• Shivkumar

28th March - Forex Technical & Market Watch

(By Shivkumar)

EUR/USD drops to lows around 1.1220 ahead of German CPI


Spot remains under pressure today and is losing ground from three sessions in a row, opening the door for a potential visit to the 1.1200 neighbourhood, always on the back of the continuation of the rally in the buck and souring risk appetite sentiment.

Market participants have left behind the recent and renewed dovish stance from the ECB, focusing instead on the broad risk-appetite trends, USD-dynamics and domestic data.


GBP/USD falls towards 1.3100 on Brexit issues, risk-off


GBP/USD is trading in the lower-1.3100s after the DUP reiterated its opposition to PM May's Brexit deal and many Tories oppose it too. The UK Parliament rejected eight potential resolutions. The market mood is damp as well.


US CRUDE OIL


WTI oil price remains in red on Thursday and extends weakness into a second day after being hit EIA surprise rise in US crude inventories . (showed2.8 mln bls build vs 1.1 mln bls draw f/c).

The price remains holds two-week range ($58.16/$60.37) in extended consolidation after repeated failure to sustain break above psychological $60 barrier. Oil price remains supported by output reduction by world's biggest oil exporters and US sanctions on Iran and Venezuela.


Gold: Break below key technical levels opens room for a retest of $1300 mark


The precious metal extended this week's retracement slide from near one-month tops and remained under some selling pressure for the third consecutive session on Thursday.



1) EUR/USD

EUR/USD hits new two-week lows amid a worsening mood. Global bond yields continue falling and recession fears rise. Germany publishes its March CPI estimates and the US releases its final GDP numbers.

R31.1317

R21.1302

R11.1273

PP1.1257

S11.1228

S21.1213

S31.1184


2) GBP/USD

GBP/USD is trading in the lower-1.3100s after the DUP reiterated its opposition to PM May's Brexit deal and many Tories oppose it too. The UK Parliament rejected eight potential resolutions. The market mood is damp as well.

R31.3354

R21.3312

R11.3251

PP1.3209

S11.3148

S21.3106

S31.3045


3) XAU/USD

The precious metal extended this week's retracement slide from near one-month tops and remained under some selling pressure for the third consecutive session on Thursday.

R31327.61

R21323.49

R11316.6

PP1312.48

S11305.59

S21301.47

S31294.58


4) OIL WTI

WTI failed to penetrate the March 21 high of $60.37 earlier this week and is now trading near $59.20 per barrel.

Res: 59.40; 60.00; 60.37; 61.00 Sup: 58.80; 58.16; 58.04; 57.55

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

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