Daily Markets

• Most Asian currencies jumped on Monday, led by gains in the Japanese yen and the Australian dollar, as the U.S. dollar slumped to a three-year low following President Donald Trump’s plan to shake up the Federal Reserve. Markets’ focus for the day was on the People’s Bank of China decision to hold loan prime rates steady amid rising trade tensions with the U.S. White House economic advisor Kevin Hassett said on Friday that President Trump and his team were continuing to study whether they could fire Federal Reserve Chair Jerome Powell. This stoked concerns about the independence of the Fed, sending ripples through financial markets, particularly affecting the greenback. The development comes after Powell last week said that the central bank was not inclined to cut interest rates in the near future, citing the inflationary pressures and economic uncertainties introduced by the new tariffs. Data on Friday last week showed that Japan’s core inflation accelerated in March, complicating the Bank of Japan’s interest rate path amid Trump tariff uncertainties Data on Monday showed that the People’s Bank of China held its benchmark loan prime rate steady, in line with expectations, signaling Beijing’s preference for boosting economic growth through fiscal measures rather than additional monetary easing. Concerns are swirling around the U.S. dollar’s traditional safe-haven status in the wake of President Donald Trump’s back-and-forth tariff announcements, according to analysts at Capital Economics. An index tracking the dollar against a basket of its currency pairs slumped earlier this month as markets around the world were shaken by Trump’s levies. On April 2, the president unveiled sweeping reciprocal tariffs on a wide range of countries, but later delayed them following bouts of extreme volatility in the stock and bond markets. The White House has also exempted several tech-related products, including consumer electronics like smartphones and computers, from the tariffs, although Trump suggested that the move would likely be temporary and further duties on semiconductors may still be coming.

Gold – XAU

Gold on Thursday its intraday high of US$3357.76/oz and low of $3283.79/oz. Gold is down by 0.462% at US$3327.02/oz.

Technicals in Focus:

On the daily charts, gold trades higher than 20DMA (2197). If it drops below this level, it could lead to 2,100. The MACD is currently above the zero line and the histograms are showing an increasing trend, indicating that there may be upward movement in the coming sessions. The RSI is currently at 83.04, which is in the overbought region, suggesting there may be selling pressure in the next 2 to 3 sessions. The Stochastic Oscillator is also in the overbought territory but has given a positive crossover, indicating a bullish stance for intraday trades, but rebound in expected in all the overbought indicators.

Trading Strategy: Sell on Strength

Sell below 3390-3461 keeping stop loss closing above 3461, targeting 3380-3370-3358 and 3345-3320-3300. Buy in between 3380-3280 with risk below 3280 targeting 3390-3400-3421 and 3440-3350-3461.

Silver - XAG

Silver on Friday its intraday high of US$32.92/oz and low of US$32.06/oz settle up by 0.463% at US$32.51/oz.

Technicals in Focus:

On daily charts, silver is sustaining above 20MA (25.05), breakage above will lead to 23.73. MACD is below the zero line and histograms are increasing trend, bringing a bullish stance in the upcoming sessions. RSI is in the oversold region, indicating a sell signal for now. The Stochastic Oscillator is in the overbought region and gives a positive crossover to show an upside move for the intraday trade.

Trading Strategy: Buy on Dips

Buy in between 32.50-27.10, targeting 30 j.50-30.90-31.40 ad 32.10-32.60-33.10-33.90 with stop loss should be placed on the breakage below 27.00. Sell in between 32.90-34.00 with a stop loss above 34.00 targeting 30.90-30.50-29.90 and 29.20-28.60-27.80.

Oil - WTI

Crude Oil on Friday high of US$64.12/bbl, an intraday low of US$61.92/bbl, and settled up by 2.751% to close at US$63.64/bbl.

Technicals in Focus:

On daily charts, oil is sustaining above its 100DMA i.e. 75.37, a support level, and breakage above will call for 77.48. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the overbought region, giving a negative crossover to confirm a bearish stance; while the RSI is in the neutral region, more upside can be expected to reach the overbought region, which is highly probable.

Trading Strategy: Neutral to Sell

Sell in between 63.00-65.00 with stop loss at 64.00; targeting 62.10-61.50-61.00 and 60.25-59.80-59.20. Buy above 62.75-53.00 with risk daily closing below 53.00, targeting 63.50-64.30-65.20 and 66.00-66.90-67.50.

EUR/USD

EUR/USD on Friday an intraday low of US$1.1356/EUR, a high of US$1.1397/EUR, and settled the day up by 0.244% to close at US$1.1387/EUR.

Technicals in Focus:

On daily charts, prices are sustaining above 100DMA (1.0800), which becomes immediate support, a break below will target 1.0717. MACD is above the zero line and histograms are increasing mode, bringing a bullish view. Stochastic is in oversold territory, giving negative crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.

Trading Strategy: Neutral to Sell

Sell below 1.1520-1.1740, targeting 1.1490-1.1420-1.1385 and 1.1340-1.1300-1.1250-1.1200 with stop-loss at daily closing above 1.1035. Buy above 1.1490-1.1010 with risk below 1.1010 targeting 1.1520-1.15501.1590 and 1.1630-1.1690-1.1740.

GBP/USD

GBP/USD on Friday low of US$1.3244/GBP, a high of US$1.3296/GBP, and settled the day up 0.193% to close at US$1.3289/GBP.

Technicals in Focus:

On daily charts, prices are sustaining above 50DMA (1.2674) is becoming a support level. 14-D RSI is currently in a neutral region and direction is difficult to predict on an RSI basis. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm a bullish stance. MACD is above the zero line, but histograms are increasing leading to movement.

Trading Strategy: Neutral to Buy

Based on the charts and explanations above; buy in between 1.3360-1.3040 with a target of 1.3400-1.3435-1.3470 and 1.3510-1.3550-1.3600 with a stop loss closing below 1.3040. Sell in between 1.3400-1.3600 with targets at 1.3360-1.3300-1.3266 and 1.3206-1.3150-1.3110 with a stop loss of 1.3140.

USD/JPY

USD/JPY on Friday an intra‐day low of JPY142.06/USD an intraday high of 142.43/USD, and settled the day down by 0.142% at JPY142.08/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 100DMA (155.35), major support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is in overbought territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.

Trading Strategy: Neutral to Sell

Sell below 140.90-146.00 with risk above 146.00 targeting 140.60-140.00-139.60 and 139.00-138.50-138.00. Long positions above 140.60-138.00 with targets of 1141.40-141.90-142.50 and 143.40-144.50-145.00 with stops below 138.00.