News Technical Analysis

April 6th – Daily Market Insight

Market News Summary

WTI (US OIL)

US crude oil (WTI) long-term trend is bearish. However, the price has intersected with the 20 candles MA at $101 a barrel. Fibonacci retracement shows a weak upward movement between the levels of 38.2 and 50, showing strong resistance below $102 a barrel. MACD and RSI show a likelihood of more downward movement towards $99.5 a barrel.

PIVOT POINT: 101.160

S1S2S3
SUPPORT99.5098.2597.50
R1R2R3
RESISTANCE101.50102.00103.20

Spot GOLD (XAUUSD)

GOLD spot price seems to have changed its trend to bearish after breaking the upward trend line. It has retested the 20 Period moving average resistance level, which has an intersection with the support level of $1,925. Furthermore, the RSI and MACD signal a continuation of the downward trend.

PIVOT POINT: 1,919

S1S2S3
SUPPORT1,9251,9281,933
R1R2R3
RESISTANCE1,9171,9141,895

BTCUSD

Bitcoin’s overall trend looks to be bullish as it appears in the long-term chart. Meanwhile, the hourly time frame shows that the BTCUSD price is moving horizontally. Price is making a minor corrective move to the 20 EMA at 45,560. The MACD and RSI both signal a correction trend towards 44,600.

PIVOT POINT: 45,360

S1S2S3
SUPPORT45,30044,60044,440
R1R2R3
RESISTANCE45,43045,60046,000

GBPUSD

From the overview of price, cable’s overall trend looks bearish. In the hourly time frame price has recently broken the previous low and is likely to make a corrective move to the retest of the 20 candles MA before continuing its bearish direction. The MACD and RSI signaling a continuation towards 1.3050.

PIVOT POINT: 1.3060

S1S2S3
SUPPORT1.30481.30001.2850
R1R2R3
RESISTANCE1.30901.31201.3150

AUDUSD

Aussie is showing a bullish trend in the long term against the greenback. however, the hourly time frame price is making minor lows to the downside. Technical indicators show a high possibility of a continuation of the bullish trend. Meanwhile, the 20 candles MA signals a slight correction towards 0.76050.

PIVOT POINT: 0.7590

S1S2S3
SUPPORT0.75600.75400.7500
R1R2R3
RESISTANCE0.76050.76200.7640
Designer

Recent Posts

Market Closure in November

Dear Valued Clients, Please be advised that the following instruments' trading hours and market session…

1 week ago

Trading Hours Adjustment for upcoming US Daylight Saving

Dear Valued Clients, Please be informed that the trading hours for the following products will…

1 week ago

What are Forex Trading Sessions in India Time

Forex trading is a global phenomenon that operates 24 hours a day for five days…

1 week ago

Important Announcement – U.S. Election 2024

Dear Valued Clients, As we approach the 2024 U.S. election on November 5, 2024 (next…

1 week ago

Market Closure in November

Dear Valued Clients, Please be advised that the following instruments' trading hours and market session…

1 week ago

Role and Regulation of Forex Brokers in India

As the largest market in the financial world, the Forex Exchange Market attracts trillions of…

2 weeks ago

This website uses cookies.