EURUSD
The EURUSD pair experienced a retreat from its weekly high of 1.0789, recorded on Monday, ending a four-day winning streak. As of the Asian hours on Tuesday, the pair is trading around 1.0770, just above the immediate support at the psychological level of 1.0750. A crucial point to watch is the potential break below this level, which could place additional pressure on the pair.
Current Position: Long (1.0770)
Support Levels:
Psychological level of 1.0750
Psychological level of 1.0700
February’s low at 1.0694
If the EURUSD breaks below 1.0750, a bearish scenario may unfold, targeting the support region around 1.0700, followed by the February low at 1.0694. Traders should monitor developments in the Middle East and any economic indicators that might impact the US Dollar, influencing the pair's movements.
WTI
Oil prices remained steady on Tuesday, maintaining their position close to three-week highs due to heightened tensions in the Middle East and recovering demand from China. Brent futures traded at $83.45 a barrel, while U.S. West Texas Intermediate (WTI) crude for April delivery was at $78.35 a barrel.
Current Position: Long (Brent: $83.45, WTI: $78.35)
Resistance Level:
$84.00 (Brent)
$79.80 (WTI)
The market is driven by Middle East tensions and Chinese demand recovery. Traders holding long positions should watch for potential resistance levels at $84.00 for Brent and $79.80 for WTI. Keep an eye on geopolitical events in the Middle East and developments in China, as they can significantly impact oil prices.
XAUUSD
XAUUSD prices experienced a slight decline on Tuesday after a three-day winning streak, trading near $2,018 per troy ounce during the Asian session. The decline is attributed to the strengthening US Dollar, driven by higher bond yields. The upward movement in bond yields has created downward pressure on non-yielding assets like gold.
Current Position: Short ($2,018 per ounce)
Resistance Levels:
$2,030
$2,050
Gold traders should remain cautious as the strengthening US Dollar, fueled by higher bond yields, may continue to exert downward pressure on gold prices. Key resistance levels to watch are $2,030 and $2,050. Monitor economic indicators, especially those influencing bond yields and the US Dollar.
Entry Suggestions
EURUSD: Consider entering a long position if the pair rebounds from the immediate support at 1.0750. However, exercise caution and confirm the trend reversal before taking a position.
WTI : For Brent, consider entering a long position if the price surpasses $84.00, indicating a potential upward trend continuation. For WTI, a long position can be considered if the price breaches the $79.80 resistance level.
XAUUSD: If gold rebounds from the current level and breaks above $2,030, it could signal a potential trend reversal. Conversely, consider short positions if the decline continues, with a close watch on key support levels.
Disclaimer
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Paraphrasing text from FXStreet, and Reuters all rights reserved by the original author.
