The GBP/USD pair is showing signs of recovery after hitting support at the 1.2300 level. Breaking a bearish trend line with resistance at 1.2420 on the 4-hour chart is a positive signal for the British Pound. The pair is now trading above 1.2380 and has surpassed the 23.6% Fib retracement level. Immediate resistance is seen at 1.2450, with a key resistance level at 1.2500. A clear move above 1.2500 could lead to further gains, with a potential target of 1.2650. On the downside, support is near 1.2400, followed by a major support level at 1.2380. A break below 1.2380 could test 1.2350, with the main support at 1.2300. Further losses might bring the pair down to 1.2120.
EUR/USD is currently consolidating and aiming for a move above 1.0750. The Euro has been struggling to gain momentum against the US Dollar, but a break above 1.0750 could signal a bullish move. Traders will be watching closely for any developments that could impact the Euro’s performance in the coming days.
Crude oil prices have found support near the $81.50 zone after extending losses. The recent upside correction indicates that the commodity market is still volatile, with price movements influenced by various factors such as supply and demand dynamics, geopolitical tensions, and economic data releases. Traders and investors will continue to monitor oil prices closely for any new trends or developments.
The US Durable Goods Orders for March 2024 are forecasted to increase by +1.5% compared to the previous reading of +1.4%. Additionally, Durable Goods Orders ex Defense are expected to rise by +2.5% versus the previous figure of +2.2%. These economic releases could have an impact on the US Dollar and overall market sentiment, as they provide insights into the health of the US economy and consumer spending patterns.
The currency and commodity markets are showing mixed signals as traders navigate through volatile conditions. The GBP/USD pair is on a path to recovery, while EUR/USD is consolidating and crude oil prices remain volatile. Economic data releases, such as the US Durable Goods Orders, will be closely watched for any clues about the direction of the markets in the near term. Traders and investors are advised to exercise caution and stay informed about the latest developments to make informed trading decisions.