Oil Recovery Helps Sentiments

04/30/2020 at 10:28AM

In the G10 FX Market, CHF and SEK are the top gainers today, up 0.24% and 0.12% versus the dollar while NZD and AUD are the top losers, down -0.21% and -0.2% versus the dollar, respectively.


The dollar moved lower on Wednesday while safe-haven currencies were broadly supported despite stabilizing oil prices after a recovery. Canadian Dollar also rallied on the back of oil recovery.


In the rates market, global yields were trading weaker with the US 10-year yield down -1.2bp trading at 0.616 and the German 10-year yield trading lower by -1.0bp around -0.505. In the energy space, the Brent front month is trading up 15.53% for the day at $26.04.


10-year Yields Daily Chart (1-month)


Daily FX Pivots


Brent Crude Daily Chart (1-month)


(Content and Data by Tradermade)


Forex Chart and Technical Analysis


EURUSD Chart (Two-week)


Strategy: Support at 1.086 for 1.0901
Short-term view: EUR/USD support comes in at 1.086 MACD and RSI have a bullish bias. Hence, we see bounce to 1.0901 enter at 1.0874. Below 1.086 to open 1.0834


GBPUSD Chart (Two-week)


Strategy: Support at 1.2448 for 1.2508
Short-term view: GBP/USD support comes in at 1.2448 MACD and RSI have a bullish bias. Hence, we see bounce to 1.2508 enter at 1.2468. Below 1.2448 to open 1.2411


USDJPY Chart (Two-week)


Strategy: Resistance at 106.9 for 106.36
Short-term view: USD/JPY MACD and RSI are flat but resistance comes in at 106.9 and we see a dip to 106.36 enter at 106.72. Above 106.9 to open 107.17


AUDUSD Chart (Two-week)


Strategy: Support at 0.6533 for 0.658
Short-term view: AUDUSD MACD and RSI are flat but support comes in at 0.6533 and we see a dip to 0.658 enter at 0.6546. Below 0.6533 to open 0.6508