Economic Calendar
There are two important reports to end the week and start the new month and the quarter off, the Non-farm payroll and the unemployment rate report. It is highly probable that there will be a lot of price spikes later tonight as investors and financial institutions look to initiate new investment positions
Important Headlines
As Q1 ends, stocks performances were evaluated, and unsurprisingly, the US stocks markets had their worst quarter since the pandemic began and it could be due to a variety of factors including the Russian war and how hawkish the Fed has become
Nasdaq led the losses with a $2 trillion market cap evaporated through Wednesday's close, while SP500 lost around $1.46 trillion in Q1 2022.
USTEC daily
Nasdaq was down 1.32% yesterday and it is now trading between the 14480 support and 15270 resistance.
SP500 Daily
SPX declined by 1.5% yesterday after failing to break above the resistance level at 4600.
META Weekly
The bulk of the loss in Nasdaq came from Meta, the parent company of Facebook where more than $300 billion was shaved off its market cap with the price declined by as much as half. It has made a minor recovery after bouncing off the trendline, and the next level to watch out for is the $250 key level. Can their VR venture help Meta get their valuation back up?
XAUUSD
XAUUSD Daily
After faking out to both sides of the range as highlighted by the circles, it is now trading at the upper end of the range. We will have to see what NFP brings tonight, but we can expect some sort of reaction once the price hits either level marked.
OIL
USOIL Daily
After President Joe Biden announced the largest ever release from the U.S. Strategic Petroleum Reserve (1 mln bpd of oil for 6 months starting May), US crude oil slumped as much as 7% and closed at barely above $100 on Thursday. Oil companies were also urged to increase drilling. OPEC+ met yesterday and decided to stick with the plan of increasing supply by 432k bpd starting May.
Technical wise, the trendline is trying its best to hold price. But as the supplies continue to increase, and China’s demand is not resuming at the moment, we could see further decline in oil prices and the next level to eye for is $94.
EURUSD
EURUSD Daily
EURUSD respected the resistance perfectly. We can expect some significant moves tonight when NFP is released and the sentiment is still towards the downside as the dollar’s outlook remains strong.
USDJPY H4
USDJPY is well-positioned for a continued climb as it bounces off the 121.34 support with ease. Since Asia opened, we have seen the pair rose by 76 pips already, and the next big catalyst is obviously the NFP tonight, although the impact of NFP is seen not as important with other macros that are going on right now.
BTCUSD
Bitcoin daily
Bitcoin is an interesting one. Is this a potential fakeout? The bullish conviction is not as strong, and we are seeing two huge candles down. It is now trading sub 45k again, and we may see another round of fakeout if the final direction is down.
Welf
Technical Analyst, Trader
