13/04/2023 Daily Reports
- EUR/USD extends the bullish performance and prints new monthly highs around 1.0990 on Wednesday. Following a consolidation phase in the first half of the day on Wednesday, the US Dollar (USD) came under heavy selling pressure and registered large losses against its major rivals in the American session.
- The US Bureau of Labor Statistics reported on Wednesday that Consumer Price Index (CPI) declined to 5% on a yearly basis in March from 6% in February. This reading came in below the market expectation of 5.2%. Furthermore, the Core CPI, which excludes volatile food and energy prices, rose by 0.4% on a monthly basis, down from 0.5% increase recorded in February.
- The EUR/USD pair is trading near the 1.0990, up for the day with bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA continued accelerating north and heading towards 50 and 200 SMA, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.1030, break above this level will extend the advance to 1.1100.
- Technical readings in the daily chart support the bullish stance. The RSI indicator stabilizes around 62. The Momentum indicator holds above the midline, indicating bullish potentials. On downside, the immediate support is 1.0935 and below this level will open the gate to 1.0880.
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- The GBP/USD advances after the release of the US Federal Reserve Open Market Committee (FOMC) minutes for the last meeting showed that officials discussed a possible pause in their tightening campaign. Therefore, the GBP/USD is trading at 1.2489 after hitting a daily low of 1.2398.
- In the latest Fed monetary policy reunion, officials considered a pause after the failure of two regional banks amidst fears that further tightening could cause financial stress. Nevertheless, those participants and others agreed that actions taken by the Fed calmed worries in the banking sector. The measures taken by the Fed were similar to those of the Bank of England (BoE) after the bond turmoil due to the ex-PM Liz Truss’s mini-budget, given the backdrop that supported a 25 bps rate hike by the Fed at their latest meeting.
- The GBP/USD offers bullish stance in daily chart. Cable stabilizes above 20 and 50 SMA, indicating bullish strength in short term. Meanwhile, the 20 SMA continued accelerating north and developing far above longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.2530 with a break above it exposing to 1.2660.
- Technical readings in the daily chart support the bullish stances. RSI indicator stabilizes around 63, while the Momentum indicator stabilizes above the midline, suggesting upward potentials. On downside, the immediate support is 1.2400, unable to defend this level will resume the decline to 1.2340.
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- Gold price resumes to the upside after hitting a low of $2001, following a mixed US inflation report. Furthermore, recent Fed officials’ mixed comments about overtightening monetary policy keep the USD pressured. At the time of typing, the XAU/USD is trading at $2,014, above its opening price by a minuscule 0.55%.
- The US Bureau of Labor Statistics revealed that March’s Consumer Price Index (CPI) rose less than the 5.2% expected, tumbling from 6% to 5% YoY, in figures revealed ahead of the Wall Street open. Nevertheless, not everything is positive news, as the Core CPI, which excludes volatile items, was unchanged at 5.6% YoY.
- Gold price stabilized around 2014, up for the day and bullish in the daily chart. The gold price still stabilizes above all main SMAs, suggesting bullish strength in short term. Meanwhile, the 20 continued accelerating north and continued developing far above 50 and 200 SMA, indicates bulls not exhausted yet. On upside, the immediate resistance is 2032, break above this level will open the gate for more advance to 2071 area.
- From a technical perspective, the RSI indicator holds above the mid-line and stabilizes around 63, on a bullish strength. The Momentum indicator hold in the positive territory, suggests upward potentials. On downside, the immediate support is 1981, below this area may resume the decline to 1950.
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- The USD/JPY remains downward pressured, following a release of inflation figures in the US dipped, and though core inflation stood unchanged for two straight months. At the time of typing, the USD/JPY is trading at 133.18, snapping four days of gains after hitting a high of 134.04.
- The US Dollar (USD) weakens across the board and dives closer to a two-month low touched last week following the release of the crucial US CPI report, which, in turn, is seen exerting downward pressure on the USD/JPY pair. In fact, the US Bureau of Labor Statistics reported that the headline CPI rose by 0.1% in March as compared to the 0.4% recorded in the previous month and the 0.3% anticipated.
- The USD/JPY pair stabilized around 133.18, down for the day and neutral in the daily chart. The price stabilizes between 20 and 50 SMA, suggests neutral strength in short term. However, 20 SMA started turning flat but continued developing below longer ones, indicating bears not exhausted. On upside, overcome 134.00 may encourage bulls to challenge 135.10, break above that level will open the gate to 137.00.
- Technical indicators suggest the neutral strength. RSI stabilizes around 50, while the Momentum indicator stabilizes around the midline, suggests directionless potentials. On downside, the immediate support is 132.70, break below this level will open the gate to 131.80 area.
- DJI pumped and dumped on Wednesday due to the release of US CPI data, jumped to intraday high 34117 and tumbled to low 33760. It ended the day near the bottom around 33790, down for the day and indicates bearish sign in the hourly chart. Right now market is standing below 20 and 50 SMA, suggests bearish strength. Meanwhile, 20 SMA started turning south and heading towards 50 SMA, suggests bears not exhausted yet. On upside, overcome 33950 may encourage bulls to challenge 34120, break above that level will open the gate to 34500.
- Technical indicators suggest the bearish movement. RSI stabilizes around 40, while the Momentum indicator stabilizes below the midline, suggests downward potentials. On downside, the immediately support is 33730, break below this level will open the gate for more decline to 33450 area.
- Brent started the advance on Wednesday post US CPI data, climbed to intraday high 87.48 and ended Wednesday nearby, up for the day and indicates bullish sign in the hourly chart. Meanwhile, the 20 SMA continued accelerating north and developing far above 50 SMA, indicates bulls not exhausted yet. On upside, overcome 87.50 may encourage bulls to challenge 89.00, break above that level will open the gate to 90.60.
- Technical indicators also suggest bullish movement, hovering above the midline. RSI stabilizes at 69, while the Momentum indicator stabilizes above the midline, suggests upward potentials. On downside, the immediately support is 86.00, break below this level will open the gate for more decline to 83.50 area.
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