By Orbex
GBPUSD grinds to 3-month high
Sterling carries on its ascent as Britain’s jobless rate dropped to 4.8% between January and March. The pound was supported by rising bids after it broke above 1.4150.
The breakout confirms the bullish MA cross from last Friday. February’s peak at 1.4240 is a major resistance ahead. Its breach could extend the rally to 1.44s.
In the meantime, there is a limited risk to the downside as an overbought RSI within this supply zone may trigger profit-takings. 1.4130 is the immediate support should this happen.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
USOIL retraces from major supply zone
Oil prices stay high as reopenings across Europe raise expectations of demand recovery.
WTI is currently hovering under March’s peak at 67.90, a critical supply area where stiff pressure can be expected from profit-taking and fresh shorting.
The price is likely to go sideways in the short term to build up momentum. The RSI has returned to the neutrality zone. A rebound from the area near 64.30 would suggest solid support.
Further down, 63.30 is critical in safeguarding the current uptrend.
XAUUSD tests daily resistance
Weakness in the US dollar continues to fuel demand for bullions. Gold has been inching up along the 30-hour moving average. Bullish sentiment takes a foothold after a series of higher highs.
The price action is now testing a key resistance level at 1874 from the daily timeframe. Combined with an overextended RSI, the supply pressure could prompt short-term traders to cash in. 1844 would be the first support in case of a correction.
On the upside, a bullish breakout may send the price to the psychological level of 1900.
By Orbex
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024
- Expert Says Now Looks Like a Good Time To Buy This Renewable Energy Stock Apr 30, 2024
- Optimism over corporate earnings is fueling stock indices. The Hong Kong index reached a 5-month high Apr 30, 2024
- FXTM’s Copper: Hits fresh two-year high! Apr 30, 2024
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024