How To Make Money Today: Daily Market Analysis and Forex Trading Signals 1 April 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first, and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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DXY:
On the weekly, prices have approached a pivot. With RSI at all time high and divergence spotted, we see the potential for a dip from our 1st resistance at 99.183 in line with 78.6% Fibonacci Retracement towards our 1st support at 95.089 in line with 50% Fibonacci retracement. RSI is at levels where dips previously occurred.
On the daily, prices have consolidated in a triple top pattern. We see the potential for a bounce from our 1st support at 97.753 in line with 100% Fibonacci Projection towards our 1st resistance at 99.430 in line with 100% Fibonacci Projection. Prices are trading above our ichimoku cloud support, further supporting our bullish bias. On the H4 timeframe, prices are approaching a pivot. We see the potential for a dip from our 1st resistance at 98.409 in line with 38.2% Fibonacci Retracement towards our 1st support at 97.741 in line with 38.2% Fibonacci retracement. Prices are trading below our ichimoku clouds, further supporting our bearish bias.
Areas of consideration:
- H4 time frame, 1st resistance at 98.409
- H4 time frame, 1st support at 97.741
The DXY has been supported ahead of Friday’s US Nonfarm Payrolls.
On bearish market mood, the US dollar index (DXY) has risen to roughly 98.40 as investors await the release of US Nonfarm Payrolls on Friday
- Oil prices fall below $100.00 due to US SPR oil release.
- 180 million more barrels of oil equals roughly two days of world demand increase.
- It has been supported ahead of Friday’s nonfarm payrolls.
The price of West Texas Intermediate (WTI) futures on the New York Mercantile Exchange fell below $100.00 on Thursday after US President Joe Biden announced a six-month release of one million barrels per day from the Strategic Petroleum Reserve (SPR) starting in May. Oil prices fell more than 6% on Thursday, owing to expectations of reduced variance in the black gold’s demand-supply mechanism.
President Joe Biden of the United States has asked oil drilling firms to utilize their idle capacity and pump more oil in order to provide price stability to the oil market. This is the moment for people and American families to take precedence over long-term investors. The US government has announced an oil release from the SPR for the third time in the previous six months. According to Reuters, an extra oil discharge of 180 million barrels is equal to approximately two days of world demand.
However, the extra one million barrels of oil released will not be enough to offset Russia’s three million barrels of oil, and this kind of oil release by helicopter would not address the global supply imbalance.
On the demand side, China’s limits on personnel, materials, and machinery, along with lockdown measures in response to Covid-19’s return, have had a cumulative negative influence on oil prices.
Meanwhile, on bearish market mood, the US dollar index (DXY) has surged at 98.40 as investors await the release of the US Nonfarm Payrolls on Friday.
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