Forex News Letter: US Data, Gold and RBI MPC Meeting. What You Need to Know?

Forex News Letter: US Data, Gold and RBI MPC Meeting. What You Need to Know?

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


Sell below $2286

Downside Target Looks  $2270– $2255.
    Stop-loss Below $2300


Sell below  $26.55

        Downside Target Looks $26.35–$26.00
         Stop-loss Above $26.88


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 is Trading Around $86.80

Buy Around  $85.40            

     Upside Target $87.00_$88.00

Stop-loss 84.00


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


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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