EUR/USD reacts to oil markets events

Source: Dukascopy Bank SA


At the start of April trading, the US Dollar was highly volatile. Initially, OPEC+ decreased production. The decrease caused a surge of oil prices. The increase of oil prices first of all increased demand for oil deals in USD and secondly signals that inflation would remain high. High inflation is expected to be the basis for more USD interest rate hikes.

However, by mid-Monday, the markets had shrugged off the news and the USD was near previous levels. On the EUR/USD charts it resulted in a drop below 1.0800 and a subsequent recovery above 1.0900. In the near term future, the pair might test the 1.0910/1.0930 range.

A surge above 1.0910/1.0930 would face no technical resistance. However, the pair might stop at the 1.0950 and 1.1000 levels.

On the other hand, a decline might look for support in the 50, 100 and 200-hour simple moving averages, the 1.0850 and 1.0800 levels and the weekly simple pivot point at 1.0837.
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Mon, 03 Apr 2023 14:08:36 GMT

GBP/USD is highly volatile

At the start of April trading, the US Dollar was highly volatile. Initially, OPEC+ decreased production. The decrease caused a surge of oil prices. The increase of oil prices first of all increased demand for oil deals in USD and secondly signals that inflation would remain high. High inflation is expected to be the basis for more USD interest rate

Fri, 31 Mar 2023 14:01:05 GMT

Gold trades at 1,975.00/1,985.00.

The price for gold has moved higher and trades between the 1,975.00 and 1,985.00 levels. In general, it appears that the commodity waits for more events or economic data before ascending or declining in value. A move above 1,985.00 could be slowed down by other round price levels. Eventually, a potential surge would once again test the 2,000.00/2,010.00 range. However, a decline

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