UPDATE No #43 19.04.2021
GREETING AND GOOD AFTERNOON MY FRIENDS
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On Monday (April 19) European market, the U.S. dollar index fell sharply to around 91.20. The U.S. dollar index in Asian markets once rose to 91.75. Driven by the short-term sharp drop in the U.S. dollar, spot gold rose significantly, and the price of gold just exceeded $1,785 per ounce. , The short-term goal of gold bulls is aiming at the $1,800/ounce mark, a well-known financial information website, recently wrote an article on Monday to conduct a forward looking analysis of the intra day Euro/U.S. dollar, British pound/U.S. dollar, U.S. dollar/yen and gold trends. The U.S. dollar against the yen fell below the third daily support at 108.222, and is now at 108.220 USD/JPY fell below the third daily support at 108.222 in intra day trading and is now at 108.220 The U.S. dollar index fell below the daily second support level of 91.32 in intra day trading and is now reported at 91.30. The next support level is 91.16 The USD/CHF dropped below the month's first support at 0.91777 during intra day trading and is now at 0.91749. The next support is at 0.89351 EUR/USD the daily second resistance at 1.20144 in intra day trading, now at 1.20146, and the next resistance at 1.20346 The USD/CHF dropped below the daily first support level of 0.91897 in intra day trading, and now stands at 0.91895. The next support level is 0.91560USD/JPY fell below the first support level of the week at 108.333 in intra day trading, and is now at 108.324. The next support level is 107.884 EUR/USD broke through the daily first resistance at 1.19898 in intra day trading now at 1.19900 and the next resistance at 1.2014
TECHNICAL ANALYSIS OF GBPUSD
The pound rose 1.02% to 1.3843 against the dollar last week, but it hit 1.3668, the low since February 5th. GBP/USD is in the vicinity of 1.3825, finishing recent gains. At present, the pound is up 0.03% against the dollar to around 1.3840. The advantage of the UK’s accelerated vaccination and unblocking guidelines overshadowed the dollar’s lowest rebound since the end of March, boosting the pound’s rise is making a lower high for the British pound, but has some support above the key support level of 1.3670-rebounding again. GBP/USD also broke through the 100-day simple moving average, but is still limited by the 50-day moving average. The momentum is still down, although not as strong as before. Below the aforementioned support line of 1.3670, the next important buffer that needs attention is 1.3565, which is the low point of volatility since the beginning of February. Followed by 1.3440 (the stepping stone to the appreciation of the pound against the dollar) and 1.33 Resistance is at 1.3810, which limited the currency pair in April, followed by 1.3850, which was the volatility high at the end of March. Above this, 1.3910 and 1.40 are bullish targets.
TECHNICAL ANALYSIS OF EURUSD
EUR/USD started trading today and showed a slight bearish tendency, and tested the support line of the bullish channel. In addition, the stochastic indicator constitutes a negative influence. Currently waiting for the euro/dollar to gain positive momentum to promote the exchange rate to continue the bullish trend predicted in the near future, the next target is 1.2064. On the other hand, we want to point out that if the euro/dollar falls below 1.1950, this will stop the expected uptrend and push the exchange rate outlook to become bearish. First, it is expected to fall to the 1.1880 area. It is expected that today's EUR/USD trading will be located between the support level of 1.1900 and the resistance level of 1.2060. The expected trend for the EUR/USD today is bullish.
TECHNICAL ANALYSIS OF USDJPY
The USD/JPY has shown a new downward trend after the start of trading today, which supports the short-term forecast of the bearish trend scenario. In addition, the stochastic indicator has a negative impact, and the EMA 50 indicator has formed bearish pressure. Currently waiting for the dollar/yen to fall to the next major target of 107.70. It should be reminded that maintaining the USD/JPY below 109.22 is very important to continue the expected decline. It is expected that today's USD/JPY trading will be located between the support level of 108.00 and the resistance level of 109.20. The expected trend for USD/JPY today is bearish.
TECHNICAL ANALYSIS OF XAUUSD
The Price of gold rose further and traded at around US$1780.00 per ounce thus consolidating the expectation that the price of gold would continue its bullish trend. As shown in the figure, the price of gold fluctuates within a bullish channel. The first target for the price of gold is at US$1800.00 per ounce. Breaking through this level will be a key factor for the price of gold to further rebound to the next target of US$1838.00 per ounce. Therefore, as long as the price of gold remains above $1765.00 per ounce, we will continue to predict that the price of gold is in a bullish trend. It is expected that today's gold price trading will be located between the support level of $1765.00 per ounce and the resistance level of $1800.00 per ounce. The expected trend for the price of gold today is bullish.