The US Dollar remains the strongest currency, fueled by expectations of a strong US economy. Meanwhile, the Euro and Pound face headwinds, and Gold experiences a correction. The future direction of Oil prices is uncertain.
EUR/USD
- Short-term downtrend likely to continue.
- Resistance: 1.0693 – 1.0685 (Sell)
- Support: 1.0657, 1.0650 (Potential Buy)
- US GDP data release is a key factor.
GBP/USD
- Short-term downtrend likely to continue, especially with strong US data.
- Resistance: 1.2335 (Sell)
- Support: 1.2368 (Buy)
- MACD indicator to be considered for entry/exit points.
USD/JPY
- Trading within a side channel.
- Breakout above 155.28 (Buy) or below 154.25 (Sell) needed for a clear direction.
- US economic data will influence the pair.
- Watch for intervention from the Bank of Japan.
Gold (XAUUSD)
- Short-term downtrend in progress.
- Resistance: 2377 – 2370, 2350 – 2345 (Sell)
- Support: April 15th low (Sell target)
- Potential for further decline if US core PCE data shows lower inflation.
- Some analysts predict a rebound in the long term.
Oil (USCrude)
- Short-term uptrend possible.
- Support: 82.06 – 81.57 (Buy)
- Resistance: April 12th high (Buy) or Target (88.61 – 87.95)
- Watch for a break below support for a trend reversal.
Bitcoin (BTCUSD)
- Expected to fall further in the short-term.
- Sell target: 60400.00
Ethereum (ETHUSD)
- Expected to decline in the short-term.
- Sell target: 2907.00
Ripple (XRPUSD)
- Expected to decline in the short-term.
- Potential drop to 0.461 in the near future.
Additional Factors to Consider:
- Release of US Core Personal Consumption Expenditures Price Index on April 26.
- Geopolitical tensions and their impact on risk appetite.
- Statements from central banks regarding monetary policy.
Categories: Market News