Share:

The latest U.S. Job Opening data, dropping to its lowest level since March 2021 at 8.73 million, offers a preliminary insight ahead of the crucial Non-Farm Payrolls (NFP) report scheduled for Friday. Despite this downbeat job data, the U.S. dollar found support from better-than-expected PMI readings, indicating a resilient U.S. economy. However, the softening job data failed to catalyse upward movement in U.S. equity markets, which have been lingering near recent peaks. In the cryptocurrency realm, Bitcoin (BTC) continues to build on its upward momentum, fueled by optimism surrounding the potential approval of a Spot BTC Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Bitcoin, the most valuable cryptocurrency, has surged by over 160% this year.

Market overview

Prices as of 03:00 EET 

Chart

Economic calendar

(MT4 system time)

Chart

Source: MQL5 

Market movements

Chart

Dollar Index, H4

The US Dollar strengthens, reaching a two-month high, fueled by conflicting economic data that paints a varied picture of the nation's economic health. With JOLTS Job Openings signalling a cooling job market and ISM Services PMI exceeding expectations, investors navigate through uncertainty, closely watching indicators like Nonfarm Payrolls and the US Unemployment Rate for clearer market insights.

The Dollar Index is trading higher while currently testing the resistance level. However, MACD has illustrated diminishing bullish momentum, while RSI is at 65, suggesting the index might experience technical correction since the RSI had entered overbought territory.

Resistance level: 104.05, 104.55.

Support level: 103.25, 102.50.

Chart

XAU/USD, H4

Gold prices hover around the support level of 2020, caught in a consolidation phase influenced by the recent rebound of the US Dollar. Economic optimism, fueled by better-than-expected data, complicates the outlook for the precious metal. Investors keenly await US jobs data, particularly Nonfarm Payroll and Unemployment Rate releases, for clarity on gold's trajectory.

Gold prices are trading lower while currently testing the support level. MACD has illustrated increasing bearish momentum, while RSI is at 41, suggesting the commodity might extend its losses after breakout since the RSI stays below the midline.

Resistance level: 2030.00, 2050.00.

Support level: 2010.00, 1980.00.

Chart

GBP/USD, H4

The British Pound, represented by the Cable, has demonstrated resilient strength in the face of increasing downside pressure, particularly with the recent gains in the U.S. dollar. The U.S. dollar has strengthened despite a downbeat job market, highlighted by the U.S. job opening data dropping to its lowest level since March 2021. This trend is further supported by better-than-expected U.S. Purchasing Managers' Index (PMI) readings, signalling the robustness of the U.S. economy. Market attention is now focused on Friday's Non-Farm Payrolls (NFP) report, expected to provide insights into the Federal Reserve's prospective monetary policy moves.

The Cable has broken below the uptrend reference line, suggesting the Cable might get into a bearish trend. The RSI is approaching the oversold zone while the MACD has broken below the zero line, suggesting that the bearish momentum is forming.

Resistance level: 1.2631 1.2729.

Support level: 1.2528, 1.2437.

Chart

EUR/USD, H4

The EUR/USD pair extends its downward trajectory, marking the fifth consecutive day of decline, propelled by the ongoing strengthening of the U.S. dollar. The dollar, rebounding from its recent low, is fortified by positive Purchasing Managers' Index (PMI) readings. Euro traders are closely monitoring the upcoming eurozone's GDP data scheduled for Thursday, seeking insights into the euro's strength and hoping for a potential technical rebound in the currency pair.

The EUR/USD pair is trading in a strong bearish momentum and declining in 5 straight sessions. The MACD continuing to slide while the RSI breaks into the oversold zone suggests that the bearish momentum is strong.

Resistance level: 1.0866, 1.0954.

Support level: 1.0775, 1.0700.

Chart

Dow Jones, H4

Following a substantial surge, the US equity market experiences a temporary hiatus as a dearth of significant market catalysts sets the brakes on recent momentum. Despite this pause, the overall trend remains fundamentally bullish, propelled by the descent of US Treasury yields and anticipations of dovish signals from the Federal Reserve. Investors, widely anticipating the Fed's decision, foresee a maintenance of current interest rates at the upcoming meeting, fostering stability in the equity market.

The Dow is trading higher following the prior breakout above the previous resistance level. However, MACD has illustrated diminishing bullish momentum, while RSI is at 76, suggesting the index might enter overbought territory.

Resistance level: 36490.00, 36955.00.

Support level: 35930.00, 35465.00.

Chart

USD/JPY, H4

The USD/JPY pair has found support around the 146.65 level, signalling an attempt at a potential trend reversal. The strength of the Japanese Yen has been subdued by the recent downbeat Japan Core CPI released on Tuesday, while the U.S. dollar has seen some strengthening amidst mixed economic data. The upcoming Friday's Non-Farm Payrolls (NFP) release is anticipated to be a pivotal point for the USD/JPY pair, influencing its direction in the market.

The USD/JPY has eased from its bearish trend and is attempting to break above its near-resistance level at 147.40. The RSI remain flowing at below 50-level while the MACD has a higher high formation, suggesting a trend reversal may happen.

Resistance level: 147.40, 148.30.

Support level: 146.23, 144.78.

Chart

BTC/USD, H4

BTC prices have sustained their surge, reaching the $44,000 level, a milestone not seen since April 2022. The Crypto Fear and Greed Index consistently staying above 70 signals a prevailing high-risk appetite in the crypto market. Concurrently, the fear of missing out (FOMO) sentiment remains palpable, contributing to the ongoing momentum for BTC as it continues its upward climb over the week. The combination of sustained market optimism and FOMO dynamics underscores the robust sentiment driving the cryptocurrency's recent performance.

BTC prices are on the brink of breaking another psychological resistance level at $45000 while the bullish momentum remains strong. The RSI has been hovering in the overbought zone while the MACD continues to climb and is diverging, suggesting the bullish momentum remains resilient.

Resistance level: 44370, 45880.

Support level: 42200, 40460.

Chart

CL Oil, H4

Aggressive losses in crude oil prices persist as fears about the global economic outlook outweigh the impact of OPEC+ output cuts. The unexpected surge in US Crude Oil Inventories and Moody’s negative credit rating for China contribute to heightened economic uncertainties, clouding the horizon for the major oil market player.

Oil prices are trading lower while currently testing the support level. However, MACD has illustrated diminishing bearish momentum, while RSI is at 35, suggesting the commodity might enter oversold territory.

Resistance level: 74.20, 78.30.

Support level: 72.05, 69.90.

Share: Feed news

Contracts for Difference (CFDs) trading carries a high level of risk to your capital and can result in losses, you should only trade with money you can afford to lose. CFDs trading may not be suitable for all investors, please ensure that you fully understand the risks involved and take appropriate measures to manage them. Please read the relevant Risk Disclosure document carefully, available here: Legal Documentation. PU Prime is a business name of Pacific Union (Seychelles) Limited. Pacific Union (Seychelles) Limited is authorised and regulated by the Financial Services Authority of Seychelles with License No. SD050. Pacific Union (Seychelles) Limited is registered and located at 9A, CT House, Providence, Mahe, Seychelles. The information on this website is not directed to residents of certain jurisdictions such as United States, Singapore, Australia and some other regions, and is not intended for distribution to, or use by, any person in any countries or jurisdictions where such distribution or use would be contrary to local law or regulation. Finzero Cap Ltd, registered in the Republic of Cyprus with registration number HE414308 and registered address at 62 Athalassas, Mezzanine, Strovolos 2012, Nicosia, Cyprus, is acting as a payment agent to Pacific Union (Seychelles) Limited for the purpose of facilitating payment services to Pacific Union (Seychelles) Limited.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

EUR/USD stabilizes above1.0800, looks to post weekly gains

EUR/USD stabilizes above1.0800, looks to post weekly gains

EUR/USD continues to trade in a tight channel above 1.0800 in the second half of the day on Friday, as the improving risk mood makes if difficult for the USD to gather strength. The pair remains on track to snap a five-week losing streak.

EUR/USD News

GBP/USD clings to modest daily gains above 1.2650

GBP/USD clings to modest daily gains above 1.2650

GBP/USD trades in positive territory above 1.2650 in the American session on Friday. The bullish opening in Wall Street doesn't allow the USD to gather strength and helps the pair stay on track to close higher for the fifth consecutive day.

GBP/USD News

Gold holds steady above $2,020 as US yields edge lower

Gold holds steady above $2,020 as US yields edge lower

Gold regained its traction and stabilized above $2,020 after falling below this level during the European trading hours. The benchmark 10-year US Treasury bond yield is down nearly 1% on the day below 4.3%, allowing XAU/USD to keep its footing heading into the weekend.

Gold News

Ethereum price risks decline as increasing exchange supply raises chances of profit taking

Ethereum price risks decline as increasing exchange supply raises chances of profit taking

Ethereum price crossed $3,000 several times this week but the altcoin failed to sustain above this key level, raising concerns regarding its price trend. ETH price faces the risk of decline as the supply of the altcoin on exchanges is on the rise. 

Read more

Up go stocks, down go bonds

Up go stocks, down go bonds

We knew that yesterday was going to be a good day – at least for the stock markets, given that Nvidia defied the expectations that it would - maybe – fail to deliver $20bn sales in the latest quarter. 

Read more

Majors

Cryptocurrencies

Signatures