The forex news for the day is in and it seems like the US data and also a little bit of the Indian data is in focus today.
So without any further delays, let’s begin with the analysis.
Dollar Index
Buy Above 104.06
Upside Targets Looks 104.36– 104.70
Stop loss above 103.80
XAUUSD
Sell below $2286
Downside Target Looks $2270– $2255.
Stop-loss Below $2300
XAGUSD
Sell below $26.55
Downside Target Looks $26.35–$26.00
Stop-loss Above $26.88
COPPER
Yesterday We Recommended to buy around $4.20
( Both target hits – $4.25-$4.30)
Sell below $4.1970
Downside Targets Look $4.1700-$4.1400
Stop Loss Above $4.2320
CRUDE OIL (WTI)
Crude Oil is Trading Around $86.80
Buy Around $85.40
Upside Target $87.00_$88.00
Stop-loss 84.00
NASDAQ
Yesterday We Recommended to Sell below 18400
both target hit 18300–18220.
Buy Above 18200 Levels Only…!!
Upside Target Looks 18300–18360.
Stop-loss above 18050
S&P 500 E-Mini
Yesterday We Recommended to Buy Above 5285
First target hit 5300
Buy Above 5237
Stoploss below 5190
Upside Target Looks 5260-5290
TOP PICK-GBPAUD
Yesterday We Recommended to Buy EURCAD Above 1.4680
target hit 1.4720
Sell Around 1.9250 Stop-loss Above 1.9301 Target 1.9220
Forex News: US, India and Gold!!
The US Dollar index was trading flat before the market moved US data. The US Dollar index is trading slowly and steadily as traders anticipated the crucial US data. The expectation is that the US labour report could probably inject some volatility into the US Dollar index if inflation expectations change.
In other news, Gold prices have paused their rally amid heightened investor cautions ahead of the US Non-farm payrolls. The gold price has turned sideways near all-time highs as the focus shifts to the US NFP report.
The Reserve Bank of India held its RBI MPC Meeting 2024 and there was a forex segment in there. India’s FPI flows have been a significant turnaround in FY23. The forex reserves have reached an all-time high of $645.6 billion as well.
That’s all for today folks!!
We’ll be back with more news soon.
Until then,
Happy Trading!!
Commodity Samachar
Learn and Trade with Ease
Also Read: RBI MPC Meeting 2024: What On the RBI’s Radar?, Aluminium prices have risen. Where’s it headed to next ?
Recommended Read: The Commodity Market — Why is it advantageous to traders?
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