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For the 24 hours to 23:00 GMT, the EUR rose 0.14% against the USD and closed at 1.1298.

On the data front, the Euro-zone's seasonally adjusted trade surplus widened to a 11-month high level of €19.5 billion in February, following a revised surplus of €17.4 billion in the prior month. Moreover, the region's consumer price index (CPI) advanced 1.4% on a yearly basis in March, in line with market expectations. In the previous month, the CPI had recorded a rise of 1.5%.

In the US, data showed that the US trade deficit narrowed to an 8-month low level of $49.4 billion in February, weighed down by decline in Chinese imports and compared to a deficit of $51.1 billion in the previous month. Market participants had envisaged the deficit to expand to $53.4 billion. Meanwhile, the nation's mortgage applications dropped 3.5% on a weekly basis in the week ended 12 April 2019, following a fall of 5.6% in the previous week.

The Federal Reserve's (Fed) latest Beige Book reported that the US economy expanded at a slight-to-moderate pace in March and early April, despite strong economic momentum in some districts. However, the report pointed that the labour markets continued to remain tight amid modest wage growth. On the outlook front, the Fed stated that there was little change in the economic outlook, with contacts in reporting districts expecting slight-to-modest growth in the months ahead.

In the Asian session, at GMT0300, the pair is trading at 1.1294, with the EUR trading a tad lower against the USD from yesterday's close.

The pair is expected to find support at 1.1281, and a fall through could take it to the next support level of 1.1269. The pair is expected to find its first resistance at 1.1315, and a rise through could take it to the next resistance level of 1.1337.

Moving ahead, traders would await the Markit manufacturing and services PMI's for April, set to release across the euro bloc. Later in the day, the US business inventories for February and advance retail sales for March, along with initial jobless claims will keep traders on their toes. Also the Philadelphia Fed business outlook and the Markit manufacturing and services PMI, all for April, will garner significant amount of investor attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the GBP declined 0.05% against the USD and closed at 1.3038, after UK's consumer price inflation rose below estimates.

Data showed that UK's consumer price index (CPI) climbed 1.9% on an annual basis in March, undershooting market consensus for a gain of 2.0%. The CPI had registered a similar rise in the prior month. Moreover, Britain's retail price index rose 2.4% on an annual basis in March, compared to an advance of 2.5% in the prior month. Market participants had anticipated the index to register a gain of 2.6%. Also, the nation's house price index jumped 0.6% on a yearly basis in March, rising at its slowest pace in six-years and falling short of market consensus for a climb of 1.2%. In the preceding month, the index had registered a rise of 1.7%.

In the Asian session, at GMT0300, the pair is trading at 1.3039, with the GBP trading marginally higher against the USD from yesterday's close.

The pair is expected to find support at 1.3023, and a fall through could take it to the next support level of 1.3007. The pair is expected to find its first resistance at 1.3061, and a rise through could take it to the next resistance level of 1.3083.

Trading trend in the Sterling today, is expected to be determined by UK's retail sales for March, scheduled to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 112.04.

In the Asian session, at GMT0300, the pair is trading at 111.97, with the USD trading 0.06% lower against the JPY from yesterday’s close.

The pair is expected to find support at 111.87, and a fall through could take it to the next support level of 111.78. The pair is expected to find its first resistance at 112.09, and a rise through could take it to the next resistance level of 112.22.

Moving ahead, traders will await Japan’s national consumer price index for March, set to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.29% against the CHF and closed at 1.0106.

In the Asian session, at GMT0300, the pair is trading at 1.0103, with the USD trading a tad lower against the CHF from yesterday’s close.

The pair is expected to find support at 1.0077, and a fall through could take it to the next support level of 1.0052. The pair is expected to find its first resistance at 1.0119, and a rise through could take it to the next resistance level of 1.0136.

Going forward, traders would closely monitor Switzerland’s trade balance data for March, slated to release in a while.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.10% against the CAD and closed at 1.3349.

Data showed that Canada's consumer price index (CPI) advanced 1.9% on a yearly basis in March, meeting market consensus and compared to a rise of 1.5% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3352, with the USD trading marginally higher against the CAD from yesterday's close.

The pair is expected to find support at 1.3298, and a fall through could take it to the next support level of 1.3245. The pair is expected to find its first resistance at 1.3382, and a rise through could take it to the next resistance level of 1.3413.

Looking ahead, investors would keep an eye on Canada's retail sales for February, slated to release later in the day.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the AUD rose 0.14% against the USD and closed at 0.7174.

LME Copper prices rose 0.8% or $49.0/MT to $6509.0/MT. Aluminium prices rose 0.1% or $1.5/MT to $1840.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7182, with the AUD trading 0.11% higher against the USD from yesterday's close.

Overnight data showed that Australia's seasonally adjusted unemployment rate climbed to 5.0% in March, at par with market expectations. In the preceding month, unemployment rate had registered a rate of 4.9%. Meanwhile, the nation's NAB business confidence index slid to a level of -1.0 in 1Q 2019, following a reading of 1.0 in the prior quarter.

The pair is expected to find support at 0.7161, and a fall through could take it to the next support level of 0.7139. The pair is expected to find its first resistance at 0.7205, and a rise through could take it to the next resistance level of 0.7227.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Gold declined 0.17% against the USD and closed at USD1276.70 per ounce, as better-than-expected economic data from China eased concerns over global growth.

In the Asian session, at GMT0300, the pair is trading at 1274.20, with gold trading 0.20% lower against the USD from yesterday’s close.

The pair is expected to find support at 1271.23, and a fall through could take it to the next support level of 1268.27. The pair is expected to find its first resistance at 1279.63, and a rise through could take it to the next resistance level of 1285.07.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Silver declined 0.07% against the USD and closed at USD14.95 per ounce, tracking losses in gold prices.

In the Asian session, at GMT0300, the pair is trading at 14.91, with silver trading 0.27% lower against the USD from yesterday’s close.

The pair is expected to find support at 14.84, and a fall through could take it to the next support level of 14.77. The pair is expected to find its first resistance at 15.01, and a rise through could take it to the next resistance level of 15.12.

The white metal is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Crude Oil declined 0.99% against the USD and closed at USD63.71 per barrel, amid ongoing uncertainty over global crude supply.

Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 1.4 million barrels in the week ended 12 April 2019, recording its first drop in 4 weeks.

In the Asian session, at GMT0300, the pair is trading at 63.7, with oil trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 63.32, and a fall through could take it to the next support level of 62.93. The pair is expected to find its first resistance at 64.35, and a rise through could take it to the next resistance level of 64.99.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

STOCKS

Equities broadly remain bullish. But a dip in the near-term looks likely before we see a fresh rally. Sensex and Nifty has broken the range on the upside as expected and could be gearing-up to make record highs in the coming weeks.

The resistance at 26500 seems to be holding well for the Dow (26449.54, -3.12, -0.01%). We retain the bullish outlook for a rise to 26750 and 27000. However, a dip to 26250 cannot be ruled out before the Dow breaks above 26500 decisively and gears-up for a further rally.

DAX (12153.07, +51.75, +0.43%) has risen breaking above the key resistance level of 12030 and is currently poised in the next crucial 12150-12200 resistance zone. A test of 12200 is likely in the coming sessions. A pull-back from 12200 can take the DAX lower to 12100 and 12000 again.

Nikkei (22172.73, -105.24, -0.47%) has come-off sharply after making a high of 22345 yesterday. A dip to 22100 looks likely in the near term.

Shanghai (3264.67, +1.55, +0.05%) has risen back sharply from around 3150 as against our expectation to test 3130. Resistance is in between 3280 and 3300 which can be tested in the near term. A pull-back from this resistance zone can drag the index down to 3200 and 3150 again. But a strong break above 3300 will pave way for a fresh rally to 3350 and 3400.

Sensex (39275.64, +369.80, +0.95%) and Nifty (11787.15, +96.80, +0.83%) has broken the range above 39000 and 11700 respectively as expected. The outlook is bullish. Sensex can rise to 39500 or even higher levels. Nifty can target 11900 and 12000. However, a dip to 39000 on the Sensex and 11700 on the Nifty cannot ruled out in the near term before we see these indices targeting the above mentioned levels.

COMMODITIES

Gold has broken below a crucial support and turns bearish for further fall. But Silver is holding around 15 and looks mixed in the near term. Copper might see some upticks in the coming sessions. Oil looks mixed.

Gold (1274) has declined breaking below the crucial support level of 1280. The region between 1280 and 1283 will now act as a good resistance and cap the upside. A fall to 1265 and 1260 can be seen in the coming days.

Silver (14.98) looks mixed and is oscillating around the psychological level of 15. It could trade sideways between 14.80 and 15.10 for some time. Within this range, a dip to 14.9-14.85 is possible in the coming sessions.

Copper (2.96) spiked to 2,99 and has come-off from there. Immediate support is at 2.95. While above this support, the bias is bullish for it to test 3.0 in the coming sessions. But a break below 2.95 can take it down to 2.92.

Brent (71.50) remains mixed. It has come-off after making a high around 72.25 and looks likely to dip to 70.90-70.75.

WTI (63.7) has been oscillating between 63 and 64.8 for some time. Within this range, a dip to 63 can be seen in the coming sessions. A break below 63 can drag WTI lower to 62. A strong break above 64.8 is needed to boost the momentum and take the prices to 66 and even higher levels.

FOREX

Currencies looks mixed. Dollar-Yen and Euro-Yen might dip in the near term while the Euro can see some upticks before a fresh fall. Aussie is hovering around a key resistance, but looks likely to breach it and move higher in the coming days. Dollar-Rupee remains bullish.

The Dollar Index (97.01) seems to be not gaining strength although it is managing to hold above 96.62 - the 21-week moving average support. A dip to 96.85-96.80 looks likely in the near term and a bounce from there can take it back to 97.10.

The Euro (1.1295) continues to face resistance around 1.1325 and dip to 1.1275. Near-term support is around 1.1265. While this support holds, the bias is slightly positive for the Euro to break 1.1325 and test 1.1350 in the near term before we see a fresh fall.

The Euro-Yen (126.42) looks mixed as it is stuck in a narrow range between 126.2 and 126.8 over the last few days. A break below 126.2 can take it to 126 and 125.7. On the other hand a rise to 127.5 is possible on a break above 126.8.

Dollar-Yen (111.95) seems to lack strong follow-through buyers above 112 and looks vulnerable to test 111.50 in the coming sessions.

The Aussie (0.7180) has come-off after testing the key resistance at 0.72. It may remain range bound between 0.7150 and 0.72 for some time and a breakout on either side will decide the next move. On the charts, the possibility remains high for the Aussie to breach 0.72 and rally to 0.73 in the coming weeks.

Chinese Yuan (6.6913) has broken below the key support level of 6.70. A test of 6.67 looks likely in the near term.

Dollar-Rupee (69.6050) keeps the bullish view intact for a test of 69.75 in the near term. A break above 69.75 will take it further higher to 70. Support is in between 69.50 and 69.45.

INTEREST RATES

The US 2Yr (2.39%), 5Yr (2.39%), 10Yr (2.58%) and 30Yr (2.98%) have dipped from 2.42%, 2.42%, 2.61% and 3.01% respectively. The resistance around 3% on the 30Yr seems to be holding well and a dip to 2.95% is likely while it remains below 3%.

The German 2Yr (-0.566%) has dipped slightly and the 5Yr (-0.36%) remains stable. The 10Yr (0.08%) and 30Yr (0.73%) have risen breaking above their respective resistances of 0.07% and 0.70% and looks bullish to test 0.1% and 0.8% in the near term.

The 10Yr GOI (7.5399%) yield can dip to test 7.50% in the near term after which a bounce to 7.55% and 7.57% again.