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Daily Market Overview and Trade Ideas

USD Breaking higher - US Yields test 3.0% -24th April

- USD breaks out on all Pairs, breaks Y108 on USD/JPY
- US 10yr Yield tests 3.0% for first time in 4 years
- AUS Q1 CPI at 0.5% expectations small bounce in Asia

Daily Trading Ideas

EURUSD approaching resistance, further potential drop!

EURUSD is approaching our first resistance at 1.2221 (horizontal pullback resistance) and a strong reaction might occur below this level, pushing price down to our major support at 1.2154 (horizontal swing low support, 38.2% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.

RSI (55) is also seeing a bearish exit and might be a good precursor for a further potential drop in price.

XAUUSD testing support, potential bounce!

XAUUSD is testing our first support at 1322.43 (horizontal swing low support, 76.4% Fibonacci retracement, 100% Fibonacci extension). A strong bounce might occur above this level, pushing price up to our major resistance at 1333.75 (horizontal pullback resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).

Stochastic (34,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price

GBPUSD broke out of resistance, further potential drop!

GBPUSD broke out of our first support-turned-resistance at 1.3988 (horizontal overlap resistance) and is approaching our intermediate support at 1.3914 (horizontal overlap support). A breakout below this level might provide the bearish acceleration to our major support at 1.3743 (horizontal swing low support, 100% Fibonacci extension, 23.6% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish pressure.

RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.

USDX approaching resistance, potential drop!

USDX is approaching our first resistance at 90.93 (horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8$, 100% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 89.88 (horizontal overlap support).

Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.

easyMarkets / APAC Dealing Team


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