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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GBP/USD
On the weekly, prices are on bearish trendline and abiding by our descending trendline resistance. We see the potential for a dip from our 1st resistance in line with 50% Fibonacci retracement towards our 1st support at 1.30061 which is a graphical swing low and also in line with 127.2% Fibonacci extension. On the daily, prices are on bearish momentum. We see the potential for further bearish continuation from our 1st resistance at 1.32763 in line with 78.6% Fibonacci projection towards our 1st support at 1.30038 in line with 61.8% Fibonacci Projection. Prices are trading below our ichimoku cloud resistance, further supporting our bearish bias. On the H4, prices are consolidating in a triangular pattern. As prices are consolidating in the middle, we would watch for a break from the triangle. Breaking upwards will find prices going to our 1st resistance at 1.31848 in line with 78.6% Fibonacci Retracement. Alternatively, prices may dip towards our 1st support at 1.31043 in line with 78.6% Fibonacci Projection. Technical indicators are showing conflicting views.
Areas of consideration:
- H4 1st resistance at 1.31848 i
- H4 1st support at 1.31043
GBP/USD is presently trading between 1.3050 and 1.3250, according to UOB.
Cable has entered a consolidation period and is projected to trade around the 1.3050-1.3250 range in the next weeks, according to UOB Group FX Strategists.
Key Quotes
Our hopes for GBP to ‘test the resistance around 1.3195’ yesterday were not realized, as it fluctuated between 1.3107 and 1.3176 before finishing little altered at 1.3145 (+0.06%).” Momentum is ‘flattish,’ and the pound is predicted to move sideways today, with a range of 1.3110/1.3185.
“There isn’t anything to contribute to our report from yesterday,” says the next 1-3 weeks (31 Mar, spot at 1.3140). GBP is expected to trade between 1.3050 and 1.3250 for the time being, as previously stated.”.
The GBP/USD exchange rate is locked around 1.3150 as the DXY advances amid a bearish market sentiment.
- Ahead of the US NFP, the GBP/USD is bidding around 1.3150.
- The safe-haven attractiveness has improved as a result of the risk-off impulse.
- The sterling’s performance versus the greenback has been hampered by the UK’s GDP outperformance.
As a comeback in the US dollar index (DXY) has stalled the risk-perceived currencies, the GBP/USD pair is demonstrating back-and-forth fluctuations in the range of 1.3106-1.3176. Despite the UK’s Gross Domestic Product outperforming the market, cable volatility has substantially decreased (GDP). The quarterly GDP came in at 1.3 percent higher than the market expectation and the previous number of 1%. While the annual GDP came in at 6.6 percent, it was somewhat better than the street consensus and the prior print of 6.5 percent.
As the supply system in England has been disrupted by the conflict between Russia and Ukraine, the pound has been seeking for a strong trigger to draw offers from investors. Rising commodity and oil costs are affecting commodity-importing nations, and market investors aren’t interested in the pound. Despite the Bank of England (BOE) raising interest rates, the pound has failed to attract purchasing interest.
The DXY had quickly risen by that time, after dropping below 98.00 amid persistently unfavorable market sentiment. In addition, US Treasury rates have begun to rise on expectations of a Federal Reserve (Fed) interest rate increase of 50 basis points (bps) in May’s monetary policy.
Investors are sitting on the sidelines as they wait for the US Nonfarm Payrolls (NFP) to be released. The US NFP is expected to underperform, with a preliminary estimate of 490K compared to an earlier projection of 678K.
GBP/USD
| OVERVIEW | |
|---|---|
| Today last price | 1.3138 |
| Today Daily Change | 0.0002 |
| Today Daily Change % | 0.02 |
| Today daily open | 1.3136 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3137 |
| Daily SMA50 | 1.3356 |
| Daily SMA100 | 1.3386 |
| Daily SMA200 | 1.3564 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3176 |
| Previous Daily Low | 1.3106 |
| Previous Weekly High | 1.3299 |
| Previous Weekly Low | 1.312 |
| Previous Monthly High | 1.3438 |
| Previous Monthly Low | 1.3 |
| Daily Fibonacci 38.2% | 1.3149 |
| Daily Fibonacci 61.8% | 1.3132 |
| Daily Pivot Point S1 | 1.3103 |
| Daily Pivot Point S2 | 1.3069 |
| Daily Pivot Point S3 | 1.3033 |
| Daily Pivot Point R1 | 1.3172 |
| Daily Pivot Point R2 | 1.3209 |
| Daily Pivot Point R3 | 1.3242 |
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