04/11 Market report

【Dow Jones】

New York Fed created the WEI indicator in 2020 and this indicator is an index of ten indicators of real economic activity, scaled to align with the four-quarter GDP growth rate.According to the past data, WEI's rise and fall will often lead the US stock market. This data has fallen by 61% since April 2021 and this week is the earnings week of the US stock market. This is expected due to the impact of the Ukrainian-Russian War, inflation, interest rate increases etc. Investors should be careful this week on the US stock market.

From the daily technical line, Alligator shows a golden cross while the KD is also at the bottom of the golden cross. This shows that the buying has a certain strength. The Dow has been trading in a consolidation range and waiting for a clear direction.

USA30-D1

Resistance point 1: 35000 / Resistance point 2: 35500 / Resistance point 3: 36000

Support point 1: 34200 / support point 2: 33800 / support point 3: 33000

【EUR】

After meeting with the President of the European Council in Kiev, the President of the European Council announced that a bill of 500 million euros of additional appropriations would be proposed. Once approved, the EU's assistance to Ukraine would so far reach 1.5 billion euros. The longer the Ukrainian-Russian war is, the more serious the EU's energy crisis would be. It will be more difficult to solve the inflation.

The recent performance of the euro has been weak and begun to challenge the recent swing lows. The current daily technical line shows an Alligator death crossover while the KD is a low-end figure. This indicates that the strength of the bears is still strong. Inflation is determined not to turn well, the next thing to watch would be whether the central bank will bring any positive measures.

EURUSD-D1

Resistance point 1: 1.09200 / Resistance point 2: 1.09500 / Resistance point 3: 1.09800

Support 1: 1.08200 / Support 2: 1.08000 / Support 3: 1.07500

【Gold】

The harsh sanctions imposed on Russia and the resulting crash of the Ruble have the Kremlin scrambling to keep the country's economy running. For Vladimir Putin, that means finding workarounds to the Western economic blockade even as his forces continue to invade Ukraine.

Gold has been trading in a consolidated manner in the region of 1900-1950 per ounce. The war is still not over and so the safe-haven buying still exists. The central banks may also begin to keep gold in their reserve because of the war. With the US dollar index continuing to rise, the price of gold has been under a lot of pressure but the price of gold tagged to the USD has not change much.

XAUUSD-D1

Resistance point 1: 1960.00 / Resistance point 2: 1970.00 / Resistance point 3: 1980.00

Support point 1: 1930.00 / support point 2: 1920.00 / support point 3: 1910.00

【Crude Oil】

Recently, countries around the world have released their oil reserves. The United States will release 1 million barrels of crude oil every day for 6 months and some of the other countries are doing the same. OPEC+, a group of OPEC and allies of the Organization of the Petroleum Exporting Countries, agreed to increase production in May, increasing production by 400,000 barrels per day to 432,000 barrels per day. The prices in the crude oil market fell under pressure because of this supply.

The price of crude oil has recently fallen below the 100-point mark of $100 per barrel, and it can be seen from the technical line of the daily line that the Alligator has begun to show the short-term selling force. The KD at the bottom has been oscillating between the golden cross and death cross, showing that the selling pressure of crude oil on the short-term line is heavy.

USOIL-D1

Resistance point 1: 100.500 / Resistance point 2: 102.200 / Resistance point 3: 104.500

Support point 1: 96.200 / support point 2: 95.800 / support point 3: 93.500

OnePro Special Analyst

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