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Daily Technical Insights 11 April 2023


EUR/USD (4 Hours)

EUR/USD fell on Monday due to a stronger US dollar following Friday’s NFP report, hitting a week low of 1.0830 before rebounding to 1.0850. Investors are now focusing on Wednesday’s US Consumer Price Index data. US yields climbed, with the 2-year yield back above 4% and the 10-year yield above 3.40%, after the upbeat March jobs report. The European bond market will reopen on Tuesday, and on the same day, the Eurozone will report Retail Sales, which are predicted to decline by 0.8% in March. Market participants are still looking for the ECB to raise interest rates at their next meeting.

From a technical standpoint, the price of EUR/USD has rebounded after reaching the support level at 1.0835 and is now targeting the middle band of the Bollinger bands. The key support level to watch is at 1.0791, as a break below this level could indicate a potential reversal. As long as this level holds, the trend for EUR/USD remains in an uptrend. The RSI has risen to 45 from a lower level, indicating the potential for further upward movement.

Resistance levels: 1.0891, 1.0935

Support levels: 1.0835, 1.0791

XAU/USD (4 Hours)

Gold prices started the week lower, falling to around $1,990 per troy ounce, amid concerns over economic growth and a potential recession in the US after the Nonfarm Payrolls report on Friday. The US dollar benefited from a sour mood and thin market conditions due to the Easter Monday holiday in Europe, while investors await the release of the US Consumer Price Index (CPI) on Wednesday, which is expected to show a YoY inflation rate of 5.2% for March.

From a technical standpoint, the price of XAU/USD has rebounded from Monday’s low of $1,988 and is currently trading at $1,992. This indicates a strong attempt to reach the middle bands of the Bollinger bands from a technical perspective. It is important to keep an eye on the key support level at $1,988, as a break below this level could signal a potential reversal. However, as long as this level holds, the uptrend for XAU/USD remains intact. The RSI has risen to 45 from a lower level, suggesting a potential for further