Top News in Global Markets:
In Switzerland, the trade balance for the month of March fell in the positive zone, which means more exports than imports..
The Federal Reserve Bank of Richmond released its manufacturing index this month, and the result disappointed markets.
In the United States, the Consumer Confidence Index came in lower than expected and the previous reading, in the current month..
In New Zealand, the trade balance declined, with a weaker-than-expected result in March.
In Australia, the consumer price index was released, as the higher was better than expected, but lower than the previous one, during the first quarter of the year, while the reading was lower on an annual basis.
Today, the durable goods orders index is expected to be released in the US during the American session, for the month of March, as well as the commodity trade balance index.
From the energy market, the Energy Information Administration releases the amount of weekly crude oil inventories in the United States.
Bitcoin rose to 28,400 against the US dollar
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar showed a decline in the last hours of yesterday, continuing to decline today, after rebounding from the resistance levels around 101.95 points, supported by data indicating a decline in US consumer confidence in the economy in April compared to last March.
Technically, the index is trading below resistance levels around 101.95 points, forming bearish price action on momentum indicators, so we expect more declines on the index , targeting support levels around 101.35 points.
Gold – 1 Hour Timeframe
The yellow metal prices rose yesterday, reaching $2003.85, after the return of negative data for the US dollar, and awaiting the GDP numbers.
Technically, gold failed to stay above 38% Fibonacci levels and the 200-hour average to return under selling pressure again. We will be waiting for prices to break above current resistance to confirm the upward movement and target $2014.95, only if prices hold above the $1986.90 support area.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index rose by the ending of yesterday, with a slight corrective rise over the short-term intervals, in an attempt to retest the resistance around 33650 points.
Technically, we expect the index to rise to retest the resistance levels around 33650, from where we expect the corrective movement to end around, and then return to the decline and target the support levels around 33260 points.
US Crude Oil – 1 Hour Timeframe
Oil prices fell yesterday from the high at $79.08 to the demand areas that we referred to yesterday at $76.55 levels, before rising again in the early hours of this morning.
Technically, oil is trading around the 100-hour moving average, which forms a resistance area at $77.86. Staying below this resistance will push oil to test yesterday’s support 76.55, and in case of a break, the target will be $75.87.
Bitcoin – 1 Hour Timeframe
Bitcoin, rose to its highest level during the current week, after a series of declines that began from last week.
Technically, the digital currency is trading above the 200-hour moving average and below 38% Fibonacci levels. We expect the continuation of the rise, only when it breaks the current resistance at $28,600, to target $29,500.
EUR/USD – 1 Hour Timeframe
The euro rose against the US dollar today, after the end of the bearish corrective movement around 1.09640 levels, due to the negative US consumer confidence index data.
Technically, we expect more bullishness on the pair during today’s trading, to target the resistance levels around 1.10165, and then, in case of a breach, we will target the next resistance levels around 1.10650.
GBP/USD – 1 Hour Timeframe
The GBP/USD pair continued to rise for the second day in a row, after prices rebounded from a low of 1.23860, awaiting today’s US data on durable goods orders, which will directly affect inflation.
Technically, the pair succeeded in breaking above 38% Fibonacci levels, but it faces resistance at 1.24480 and the 50% Fibonacci area. A bounce from these prices will take us back to the downside, targeting 1.24190, then testing the support 1.23850 again.
GBP/JPY – 1 Hour Timeframe
The (GBP/JPY) pair rose today, after rebounding to the top of the support levels around 165.60 that we mentioned yesterday, and also breaching 165.85 levels.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 166.60, and then in case of a breach, we target the next resistance levels around 167.65.
