• Shivkumar

24th April - Forex Technical & Market Watch

(By Shivkumar)

EUR/USD: Key support exposed ahead of the German IFO data

EUR/USD is on the defensive ahead of the German IFO data release, having dropped 0.27 percent on Tuesday. The shared currency fell to 1.1192 yesterday, the lowest level since April 2, as traders snapped up US dollars.

Resistance :-R3 1.1333 R2 1.1298 R1 1.1263

PP 1.1227

Support :-S1 1.1192 S2 1.1157 S3 1.1122

GBP/USD: Sellers in command amid 200-day SMA break, Brexit pessimism

Ongoing Brexit deadlock and likely future troubles for the UK PM May joins dip beneath 200-day SMA to please the bears. The absence of economic data/events pushes traders more towards qualitative factors.

Resistance:-R3 1.3087 R2 1.3053 R1 1.2995

PP 1.2961

Support :-S1 1.2902 S2 1.2868 S3 1.281

Gold: Bears target $1263 amid broad USD demand

Gold is on the rounds near $1269 ahead of European open on Wednesday. The yellow metal dropped to the year’s low on Tuesday after global traders were welcomed by upbeat US data and rising equities when they returned from Easter break.

Resistance :-R3 1287.14 R2 1281.83 R1 1277.12

PP 1271.81

Support :-S1 1267.09 S2 1261.78 S3 1257.07

Brent Oil: Rally stalls with double top on hourly chart

Brent oil is currently trading at $74.05 per barrel, having hit a high of $74.70 yesterday. That was the highest level since Nov. 1. The rally seems to have stalled with signs of indecision on the daily chart.

Resistance :-R3 74.86 R2 74.5 R1 74.15

PP 73.79

Support :-S1 73.44 S2 73.08 S3 72.73

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

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