GBP Gains Heavily for First Time in Weeks

Gold:

Bullish trends were initiated around the $1118 level, and have continued with full steam as currently an ounce of gold is valued at $1126. Currently, gold is reaching towards a very strong resistant level placed at the $1130 level. If the resistant level will be breached, another sharp bullish move might take place. This could be a great opportunity for forex traders to join a very popular trend.

EUR Falls on Risk Aversion; Rebound Expected?

GBP/NZD:

The pair’s hourly and 2 hour chart’s RSI is floating in the oversold territory with a bullish cross evident on the hourly, 2 hour and 4 hour charts’ Slow Stochastic. Furthermore, a breach of the lower Bollinger Band is evident on the hourly chart. Forex traders are advised to go long for the day

Will the Dollar Continue To Slide Against the Euro?

Oil:

Spot crude oil prices have fallen below the daily chart’s upward sloping trend line. The price move lower began at the resistance level of $83.05 and is approaching the 20-day moving average line of the Bollinger Bands. Forex and commodity traders may want to enter into the market with this downward momentum at their backs. An entry strategy may be to wait for the price to break the 20-day moving average line and go short, with a price target at the lower Bollinger Band line, near $78.50.

Dollar Lower on Mixed Data

EUR/JPY:

Yesterday the pair made a modest correction to the upward sloping price trend that began on February 25th. The price failed to breach this trend line, indicating the uptrend is still intact. The 7-day RSI has also maintained its rising trend line and continues to move higher. The pair could rise to its short term resistance level of 0.9150. Forex traders may want to be long on this pair as a breach of this price could propel the pair to its next resistance level of 0.9410.

Bearish Dollar Will Try and Recover Losses Today

Gold:

Gold prices are once again dropping, and it is currently traded around $1107.45 an ounce. And now, the 8-hour chart’s RSI is giving bullish signals, indicating that gold prices might go up. This might give forex traders a great opportunity to enter a very popular trend.

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