• Shivkumar

10th April - Forex Analysis & Market Watch

(By Shivkumar)

1) EUR/USD trims daily gains ahead of Wednesday's first-tier events

The EUR/USD pair extended its monthly advance up to 1.1283, but ended the day unchanged around 1.1260, as caution prevails ahead of the ECB monetary policy meeting, FOMC Minutes, and US latest inflation figures.

Support levels: 1.1245 1.1200 1.1175 

Resistance levels: 1.1285 1.1315 1.1350

2) GBP/USD: Buyers cheer Brexit extension prospects around 1.3050, headline data/events in spotlight

The GBP/USD pair is recovering earlier losses to trade near 1.3060 during early Asian session on Wednesday. The British Pound (GBP) buyers recently welcome brighter chances of a long extension to the Brexit deadline. 

Support levels: 1.3000 1.2965 1.2920

Resistance levels: 1.3065 1.3110 1.3150 

3) Gold: Cautious start to the crucial day around $1300

The bullion recently witnessed pullback from its upward trajectory since the day-start as investors remain cautious ahead of the key events while positive news reports also favored the profit-booking.

R3 1317.55 R2 1311.89 R1 1308

PP 1302.34

S1 1298.45 S2 1292.79 S3 1288.9

4) WTI Technical Analysis: Bearish with Bear for 4 hours chart

With price capped at the rising resistance line, WTI is on the verge of a break below the 61.8% Fibo down in the 63.70s with 4HR stochastics turning lower out of overbought territory - now leaning bearish.

A break of the support line and below $57.80 opens the case for a continuation of the bear trend that would target below the $42 handle and late Dec lows. 

Disclosure :- The author does not hold any forex trading account while writing.

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