Market comment: Trends and levels for the day
|Today we have high market volatility, because yesterday US market was closed and became thin, and when asia session started, power of market is became strong, we got big trend impulse that broke stop levels of some local players, which increased volatility.
But we can’t say that we can expect this trend continuation, because dollar and oil now is trading on resistance level, as gold is closer to its support.
EUR/USD: Trading on main support 1.0520/30, from that we can expect start of uptrend to the main resistance level 1.0700. Same time on current EU session we had few good economic indicators, that is going for euro rising. First resistance we have as 1.0575 and then 1.0610. In other way, if market will further break down 1.0500/0520, downtrend will continue to the next support on the level 1.0450.
GBP/USD: Market still trading sideways in range 1.2390 – 1.2490.
EUR/GBP: Trading on support level 0.8460 – 0.8480, from that we can expect start of uptrend to resistance level 0.8515 and then 0.8560. In other way, if market will break down level 0.8445, we can expect continuation of downtrend to support 0.8385.
GOLD: Market is trading on support level 1230, that is looking weak, where next support (main) we have on 1224, where market is going now. Resistances: 1233.50, 1238.
US OIL: Today started April’s new contract, that created strong impulse and now crude trading on the resistance level 54.70, But the same time today morning, on UK session, we had speech of Mohammed Sanusi Barkindo, OPEC Secretary General, that confirmed that OPEC decreasing production in right way, as was agreed. But current price is strong resistance, as you can see from the chart below and we have not heard anything new for market, so I expecting that oil will continue its trading in sideways trend between resistance 54.70/80 and support 54.30 – 52.50. And now from 54.70 we can expecting downtrend to the support level.
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