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During Monday's trading session, the currency exchange rate was retraced by the 200-hour simple moving average to pass through most of the technical indicators. On Tuesday morning, the rate was located at the 55-hour simple moving average at the 1.3065 mark.

It is expected that the 100-hour simple moving average could retrace the British Pound near the weekly pivot point at the 1.3095 mark. Most likely, the currency exchange rate will end the trading session at the 1.3000 level.

However, today's US Durable Good Orders release at 12:30 GMT might push the rate towards the 200-hour SMA at the 1.3100 level.

During Monday's trading session, the Japanese Yen appreciated against the US Dollar to break the medium pattern line at the 111.10 mark. On Tuesday morning, the currency exchange rate was located above the weekly R1 at 111.33.

In regards to the near-term future, most likely, the rate will continue the surge towards the weekly R2 at the 111.75 mark. It is expected that the rate will end the session at the 111.50 level.

On the other hand, today's US Durable Good Orders release at 12:30 GMT might push the rate to depreciate to the 111.20 level.

XAU/USD passes 23.60% FiboDuring Monday's trading session, the yellow metal depreciated to the 1,285.00 level to pass the support level of the 23.60% Fibonacci retracement level. On Tuesday morning, the rate was located at the 1,288.28 mark.

In regards to the near-term future, most likely, the 55-hour simple moving average will retrace the rate to push it to end the trading day at the 1,280.00 level.

On the other hand, today's US Durable Good Orders release at 12:30 GMT could push gold to appreciate against the US Dollar to break through the resistance levels of the 55-hour SMA and the 23.60% Fibo to trade at the 1,295.00 level.

The single European currency appreciated about 50 base points against the Japanese Yen on Monday. The currency pair breached the 200-hour simple moving average during yesterday's trading session.

Given that the 50-, 100– and 200-hour SMAs are low the price level, it is likely that the exchange rate surge towards a resistance line at 125.70 during the following trading session.

However, technical indicators flash sell signals on the daily time-frame chart. Therefore, the weekly R1 at 125.04 could hinder bulls from pushing the currency exchange rate higher today.

The Australian Dollar depreciated about 32 base points against the US Dollar on Monday. The decline was stopped by a support cluster formed by the combination of the 50– and 200-hour SMAs and the weekly PP at 0.7103.

However, today's trading session began with downside movement. By the middle of the European trading session, the exchange rate lost more than 60 base points. This drop was caused by remarks made by the Australian Central Bank about the health of the global economy.

Most likely, bullish traders could try to push the currency exchange rate back to the upper boundary of a junior descending channel at 0.7131 during the following trading session.

The US Dollar depreciated about 63 base points against the Canadian Dollar on Monday. The decline was stopped by a support cluster formed by the combinations of the weekly and the monthly PPs at 1.3317.

Everything being equal, it is likely that the currency exchange rate surge today. The potential upside target will be at the 50-hour simple moving average at 1.3354. Moreover, technical indicators flash strong buy signals on the daily time-frame chart.

Although, the US macroeconomic data releases at 12:30 GMT could change the overall positioning of the USD/CAD currency pair within this session.

Gold plummeted below 1300 over the previous week, while today the price is moving around the fresh one-month low around 1285. The March 7 support line seems to be acting as support near 1280.63, though, the risk remains neutral to slightly positive as the MACD is flattening around the trigger line, while the stochastic oscillator is ready for a bullish cross with the %K and %D lines.

If the market corrects higher, the bullish action may pause initially near the 20-simple moving average (SMA) currently at 1292.69 before attention shifts to the 1297 – 1303 critical resistance area. A rally on top of the latter and more importantly above the 40-SMA would probably stage new buying pressure, with the price moving next to the 1312 peak.

On the other hand, violating the six-week low of 1280.63, could see losses extending towards the 1276.56 barrier, taken from the lows on January 24. Even lower, the bears could stall around 1265, registered on December 20.

Overall, the yellow metal is still hovering below the bearish cross within the short-term SMAs, suggesting more losses, however, indicators seems to be in confusion as there is no clear tendency in price action over the last month.

The Aussie dollar fell sharply on Tuesday and tested the levels that mark the floor of two-week congestion (0.7064), after Reserve Bank of Australia published its statement following policy meeting.

The central bank left interest rate unchanged at 1.5% as expected, but markets saw the tone of the statement as dovish that increased pressure on Aussie.

The RBA removed 3% GDP forecast and said it will monitor developments that market took as shift to dovish bias.

Sustained break below 0.7064 pivot (congestion floor / Fibo 61.8% of 0.7003/0.7168 upleg) would generate negative signal and would risk retest of key 0.70 support zone (08 Mar low / daily cloud base).

Fresh bearish momentum and MA’s turning to negative setup on daily chart add to soured sentiment after RBA and negative near-term outlook.

Broken 10SMA marks initial barrier at 0.7101, guarding upper pivot at 0.7121 (55SMA) break of which is needed to neutralize downside risk.

Res: 0.7083, 0.7101, 0.7121, 0.7151
Sup: 0.7064, 0.7041, 0.7000, 0.6931

Yesterday, the US dollar fell slightly against a basket of major currencies amid mixed economic statistics. Thus, the core retail sales index fell by 0.4% in February, while experts forecasted growth by 0.4%. Retail sales also fell by 0.2% in February instead of the expected growth by 0.3%. At the same time, ISM manufacturing PMI increased to 55.3 in March instead of 54.5. The dollar index (#DX) closed with a small minus near three-week highs (-0.03%).

Yesterday, the British Parliament failed to decide the future of Britain in the EU again. So, four Brexit alternatives were rejected. The EU's chief Brexit negotiator, Michel Barnier, announced that the UK was likely to exit the European Union without an agreement. He also said that Britain could still accept the deal offered by Theresa May, exit without an agreement, or ask to delay Brexit.

The euro weakened against the US dollar amid weak economic statistics yesterday. Thus, German manufacturing PMI fell to 44.1 in March, while experts expected 44.7. The consumer price index in the Eurozone rose by only 1.4% in March instead of the forecasted growth by 1.5%.

Today, during the Asian trading session, the Reserve Bank of Australia has decided on a key interest rate. The regulator left the indicator unchanged at 1.50%. Also, optimistic data on building permits was published in Australia, which rose by 19.1% in February, although experts expected a decline by 1.7%

The "black gold" prices are increasing. At the moment, futures for the WTI crude oil are testing the mark of $61.70 per barrel. At 23:30 (GMT+3:00), a report on the API weekly crude oil stock will be published.

Market Indicators

• Yesterday, the bullish sentiment was observed in the US stock market: #SPY (+1.19%), #DIA (+1.26%), #QQQ (+1.32%).
• The 10-year US government bonds yield is growing. At the moment, the indicator is at the level of 2.46-2.47%.

The news feed on 02.04.2019:

• The index of economic activity in the UK construction sector at 11:30 (GMT+3:00);
• Core durable goods orders in the US at 15:30 (GMT+3:00).

EUR/USD

Current level - 1.1195

While 1.1175 low holds, there will be a chance for one more upswing, towards 1.1330 area. A clear break through the monthly low will trigger directly 1.1020 area. Crucial on the upside is 1.1240 resistance.

USD/JPY

Current level - 111.37

The uptrend remains intact, well supported at 111.20. Next major resistance lies at 112.15 and crucial on the downside is 110.80 low.

GBP/USD

Current level - 1.3039

Yesterday's test of 1.3150 failed as well and the pair is set for another dip to 1.2960. An eventual break through the mentioned support will challenge 1.2820 area.