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Gold: A move to $2070 remains on the cards
06/04/2023

Gold: A move to $2070 remains on the cards

4-Hour Chart – Wedge Breakout StrugglingLast week, natural gas broke above a bullish Falling Wedge chart formation when ...
05/04/2023

4-Hour Chart – Wedge Breakout Struggling
Last week, natural gas broke above a bullish Falling Wedge chart formation when looking at the 4-hour setting. That opened the door to a bullish reversal at the same time positive RSI divergence was brewing. Yet, so far such an outcome has not materialized. The 78.6% Fibonacci retracement level at 2.195 has been holding as key resistance.

That is undermining the bullish implications of the wedge. Clearing under 1.968 would overturn the wedge, opening the door to extend lower. On the flip side, pushing past resistance places the focus on the 100-period SMA. This could reinstate the downside bias. Otherwise, key levels to watch in the near term include the 61.8% and 38.2% points at 2.373 and 2.622, respectively.

Natural gas prices continue to mark time with the heating commodity stabilizing around key support. That would be the Fe...
05/04/2023

Natural gas prices continue to mark time with the heating commodity stabilizing around key support. That would be the February low at 1.967. Meanwhile, positive RSI divergence continues to brew. This is a sign of fading downside momentum, which can at times precede a turn higher. Meanwhile, the 50-day Simple Moving Average (SMA) is closing in from above.

This line could reinstate the downside focus, holding as key resistance. Extending lower would open the door to downtrend resumption, exposing the 23.6% Fibonacci extension level at 1.696 towards the 2020 bottom at 1.44. Otherwise, pushing above the moving average would open the door to a near-term upside bias, placing the focus on the March high at 3.027.

EUR/USD TECHNICAL ANALYSIS------------------------EUR/USD made a 9-week high going into the New York close overnight, br...
05/04/2023

EUR/USD TECHNICAL ANALYSIS
------------------------
EUR/USD made a 9-week high going into the New York close overnight, breaking above a recent peak and some breakpoints and it remains in an ascending trend channel. Moving above these resistance levels may suggest confirmation of bullish momentum.

Resistance might be at the early February high of 1.1033 or the March 2022 peak of 1.1185.

A bullish triple moving average (TMA) formation requires the price to be above the short-term SMA, the latter to be above the medium-term SMA and the medium-term SMA to be above the long-term SMA. All SMAs also need to have a positive gradient.

With the 200- and 260-day SMA gradients turning positive, looking at any combination of daily SMAs the conditions have been met for a bullish TMA. It should be noted though that past performance is not indicative of future results.

The currency pair tested the lower bound of the ascending trend channel in early March but was unable to sustain a break below the trendline and the 100-day simple moving average (SMA). The trend line may continue to provide support, currently at 1.0720.

Further down, support may lie at the previous lows of 1.0525, 1.0516, 1.0483 and 1.0443.

EUR/JPY TECHNICAL ANALYSIS---------------------------EUR/JPY has been caught within a 137.37 – 148.40 range for seven mo...
05/04/2023

EUR/JPY TECHNICAL ANALYSIS
---------------------------
EUR/JPY has been caught within a 137.37 – 148.40 range for seven months.

At the end of last month, it narrowly broke above resistance but was unable to hold above it and these peaks at 145.57 and 145.67 may offer resistance ahead of the breakpoint at 146.14.

Further up, resistance could be at the previous highs of 146.73, 147.11, 147.72 and 148.40.

All the short, medium and long-term simple moving averages (SMA) are clustered in a fairly narrow band between 141.85 and 143.33.

This could be interpreted in two ways. Either the range trade is still in play or with the price above these SMAs, bullish momentum might be evolving.

A move below any SMA might suggest the former while a break above the recent high of 145.67 may confirm the latter.

On the downside, support could lie at the prior lows of 139.07, 138.84, 137.92 and the Double Bottom at 137.37.

British Pound Leads European Currency Rebound.Sterling rises to highest in 10 months on UK economic optimism.European ec...
04/04/2023

British Pound Leads European Currency Rebound.

Sterling rises to highest in 10 months on UK economic optimism.
European economic resilience paves way for more rate rises.

Oil rises amid short covering after OPEC+ production cut.
04/04/2023

Oil rises amid short covering after OPEC+ production cut.

Traders continue to bet on Fed rate cuts later this year.
04/04/2023

Traders continue to bet on Fed rate cuts later this year.

Stocks Advance as Concerns Over Rate Hikes Recede: Markets Wrap
04/04/2023

Stocks Advance as Concerns Over Rate Hikes Recede: Markets Wrap

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