April 5th – Daily Market Insight

3 traders analyzing the financial markets.

Market News Summary

EURGBP

From the daily time frame, the overall trend for price in EURGBP looks bullish. Price currently reacting to a level of 0.8360 which is in confluence with the upward trend-line before a possible move to the bullish direction. Price is also in divergence with the RSI and MACD indicators.

PIVOT POINT: 0.8360

	S1	S2	S3
SUPPORT	0.8315	0.8290	0.8260
	R1	R2	R3
RESISTANCE	0.8410	0.8450	0.8510

WTI (US OIL)

From the overview of price in WTI, the overall trend is bearish. Price is currently reacting to the resistance level of 103.70 forming a reversal pattern in the form of a rising wedge and in divergence with the RSI indicator for a possible push to the bearish direction.

PIVOT POINT: 103.75

	S1	S2	S3
SUPPORT	107.10	110.30	113.25
	R1	R2	R3
RESISTANCE	100.40	97.70	92.60

USDCAD

From the overview of the price of USDCAD, the price is reacting to the resistance level of 1.2465 thereby forming an inverted head and shoulder pattern, and the RSI in divergence with the price of a falling wedge at that level.

PIVOT POINT: 1.2465

	S1	S2	S3
SUPPORT	1.2420	1.2370	1.2308
	R1	R2	R3
RESISTANCE	1.2560	1.2620	1.2690

Spot GOLD (XAUUSD)

Spot gold has been moving in the same range on the 4-hour time frame after an initial impulsive move to the bearish direction. However, the hourly time frame, price is forming higher highs after an initial breakout from the downward trend-line, while Price has formed a rejection in form of a pin-bar at the support level of 1,925 and is above the centre-line on the RSI and MACD indicators.

PIVOT POINT: 1925.0

	S1	S2	S3
SUPPORT	1940	1950	1960
	R1	R2	R3
RESISTANCE	1920	1910	1900

NASDAQ 100 (NAS100)

From the overview of price in NAS 100, the overall bias is bullish seeing price making higher highs. Price is currently within the resistance level of 15,250 and may likely pull back to the support level of 14,960 before continuing in its bullish momentum. Additionally, the RSI and MACD are above the centre-line signaling a downtrend.

PIVOT POINT: 15250

	S1	S2	S3
SUPPORT	14960	14700	14420
	R1	R2	R3
RESISTANCE	15590	16000	16420

EURUSD

The overall trend for EURUSD is bearish. Price has formed a bearish continuation flag from the daily time frame after an impulsive move to the bearish direction. Down to the hourly time frame, the price is currently at the upward trendline and resistance level of 1.0965 which is also in divergence with the RSI which may push the price to a bearish direction. However, the price may break out of the flag to continue in its bearish momentum.