Economic Calendar
Today- Bank holidays in most major economies except the US
Wednesday- CAD CPI
Friday- Fed, ECB, and BOE speak
Tesla (NASDAQ: TSLA) is going to release their first-quarter earnings on 420, 5.30 pm EST. However, investors are concerned about the production halt in China and also Musk’s latest involvement in the Twitter takeover.
Technical Analysis
USDJPY
USDJPY Weekly
After six consecutive green weeks for USDJPY, can it continue the bullish momentum this week? There is no major news for the pair this week, so it may not be as volatile. The next target is situated at around 129.1. Do keep in mind that these levels are from 20 years ago when you are doing your technical analysis. The support level remains at 125.8, which is a resistance-turned-support.
EURUSD
EURUSD H4
It was a quiet Friday as markets were closed. However, it is likely that fiber is testing the 1.0760 previous swing low with price trading below both 50 and 200 MA. If it breaks with the USD strengthening, we may see 1.0650 next.
XAUUSD
XAUUSD H4
Surprisingly, gold’s weekend gap was smaller than expected. Price gapped down just 30 cents and then gained $10 as of writing. Technical wise, the 50 MA is crossing over the 200 MA and that serves as one bullish confluence. Other than that, price is able to maintain above 1970 key level. If it continues to rise, we are looking at 2000 key psychological level as our first target.
USOIL
US Crude oil H4
EU government executives have been drafting proposals on a heavier Russian crude ban last week as tensions grew and no sign of a ceasefire in sight. Concerns of an even tighter oil supply sent crude prices higher as Asia opened, and is currently trading 1.17% higher than last week’s closed, at $107.36 per barrel. With both 50 and 200 MA supporting prices and the fundamental development, we may see price testing 115 again.
NASDAQ
Nasdaq Daily
There was no trading last Friday as the markets were closed. In terms of technicals, the price respected the 50 MA as resistance and continued downwards. It is falling back to a 4-week low as investors weigh in inflation data, rising rates, and all the things that are going on in the world.
BTCUSD
BTCUSD H4
It seems like the bulls lost the tug of war at the 40000 level and bears took control as Asia opened this morning. It is trading right under 39000 at the time of writing, and 50 MA is tracking prices closely. If bears continue to gain strength, Bitcoin may test the 37200 area soon as we can see multiple bounces at that zone previously.
Welf
Trader, Technical Analyst
