26 Apr, 2024
5 minutes
Daily Technical Analysis April 26th 2024
1. CBP/USD Analysis:
News Summary:
Pound jumped as a stronger-than-expected UK PMI report showed the economy accelerated its rebound in April, while comments from a key Bank of England member cooled expectations that a near-term interest rate cut was imminent. The BOE chief economist warned that there is no change in the interest rate stance and the risk of easing monetary policy too early is greater than too late.
Trend Analysis:
We can see GBP/USD H4 level continues to rebound and runs above the 48 hours moving average. However, the MACD double line and volume column shrink near the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2400]
Key Resistance Levels: [1.2600]
Pivot Points [1.2550]
2. Crude Oil Analysis:
News Summary:
International oil prices have returned to stability. This stability comes against the backdrop of declining fuel demand in the United States, the world's largest oil consumer, and escalating tensions in the Middle East, an important oil-producing region. Crude oil prices rose slightly. These moves reflect a balance between demand concerns and geopolitical risks. Moreover, the Federal Reserve may delay cutting interest rates, which will affect the oil price.
Trend Analysis:
We can see crude oil fell and rebounded and moved above the 48 hours moving average on H4 chart. On the other hand, the MACD double line and histogram bar expanded upward near the zero axis. The buy limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [81.00]
Key Resistance Levels: [87.70]
Pivot Points [82.50]