How To Make Money Today: Daily Market Analysis and Forex Trading Signals 6 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 H4, prices are approaching a pivot. We see the potential for a bounce from our 1st support at 1.30531 in line with 78.6% Fibonacci projection towards our 1st resistance at 1.316 which is an area of Fibonacci confluences. Alternatively, our 1st support will find prices dropping further towards our 2nd support at 1.29999 in line with 78.6% FIbonacci projection. Our bullish bias is further supported by RSI being at levels where bounces previously occurred.
Areas of consideration:
- H4 1st resistance at 1.316
- H4 1st support at 1.30531
GBP/USD is still susceptible below 1.3100, owing to the gloomy tone ahead of the Fed minutes.
- The GBP/USD remains fragile due to policy divergence between the BOE and the Fed.
- The GBP/USD pair is suffering from risk aversion as a result of the Ukraine situation.
- All eyes are on the Fed minutes for new short-term guidance.
In Wednesday’s Asian trade, the GBP/USD is off the lows but stays marginally flat at 1.3050, as bears take a break following Tuesday’s one-big-figure sell-off.
Cable had held up well so far this week before succumbing to negative forces on Tuesday, when market mood plummeted and the risk-sensitive GBP followed suit.
Investors’ trust has been shaken by rising global economic tensions, as well as new Western sanctions against Russia for its crimes against Ukrainian citizens.
Markets also considered the effect of the Fed’s rapid tightening, as officials at the world’s most powerful central bank have hinted that a balance sheet reduction as well as larger rate hikes might be on the table at the forthcoming May meeting.
The pound remains undervalued versus the US dollar due to the Fed and BOE’s differing monetary policy outlooks. As they combat roaring inflation amid mounting dangers to economic development, the Bank of England policymakers remain in a difficult position and are unlikely to commit to any additional rate hikes.
The pair’s decline was not limited by Tuesday’s higher adjustment to the UK S&P Services PMI for March. The S&P Global/CIPS UK Services PMI increased to 62.6 in March from 60.5 in February, up from a preliminary “flash” estimate of 61.0 in February.
Looking forward, all eyes will be on the Fed’s March meeting minutes, which will be released later in the NA session, for pricing of the May rate rise as well as new US dollar values.
GBP/USD: Technical levels
GBP/USD
| OVERVIEW | |
|---|---|
| Today last price | 1.3070 |
| Today Daily Change | -0.0004 |
| Today Daily Change % | -0.03 |
| Today daily open | 1.3074 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3129 |
| Daily SMA50 | 1.3331 |
| Daily SMA100 | 1.3377 |
| Daily SMA200 | 1.3553 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3167 |
| Previous Daily Low | 1.3067 |
| Previous Weekly High | 1.319 |
| Previous Weekly Low | 1.3051 |
| Previous Monthly High | 1.3438 |
| Previous Monthly Low | 1.3 |
| Daily Fibonacci 38.2% | 1.3105 |
| Daily Fibonacci 61.8% | 1.3129 |
| Daily Pivot Point S1 | 1.3039 |
| Daily Pivot Point S2 | 1.3003 |
| Daily Pivot Point S3 | 1.2939 |
| Daily Pivot Point R1 | 1.3138 |
| Daily Pivot Point R2 | 1.3203 |
| Daily Pivot Point R3 | 1.3238 |
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