INTRODUCTION:
The global financial market is comprising of the currency market, stock market, index market, commodity market and the cryptocurrency market. Therefore, specialization is required to maximize profit. You cannot be everywhere directed. It is therefore a must to focus on a few assets or a particular area of the global financial market to concentrate on.
FUNDAMENTAL ANALYSIS:
Jolts for April revealed fewer job openings than anticipated. In order to gain further insight into the Fed’s Policy Outlook, markets are awaiting the release of the non-farm payrolls report and wage growth statistics.
Expectations for a Fed rate cut have been delayed until November. On Friday, the US NFP and ECB rate cut loom large.US Jolts data touched a three-year low, indicating a slow -down in the economy and lower-than-expected Durable Goods Orders.
Again, due to increase in US oil stockpiles, WTI falls to about $73.00. WTI prices are still falling despite a 4.052-million-barrel increase in US Crude Oil reserve over the past week. Beginning in October, OPEC+ permitted its eight members to progressively unwind their oil supply curbs. oil dealers keep an eye on the Israel-Hamas Conflict because a failed peace agreement would raise the price of crude oil.
ECONOMIC CALENDAR (GMT+1)
ANALYSIS OF EURUSD:
From the chart above, EURUSD just made a lower high at a supply zone of 1.08854. If this zone holds, we expect the market to dove down to our demand zone5@ 1.08457. If the zone fails, we expect the market to push further to supply zone@ 1.09188.
ANALYSIS OF GBPUSD:
From our chart, we can see that the market is playing around our supply zone@1.28062. If this zone holds, we expect the market to break the trendline support and dove down to our demand zone4@1.26899. Again, if the zone fails, we expect a push to supply zone1@1.28819.
ANALYSIS OF GBPJPY:
GBPJPY just made a recent lower high at 199.438. We expect this market to continue its downward push to demand zone@197.813 and then to demand zone@ 194.904.
ANALYSIS OF XAUUSD:
Looking at the market above, gold is finding support at the demand zone 4@2309.63. It is also maintaining a trendline downward, which gives us a clue of a sell pressure. We expect gold to break our demand zone@2309.63 and then push to our demandzone3@2276.02. If the zone@2309.63 holds, we expect gold to break our trendline resistance to retest our supply zone@2362.74.
ANALYSIS OF WTI:
WTI is currently at a support level of 71.411, which is our demand zone1. we expect WTI to retrace to fill up the gap it created. we expect it retrace back to our trendline resistance and supply zone4@ 77.958 and then continue its downward trend.
CONCLUSION:
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