15 Apr, 2024
5 minutes
Daily Technical Analysis April 15th 2024
1. CBP/USD Analysis:
News Summary:
The rebound in the British economy is closely related to the continued decline in inflation levels and the central bank's expectations of interest rate cuts. However, as the timing and intensity of interest rate cuts in the United States have been postponed, the British market's expectations for the timing and intensity of interest rate cuts by the central bank have also tended to weaken. The market expectations that the UK may cut interest rates by 100 basis points this year. But the latest expectation is that the Bank of England may only cut interest rates by 50 basis points.
Trend Analysis:
We can see GBP/USD rebounded after dropping and ran below the 48 hours moving average. On the other hand, the MACD double line and histogram bar formed bottom divergence and shrinkage. The buy limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2350]
Key Resistance Levels: [1.2560]
Pivot Points [1.2400]
2. Crude Oil Analysis:
News Summary:
Affected by geopolitical tensions in the Middle East, oil price rose slightly by about 1%. However, oil price overall fell due to the International Energy Agency's (IEA) pessimistic forecast for world oil demand growth and the impact of slower expectations for US interest rate cuts. Nevertheless, US energy stocks are soaring, benefiting from rising oil prices and stronger-than-expected economic performance. Concerns about supply disruptions caused by events in the Middle East have provided some support for oil prices.
Trend Analysis:
We can see H4 level of crude oil has retreated from a high level and is running below the 48 hours moving average. In addition, the MACD double line and energy column are expanding near the zero axis. Based on technical graph, buy limit could be arranged, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [83.40]
Key Resistance Levels: [88.00]
Pivot Points [84.50]