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Old 03-04-2019, 07:36
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Default Re: Intraday Technical Analysis April 2019

The greenback tested a four week high at 97.09 on Tuesday before promptly giving back the gains. The reversal pattern comes amid a host of economic reports and news that the US and China drew closer to agreeing on the tariff plans. Today’s ADP payrolls report will be an important data point for the markets.

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Euro Rebounds After Slipping to 4-week Low
The common currency was seen extending declines on Tuesday as the pair lost a modest 0.07% on the day. Producer prices report for the eurozone saw a 0.1% increase on the month in March, missing estimates of a 0.2% increase. This was also slower than February’s gains of a revised 0.3% increase.

Will the EURUSD Reverse Declines?
The euro currency closed on Tuesday with a potential reversal pattern. But we need to see a bullish close on the day today to confirm this view. A rebound off the lows and a close above 1.1217 could confirm a move to the upside. The main resistance level at 1.1249 will be key in capping the gains. The Stochastics oscillator, however, signals that the upside momentum remains weak.



Yen Posts Modest Gains
The Japanese yen rose 0.03% on the day as trading in the USDJPY was rather subdued. The market sentiment was somewhat mixed with the Treasury yields stabilizing. Durable goods orders fell 1.9% on the month compared to estimates of a 2.1% decline. Core durable goods orders rose 0.1%. Economic reports from the US continue to come at a slightly better than expected forecasts.

Will USDJPY Be Able to Close Above Resistance?
The currency pair managed to close above the resistance level of 111.40 on Tuesday. However, the close wasn’t very convincing which could result in prices probably reversing off the resistance level. A bullish close on the day is required to confirm that the upside momentum is intact. This will set the stage for the USDJPY to test 112.51 as the next upside target.



Gold Stays Muted Ahead of Payrolls Report
The precious metal managed to post modest gains, rising 0.38% on the day on Tuesday. This reversed part of the declines from the day before. Overall, gold remains muted with price testing a technical support level and ahead of the March payroll figures due in the latter part of this week.

Can the Consolidation Push Gold Higher?
The XAUUSD has failed to break down below the support level of 1284 and has instead consolidated in the support area. This led to price action inching modestly higher. While price has previously attempted to rebound, it failed. We see this current rebound as another attempt for a correction to the upside. Failure to post any major gains could lead to price to fall back to the support area. A break down below 1284 is key for gold to resume the declines.

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