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06Apr

DAILY TECHNICAL ANALYSIS FOR APRIL 06, 2023

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EUR/USD

Current level – 1.0889

In the past session, worse data on the business activity index for the ISM non-manufacturing sector had a negative impact on the euro. For now, the bulls manage to stop the bears at the support at 1.09161, but it is also possible to witness a deeper correction to the support at 1.0862. Today, the important news that may affect the course of the currency pair is the data on the weekly claims for unemployment benefits at 12:30 GMT

USD/JPY

Current level – 131.13

For three consecutive sessions, the yen has gained ground against the dollar, but it is possible to see a consolidating movement of the currency pair between the support at 130.48 and the resistance at 132.96. In this case, the corrective phase may be coming to an end. A successful breakout of the 133.78 level can be taken as a signal that the bulls are back in control and the uptrend is resuming. Conversely, if the support at 130.48 is overcome, this could be considered a deepening of the correction to the area at 129.62.

GBP/USD

Current level – 1.2438

We have seen volatility in the past session, but for now the price of the currency pair has managed to consolidate above the support at 1.2418. We are likely to see a range move and a retracement to the resistance at 1.2506. Bulls dominate the market, but are yet to break the resistance at 1.2506. If this does not happen, the important supports that would make life difficult for the bears, are at 1.2338 and 1.2270.

Midday update for Gold

Gold price shows positive trades now in attempt to resume the main bullish wave, waiting to visit 2040.00 followed by 2065.00 levels that represent our next main targets.

Therefore, the positive scenario will remain active for today, organized inside the bullish channel that has positive targets that surpass the above mentioned levels, noting that the continuation of the bullish wave requires holding above 2010.00.

The expected trading range for today is between 2005.00 support and 2040.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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