USD/CAD

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What happened previously?

USD liquidity issues are largely improved as Senate passes massive $2 trillion coronavirus spending bill. Equity market see signs of recovery.  USD rebounded and is near previous horizontal overlap resistance level. 

 What can we expect? 

We are seeing price to test 1st resistance at 1.42896 and there’s a oversold Stochastics providing support as well. 1st resistance level is a confluence level of horizontal overlap resistance and 61.8% Fibonacci retracement. 

 

UKOIL

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What happened previously?

Price dropped slightly below our previous support and bounced from there. Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude. 

What can we expect?

Our bullish view unchanged. We are seeing the price to retest the first support now at 21.76 and is likely to bounce from there. Stochastics are reaching a new low at 1.67 which serves as a good support for price. 1st support level happens to be where the 100% Fibonacci extension stands.

 

XAUUSD

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What happened previously?

Our bearish call is still valid. Gold went lower as stock market showed relief and see more chances of rebound. 

What can we expect?

We remain bearish as price is retesting our 1st resistance at 1641.66 and is likely to drop further from there. Stochastics is also showing some bearish momentum for a drop to happen. The 1st resistance happens to be where 76.4% Fibonacci retracement and 127.2% Fibonacci extension lines up well and could serve as a key resistance level. 

 

XCUUSD

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What happened previously?

China on Tuesday said the official Purchasing Managers Index for March was 52.0, from the historical low of 35.7 in February, beating expectations of 44.8. Although a number above 50 does not indicate the economy is back, the improvement offers a glimpse of hope that the virus hit could be short lived.

What can we expect?

Our bullish view unchanged. We are seeing the price to break above the upside confirmation at 2.2382, which happens to be where the 50% Fibonacci retracement. If price can break above the upside confirmation, more upside is possible towards 1st resistance at 2.30547.