Market Update - 10 April 2023

EUR/USD remains depressed around intraday low, snaps three-week uptrend. Downside break of three-week-old ascending trend line, receding bullish bias of MACD favor sellers. Fortnight-long support line acts as additional check for Euro bears. RSI retreat, multiple hurdles above 1.1000 keeps EUR/USD sellers hopeful. (FXStreet)

USD/JPY has stretched its recovery to 132.50 as the solid US labor market has backed more rate hikes from the Fed. S&P500 futures are holding nominal gains despite escalating tensions between China and Taiwan. Ex-BoJ Nakaso is hoping for modification or an end to its bond yield control policy due to increasing side effects. (FXStreet)

GBP/USD has dropped below 1.2420 again amid a decent recovery in the USD Index. The USD Index has been backed by China-Taiwan tensions and rising hopes of one more rate hike from the Fed. S&P500 futures have turned negative as investors are anxious about the quarterly earnings season. (FXStreet)

AUD/USD remains sidelined around intraday low amid Easter Monday holiday. China’s military drills around Taiwan propelled geopolitical woes early in Asia. Absence of escalation in military strikes, off in multiple markets tame Aussie pair’s moves. Cautious mood before Aussie employment, US inflation, Fed Minutes weigh on AUD/USD but more clues needed for clear directions. (FXStreet)

USD/CAD struggles to defend the first daily loss in five inside a bearish chart formation. Sustained trading beyond 50-SMA, firmer oscillators prod bears. 200-SMA appears crucial hurdle for Loonie pair buyers. (FXStreet)

USD/CHF picks up bids to refresh intraday high, extend previous week’s rebound from 22-month low. Bullish MACD signals allow USD/CHF to consolidate recent losses but March’s low guards immediate upside. Multiple resistance lines, 100-SMA stand tall to challenge USD/CHF bulls. Sellers need validation from 0.9035 to aim for fresh multi-month low. (FXStreet) 

USD/MXN is eyeing more weakness below 18.10 as USD Index has witnessed exhaustion in the upside momentum. The USD Index is struggling to expand gains further as investors are ignoring volatility ahead of US inflation data. USD/MXN is expected to continue further downside amid Darvas Box formation. (FXStreet)

USD/INR is aiming to defend its immediate support of 81.70 as RBI has yet not reached to pivot rate. Mounting China-Taiwan tensions have triggered the risk-off market mood. Further movement in the USD Index is likely to be guided by the US inflation data. (FXStreet)

NZD/USD renews intraday low, extends previous week’s pullback from two-month high. Successful break of one-month-old ascending trend line, clear U-turn from 0.6385-90 resistance confluence favor sellers. Looming bear cross on MACD, steady RSI (14) adds strength to downside bias. (FXStreet)

WTI remains sidelined inside a four-day-old trading range, retreats of late. Fears emanating from OPEC+ supply cuts, geopolitical fears underpin Oil price strength. US Dollar traces recently firmer odds of Fed’s 0.25% rate hike in May after upbeat US NFP. Risk catalysts, US inflation and Fed Minutes eyed for clear directions. (FXStreet)

Natural Gas price prints mild gains after declining to the lowest levels since August 2020 the previous day. Fears of supply crunch allow XNG/USD bears to take a breather at multi-month low. US Dollar rebound, expectations of warmer weather in Europe challenge gas buyers. Market sentiment, inflation data from China and US will be important for fresh impulse. (FXStreet)

Gold price has stretched its downside to near $1,990.00 amid steep recovery in the USD Index. Investors are anticipating a rebound in US inflation figures amid solid labor market conditions. Gold price is declining towards the upward-sloping trendline plotted at $1,885.77. (FXStreet)

Source: FXStreet, DailyFX

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.