• Shivkumar

18th April - Forex Technical & Market Updates

(By Shivkumar)

EUR/USD fails to resist again above 1.1300, Eurozone PMIs in focus

The common currency's bounce from the April 2 low of 1.1184 has stalled near 1.13 this week despite the fresh evidence that China's economy may have bottomed out and a sharp drop in periphery government bond yields.

Resistance R3 1.1366 R2 1.1345 R1 1.132

Pivot Point PP 1.13

Support S1 1.1275 S2 1.1254 S31.1229

GBP/USD: Buyers await UK retail sales to validate 1.3035/30 support

The GBP/USD pair is mostly unchanged around 1.3040 ahead of the London open on Thursday. The quote clings to a nine-week-old upward sloping trend-line while waiting for the UK retail sales for fresh triggers.

Resistance R3 1.3108 R2 1.3088 R1 1.3067

Pivot Point PP 1.3048

Support S1 1.3026 S2 1.3006 S3 1.2985

Gold: At lowest since Dec. 27, 4H RSI oversold

Gold is currently trading at $1,271, the lowest level since Dec. 27. The drop to 3.5-month lows bolsters the already bearish technical setup on the daily chart. The metal, therefore, appears on track to test support at $1,263.

Resistance R3 1285.9 R2 1282.8 R1 1278.3

Pivot Point PP 1275.2

Support S1 1270.7 S2 1267.6 S3 1263.1

WTI: Pullback towards $63.00 persists amid lack of fresh catalysts

Having failed to rise beyond $64.60, WTI witnesses pullback to $63.60 during early Asian sessions on Thursday. Repeated failures to rise beyond $64.80 and mixed inventory data seems to pull the energy benchmark towards $63.00 immediate support.

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

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