Higher stocks/yields reverses the earlier declines
With the Markit PMI preliminary data solidly above the 50 levels and the New home sales surging, the US stocks have rebounded with the Nasdaq leading the way. Also higher are US yields. Gold has also reversed lower and trades down over $10 now.
The 100 hour MA remains a key level on the topside (blue line in the chart above). That MA was tested yesterday and found sellers. The MA comes in at 108.068 currently. It will still take a move back above that level to tilt the bias more to the upside.
On the downside, the trend lines around 107.67 remain a downside risk and bias defining level. Closer support is the 38.2% of the 2021 trading range at 107.76.