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FxPro: Daily Technical Analysis before the European Market Opens on April 4, 2024

FxPro
FxPro
04-07

FxPro: Daily Technical Analysis before the European Market Opens on April 4, 2024

View the market perspectives today from the global research department of the Trading Center. Explore new trading methods and opportunities from popular trading products.

EUR/USD   GBP/USD   Spot gold   EUR/JPY   EUR/GBP   USD/CHF   Germany DAX Futures (Eurex)   Brent crude (ICE)   UK FTSE 100 Index Futures  

Please note: Due to market volatility, prices may have crossed key positions, rendering strategies ineffective.

EUR/USD Today: Further rise.

Pivot point:

1.0805

Trading strategy:

Above 1.0805, bullish, target prices at 1.0860 and then 1.0880.

Alternative strategy:

Below 1.0805, bearish, target prices at 1.0785 and then 1.0760.

Technical commentary:

RSI indicator shows an ongoing upward trend.

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Spot gold Today: Target at 2332.00.

Pivot point:

2277.00

Trading strategy:

Above 2277.00, bullish, target prices at 2320.00 and then 2332.00.

Alternative strategy:

Below 2277.00, bearish, target prices at 2265.00 and then 2252.00.

Technical commentary:

RSI indicator has a complicated running trend, leaning towards an uptrend.

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GBP/USD Today: Upward trend.

Pivot point:

1.2620

Trading strategy:

Above 1.2620, bullish, target prices at 1.2670 and then 1.2690.

Alternative strategy:

Below 1.2620, bearish, target prices at 1.2600 and then 1.2580.

Technical commentary:

RSI indicator trending upwards.

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EUR/JPY Today: Bullish, with 164.08 as the support, targeting 165.30.

Pivot point:

164.08

Trading strategy:

Bullish, with 164.08 as the support, targeting 165.30.

Alternative strategy:

If it falls below 164.08, EUR/JPY targets are set at 163.62 and 163.34.

Technical commentary:

The RSI indicator above 70 may indicate a sustained upward trend or an overbought condition needing technical adjustment. By comparing the trends between RSI and price positions, one can observe if there's a technical divergence. The MACD indicator is above its signal line indicating bullish sentiment. Moreover, prices are above their 20-day and 50-day moving averages (currently at 164.35 and 163.94).

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EUR/GBP Today: Bullish, with 0.8560 as the support.

Pivot point:

0.8560

Trading strategy:

Bullish, with 0.8560 as the support.

Alternative strategy:

A downward break of 0.8560 will indicate a continuing downtrend, with target prices at 0.8550 and then 0.8544.

Technical commentary:

The RSI indicator is above the neutral 50 area. The MACD indicator is above its signal line indicating bullish sentiment. Additionally, prices are higher than their 20-day and 50-day moving averages (at 0.8566 and 0.8567 respectively).

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USD/CHF Today: Under pressure.

Pivot point:

0.9050

Trading strategy:

Below 0.9050, bearish, target prices at 0.9015 and then 0.9000.

Alternative strategy:

Above 0.9050, bullish, target prices at 0.9065 and then 0.9080.

Technical commentary:

As long as the resistance at 0.9050 is not breached, there's a high risk of falling below 0.9015.

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Germany DAX Futures (Eurex) (M4) Today: No clear trend.

Pivot point:

18625.00

Trading strategy:

Below 18625.00, bearish, target prices at 18460.00 and then 18400.00.

Alternative strategy:

Above 18625.00, bullish, target prices at 18675.00 and then 18730.00.

Technical commentary:

The RSI indicator has a complicated running trend.

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Brent crude (ICE) (M4) Today: Bullish above 89.15.

Pivot point:

89.15

Trading strategy:

Above 89.15, bullish, target prices at 90.00 and then 90.60.

Alternative strategy:

Below 89.15, bearish, target prices at 88.65 and then 88.10.

Technical commentary:

From a technical perspective, the RSI indicator is above the neutral 50% area.

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UK FTSE 100 Index Futures Today: Short-term key resistance at 7949.00.

Pivot point:

7949.00

Trading strategy:

Below 7949.00, bearish, target prices at 7895.00 and then 7870.00.

Alternative strategy:

Above 7949.00, bullish, target prices at 7969.00 and then 7987.00.

Technical commentary:

The RSI indicator is bearish with further downside potential.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Technical Analysis

Technical Analysis is a financial market analysis method that predicts future price trends by statistically and graphically analyzing historical data such as prices, trading volumes, and indicators.

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