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The markets are mixed, with some currencies and commodities rallying while others are falling. The key driver of the markets is economic data, with strong data leading to gains and weak data leading to losses. Investors are also watching central banks closely, as any changes in monetary policy could have a significant impact on the markets.

 

USD/CAD:

  • US economic data was strong, with PMI surveys exceeding expectations.
  • BoC remains cautious on rate cuts due to sticky inflation.
  • USD/CAD rally may continue if US data remains strong.
  • Trading plan: Buy on dips with a long-term view.
  • Expect a potential rebound from 1.3435 if oil prices rise and the BoC remains cautious.

 

EUR/USD:

  • Eurozone PMI data remains weak, suggesting possible recession.
  • EURUSD rallied despite data, potentially a corrective move.
  • Divergence with S&P 500 may not last long, leading to potential EURUSD drop.
  • Trading plan: Hold on to EURUSD shorts, potentially add to them after PMI report.
  • Consider holding short positions entered at 1.091.

 

NZD/USD:

  • New Zealand inflation fell, suggesting rate hikes may be over.
  • NZD/USD rose on the back of inflation news.
  • Trading plan: Monitor US PMI and GDP data for further direction.
  • Watch for resistance at 148.02 and 149.02.

 

USD/JPY:

  • Hawkish comments from BoJ Governor Ueda boosted the yen.
  • Higher wages could lead to BoJ policy tightening in April or June.
  • Trading plan: Monitor wage talks and BoJ meetings for potential direction.

 

EUR/USD:

  •  Euro correcting upward in the short-term downtrend.
  • Shorting could be viable at resistance 1.0914 and 1.0960, targeting 1.0862 and 1.0826 respectively.

 

Oil:

  • Prices are stuck in a flat range between 74.81 and 74.31.
  • A break above 74.81 could lead to further gains, while a break below 71.26 could lead to further losses.

 

 

Gold (XAU):

  • Gold is correcting upward in the short-term downtrend. 
  • Resistance is seen at 2047-2043 and 2070-2064.
  • A break above 2070 could lead to further gains, while a break below 2003 could lead to further losses.

 

Cryptocurrencies:

  • BTCUSD: The BTCUSD market is forming a bearish trend. Buy opportunity at 39702.32 with a target of 42474.00
  • XRPUSD: Buy at 0.509 with a target of 0.553 due to potential bullish correction.
  • ETHUSD: Buy at 2211.28 with a target of 2412.00 if a corrective move occurs.

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Categories: ARFX News

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