29th April - Forex Technical & Market Watch
(By Shivkumar)
EUR/USD Technical Analysis: Spot bounces off 2019 lows near 1.1100. Up move seen as corrective only
The pair moved lower to the proximity of the 1.1100 neighbourhood on Friday, recording at the same time fresh YTD lows.The pair should remain bearish as long as it trades below the multi-month resistance line, todayat 1.1334.
EUR/USD is trading above 1.1150, slightly higher and extending its gains. The USD continues suffering from the sell-the-fact response to GDP on Friday. In Spain, incumbent Sánchez won, but forming a government will take time.
Resistance : R3 1.1242 R2 1.1208 R1 1.1178
PP 1.1145
Support : S1 1.1115 S2 1.1081 S3 1.1051
GBP futures: squeeze higher stays on the cards
Cable is bouncing off recent lows in the mid-1.2800s, regaining the 1.2900 handle and above amidst some weakness surrounding the greenback.GBP/USD is trading around 1.2930, gaining some ground. The USD is selling off despite an upbeat GDP on Friday, due to high expectations. The UK government wishes to conclude cross-party talks, but no progress has been seen.
Resistance : R3 1.3016 R2 1.298 R1 1.2948
PP 1.2912
Support : S1 1.2879 S2 1.2843 S3 1.2811
Gold drops to fresh session lows, back near $1280 level
Gold met with some fresh supply at the start of a new trading week and eroded a major part of Friday's goodish up-move to 1-1/2 week tops.
Resistance : R3 1304.46 R2 1296.6 R1 1291.35
PP 1283.5
Support : S1 1278.25 S2 1270.39 S3 1265.14
WTI struggles near $62.80 amid mixed data/news
WTI is trading near $62.80 during early Asian sessions on Monday. Speculations of a supply increase from OPEC+ alliance to counter the US sanctions on Iran and Venezuela confines the black gold’s downside whereas Iran’s likely retaliation.
Disclosure :- The author does not hold any forex trading account while writing.
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