candle from Friday and is now aiming for the 32500 support.
GBPUSD has broken the key mid-term support level of 1.192 and is now trending lower.
Gold has cancelled its nice winning streak and is now dropping towards new yearly lows.
Brent Oil is also suffering from the stronger dollar, and has retraced the vast majority of gains from the recent days