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Daily Markets
- The U.S. dollar drifted lower Friday, ahead of the release of key U.S. inflation data, which could drive sentiment with the Federal Reserve meeting next week. Data released on Thursday showed that U.S. gross domestic product grew at a 1.6% annualized rate in the January-March period, much slower than the 2.4% rate expected. That said, the report also showed that underlying inflation as measured by the core personal consumption expenditures price index rose 3.7% in the first quarter, beating forecasts for a 3.4% rise. Fed officials have made it pretty clear over the last few weeks that they remained concerned about inflation, prompting the market to rein in expectations of an early interest rate cut. Attention now turns to the release later in the session of the PCE price index data for March, widely seen as the Fed's most important gauge of inflation. Eurozone consumers saw inflation in the next 12 months at 3.0%, just below the 3.1% expected a month earlier, according to the ECB's Consumer Expectations Survey. This was the lowest reading since December 2021. However, inflation expectations for three years ahead held steady for a fourth consecutive month at 2.5%, above the European Central Bank’s 2.0% target. The ECB is planning to cut interest rates in June but the outlook further out remains clouded by rising energy costs, stubbornly high services inflation and continued geopolitical tensions In Asia, USD/JPY rose 0.6% to 156.58, rising past the 156 level to new 34-year highs after the Bank of Japan left interest rates unchanged after a historic hike in March. The central bank also forecast higher inflation in the coming years, but also forecast weaker economic growth, raising doubts over just how much capacity it would have to keep raising interest rates. Softer-than-expected consumer price index inflation data from Tokyo, released earlier on Friday, further sparked doubts over a hawkish BOJ.
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Intraday RESISTANCE LEVELS |
29th April 2024 |
R1 |
R2 |
R3 |
GOLD-XAU |
2,329-2,340-2,351 |
2,360 |
2,380-2,389 |
Silver-XAG |
27.50-27.90 |
28.40-28.90 |
29.40-30.00 |
Crude Oil |
82.90- 84.00-84.70 |
85.00-86.00 |
87.10 |
EURO/USD |
1.0740-1.0805 |
1.0900-1.0850 |
1.0950-1.1020 |
GBP/USD |
1.2540-1.2610 |
1.2670-1.2700 |
1.2760-1.2820 |
USD/JPY |
157.00-157.50 |
158.00 |
159.00 |
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Intraday SUPPORTS LEVELS |
29th April 2024 |
S1 |
S2 |
S3 |
GOLD-XAU |
2,310-2,300 |
2,290-2,278 |
2,264-2,250 |
Silver-XAG |
26.90 |
26.40- |
25.90-25.10 |
Crude Oil |
83.45-82.00 |
81.10 80.50 |
79.60-78.70 |
EURO/USD |
1.0690-1.0650-1.0590 |
1.0550-1.0490 |
1.0450-1.0390 |
GBP/USD |
1.2430-1.2390-1.2350 |
1.2300-1.2240 |
1.2190-1.2100 |
USD/JPY |
156.10155.80-154.90 |
154.40-153.10 |
152.50-151.90 |
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Intra-Day Strategy (29th April 2024) |
GOLD-XAU |
Sell on Strength |
Silver-XAG |
Buy on Dips |
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Crude Oil |
Neutral to Sell |
EUR/USD |
Neutral to Sell |
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GBP/USD |
Neutral to Buy |
USD/JPY |
Neutral to Sell |
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Gold – XAU
Gold on Friday made its intraday high of US$2352.44/oz and low of $2326.20/oz. Gold is up by 0.257% at US$2338.04/oz.
Technicals in Focus:
On the daily charts, gold trades higher than 20DMA (2197). If it drops below this level, it could lead to 2,100. The MACD is currently above the zero line and the histograms are showing an increasing trend, indicating that there may be upward movement in the coming sessions. The RSI is currently at 83.04, which is in the overbought region, suggesting there may be selling pressure in the next 2 to 3 sessions. The Stochastic Oscillator is also in the overbought territory but has given a positive crossover, indicating a bullish stance for intraday trades, but rebound in expected in all the overbought indicators.
Trading Strategy: Sell on Strength
Sell below 2340-2380 keeping stop loss closing above 2400, targeting 2300-2280-2267.
Buy in between 2329-2254 with risk below 2250 targeting 2325-2340-2351 and 2360-2369-2380.
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Intraday Support Levels |
S1 |
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2,310-2,300 |
S2 |
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2,290-2,278 |
S3 |
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2,264-2,250 |
Intraday Resistance Levels |
R1 |
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2,329-2,340-2,351 |
R2 |
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2,360 |
R3 |
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2,380-2,389 |
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Technical Indicators
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Name |
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Value |
Action |
14DRSI |
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81.992
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Buy |
20-DMA |
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2250.75 |
Buy |
50-DMA |
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2139.74
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Buy |
100-DMA |
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2085.54 |
Buy |
200-DMA |
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2008.26 |
Buy |
STOCH(5,3) |
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83.141 |
Buy |
MACD(12,26,9) |
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66.543 |
Buy |
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Silver - XAG
Silver on Friday made its intraday high of US$27.71/oz and low of US$27.06/oz settle down by 0.704% at US$27.21/oz.
Technicals in Focus:
On daily charts, silver is sustaining above 20MA (25.05), breakage above will lead to 23.73. MACD is below the zero line and histograms are increasing trend, bringing a bullish stance in the upcoming sessions. RSI is in the oversold region, indicating a sell signal for now. The Stochastic Oscillator is in the overbought region and gives a positive crossover to show an upside move for the intraday trade.
Trading Strategy: Buy on Dips
Buy in between 26.80-23.90, targeting 27.50-27.90-28.90 and 29.40-30.00-30.40-31.00 with stop loss should be placed on the breakage below 23.00.
Sell in between 27.90-30.50 with a stop loss above 30.50 targeting 27.00-26.40-25.90 and 25.45-24.90 and 24.60-23.90-23.20.
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Intraday Support Levels |
S1 |
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26.90 |
S2 |
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26.40- |
S3 |
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25.90-25.10 |
Intraday Resistance Levels |
R1 |
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27.50-27.90 |
R2 |
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28.40-28.90 |
R3 |
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29.40-30.00 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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52.492 |
Buy |
20-DMA |
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27.42 |
Buy |
50-DMA |
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25.30 |
Buy |
100-DMA |
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24.22 |
Buy |
200-DMA |
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23.75 |
Buy |
STOCH(5,3) |
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23.941 |
Sell |
MACD(12,26,9) |
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0.642 |
Buy |
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Oil - WTI
Crude Oil on Friday made an intra‐day high of US$84.15/bbl, an intraday low of US$83.08/bbl, and settled down by % to close at US83.44/bbl.
Technicals in Focus:
On daily charts, oil is sustaining above its 100DMA i.e. 75.37, a support level, and breakage above will call for 77.48. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the overbought region, giving a negative crossover to confirm a bearish stance; while the RSI is in the neutral region, more upside can be expected to reach the overbought region, which is highly probable.
Trading Strategy: Neutral to Sell
Sell in between 83.90-89.65 with stop loss at 90.00; targeting 82.00-81.10-79.90.
Buy above 83.50-75.00 with risk daily closing below 75.00, targeting 83.90-84.70 and 86.70-87.50-88.40.
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Intraday Support Levels |
S1 |
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83.45-82.00 |
S2 |
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81.10 80.50 |
S3 |
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79.60-78.70 |
Intraday Resistance Levels |
R1 |
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82.90- 84.00-84.70 |
R2 |
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85.00-86.00 |
R3 |
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87.10 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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52.573 |
Sell |
20-DMA |
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83.95 |
Buy |
50-DMA |
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80.85 |
Buy |
100-DMA |
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77.10 |
Buy |
200-DMA |
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79.67 |
Buy |
STOCH(5,3) |
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29.644 |
Sell |
MACD(12,26,9) |
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1.65 |
Buy |
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EUR/USD
EUR/USD on Friday made an intraday low of US$1.0673/EUR, a high of US$1.0752/EUR, and settled the day down by 0.326% to close at US$1.0693/EUR.
Technicals in Focus:
On daily charts, prices are sustaining above 100DMA (1.0800), which becomes immediate support, a break below will target 1.0717. MACD is above the zero line and histograms are increasing mode, bringing a bullish view. Stochastic is in oversold territory, giving negative crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.
Trading Strategy: Neutral to Sell
Sell below 1.0740-1.1100, targeting 1.0775 and 1.0770-1.0640 with stop-loss at daily closing above 1.1100.
Buy above 1.0690-1.0450 with risk below 1.0400 targeting 1.0845-1.0890 and 1.1020-1.1105-1.1145.
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Intraday Support Levels |
S1 |
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1.0690-1.0650-1.0590 |
S2 |
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1.0550-1.0490 |
S3 |
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1.0450-1.0390 |
Intraday Resistance Levels |
R1 |
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1.0740-1.0805 |
R2 |
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1.0900-1.0850 |
R3 |
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1.0950-1.1020 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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44.395 |
Buy |
20-DMA |
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1.0734 |
Sell |
50-DMA |
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1.0806 |
Buy |
100-DMA |
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1.0843 |
Buy |
200-DMA |
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1.0811 |
Buy |
STOCH(5,3) |
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1.0811 |
Sell |
MACD(12,26,9) |
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-0.0044 |
Buy |
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GBP/USD
GBP/USD on Friday made an intra‐day low of US$1.2448/GBP, a high of US$1.2540/GBP, and settled the day down by 0.151% to close at US$1.2493/GBP.
Technicals in Focus:
On daily charts, prices are sustaining below 50DMA (1.2674) is becoming a resistance level. 14-D RSI is currently in a neutral region and direction is difficult to predict on an RSI basis. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm a bullish stance. MACD is above the zero line but histograms are increasing leading to movement.
Trading Strategy: Neutral to Buy
Based on the charts and explanations above; buy in between 1.2400-1.2050 with a target of 1.2500-1.2540 and 1.2600-1.2690-1.2730 with a stop loss closing below 1.2050.
Sell in between 1.2500-1.2700 with targets at 1.2360-1.2300-1.2240 and 1.2190-1.2100 with a stop loss of 1.2950.
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Intraday Support Levels |
S1 |
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1.2430-1.2390-1.2350 |
S2 |
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1.2300-1.2240 |
S3 |
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1.2190-1.2100 |
Intraday Resistance Levels |
R1 |
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1.2540-1.2610 |
R2 |
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1.2670-1.2700 |
R3 |
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1.2760-1.2820 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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38.911
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Buy |
20-DMA |
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1.2632 |
Sell |
50-DMA |
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1.2655 |
Sell |
100-DMA |
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1.2665 |
Sell |
200-DMA |
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1.2583 |
Sell |
STOCH(5,3) |
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15.458 |
Buy |
MACD(12,26,9) |
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-0.003 |
Sell |
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USD/JPY
USD/JPY on Friday made an intra‐day low of JPY154.95/USD an intraday high of 158.43/USD, and settled the day up by 1.73% at JPY158.34/USD.
Technicals in Focus:
In daily charts, JPY is sustaining above 100DMA (137.57), major support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is in overbought territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.
Trading Strategy: Neutral to Sell
Sell below 157.00-159.00 with risk above 159.00 targeting 153.10-152.60-151.00 and 150.60-149.90-149.30.
Long positions above 156.00-149.90 with targets of 156.10-156.90-175.50 and 158.00-159.00 with stops below 149.90.
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Intraday Support Levels |
S1 |
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156.10155.80-154.90 |
S2 |
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154.40-153.10 |
S3 |
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152.50-151.90 |
INTRADAY RESISTANCE LEVELS |
R1 |
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157.00-157.50 |
R2 |
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158.00 |
R3 |
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159.00 |
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TECHNICAL INDICATORS |
Name |
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Value |
Action |
14DRSI |
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79.370 |
Buy |
20-DMA |
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152.22 |
Buy |
50-DMA |
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150.65 |
Buy |
100-DMA |
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148.10 |
Buy |
200-DMA |
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147.45 |
Buy |
STOCH(9,6) |
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94.662 |
Sell |
MACD(12,26,9) |
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0.221 |
Sell |
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© 2024 Daily Forex Guide. All right reserved.
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