03 Apr, 2024
5 minutes
Daily Technical Analysis April 3rd 2024
1. USD/JPY Analysis:
News Summary:
A former BOJ official said the BOJ may take its time before raising interest rates again, possibly as early as October. The next step will not come so soon. The Bank of Japan will adjust its policy by observing the data and will not take irrational actions. This view contrasts with that of some BOJ watchers. Observers note that with the yen falling near a 34-year low, the BOJ may act quickly, in part due to the US-Japan interest rate differential.
Trend Analysis:
We can see USD/JPY fluctuated at a high level and hovered above the 48 hours moving average. At the same time, the MACD volume column and double lines shrank above the zero axis. The buy limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [150.70]
Key Resistance Levels: [151.00]
Pivot Points [152.60]
2. Gold Analysis:
News Summary:
The Federal Reserve is expected to cut interest rates three times this year, and financial markets forecast the first rate cut to be in June. Affected by inflation data, gold price has an opportunity to rise. Another reason for the rise in gold price is that global geopolitical tensions remain tight, which may prompt investors to buy gold as a neutral reserve asset. The gold market will continue to see considerable bullish momentum as solid economic data has little impact on the precious metal.
Trend Analysis:
We can see gold H4 level rebounded again and ran above the 48 hours moving average. On the other hand, the MACD double line and energy column shrank above the zero axis. The buy limit could be employed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2255]
Key Resistance Levels: [2310]
Pivot Points [2266]