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EUR/USD Holds Below 1.0800, US Stocks Uncertain Pre-Long Weekend, Gold Strong on Fed Rate Cut Expectations

By Research Team Monday, Apr 1, 2024
EUR/USD

    • 11:20d1
    • High1.07831
    • Low1.07827
    • Close1.07848

EUR/USD is trading at 1.07873, 0.02% down since previous day close. EUR/USD remains in its position after trimming daily gains on Monday. Technical analysis suggests bearish momentum for the pair, with a break above the 1.0800 level potentially testing a 23.6% Fibonacci retracement level and the nine-day Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) is below the 50 marks, and the Moving Average Convergence Divergence (MACD) diverges below the signal line, confirming bearish momentum. Support is at March’s low of 1.0767 and major support at 1.0750.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0805
R2 1.0801
R1 1.0797
Turnaround 1.0792
S1 1.0787
S2 1.0783
S3 1.0779
By Research Team Monday, Apr 1, 2024
US100

    • 12:15 PMd1
    • High18581
    • Low18566
    • Close18568

US100 is trading at 18568, 0.50% down since previous day close. NASDAQ Composite fell 0.2%. Q4 GDP growth revised higher, with a 3.4% annualized rate in the fourth quarter. Fed Governor Christopher Waller said there was no hurry for interest rate cuts now, citing hotter-than-expected inflation readings. The main focus will be on Friday’s release of the core personal consumption expenditures price index. As seen in the chart, the index has a reversal from resistance, downside is expected.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 18749
R2 18700
R1 18644
Turnaround 18575
S1 18539
S2 18490
S3 18435
By Research Team Monday, Apr 1, 2024
GOLD

    • 12:55d1
    • High
    • Low
    • Close

XAU/USD is trading at 2260, 1.23% up since previous day close. Gold price reached a new record peak around $2,265-$2,266 due to rising bets for a June Fed rate cut. Geopolitical tensions from the Russia-Ukraine war and Middle East conflicts support the safe-haven gold price. The risk-on mood and upbeat Chinese manufacturing data support bullish sentiment, suggesting the path of least resistance is to the upside. However, overstretched conditions on the daily chart warrant caution ahead of the release of the US ISM Manufacturing PMI.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2275
R2 2266
R1 2250
Turnaround 2243
S1 2235
S2 2228
S3 2220
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