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Technical Outlook

  

EUROZONE (EUR):EURZONE CPI

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.  Eurozone’s CPI rose to 7.0% year on year.

The report is due Tuesday,  2 May 09:00 GMT

EURUSD Technical Analysis:

EURUSD is in an uptrend, with prices forming higher highs and higher lows. The market is trading above both the 50 and 200MA. Bullish RSI divergence was formed around mid-March 2023, after which the market surged by 5.29% and formed a high at $1.10760.

After the next swing higher low, the price tried breaking the previous high but did not succeed and formed a new resistance at $1.10348. Currently, the RSI line is at 54.50, showing a slightly overbought condition. The price is near the resistance zone with few bearish candles formation. Traders must wait for the successful break above the resistance for BUY, considering that the overall trend is an uptrend.

Pivot Points: EURUSD

  Support  Resistance
S11.1002R11.1030
S21.0992R21.1048
S31.0974R31.1058

USA (USD): NONFARM PAYROLL

Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.  The last NFP was 235K, lower than the forecast of 239K.

The report is due Friday, 5 May at 12:30 GMT

XAUUSD Technical Analysis:

XAUUSD chart shows price previously was in an uptrend and currently is in a consolidation state. Earlier, the price was trading inside the bullish channel and formed a high at $2048.79. Later the price gave a fake setup, breaking the most recent high but immediately coming back to its original price and below the resistance zone at $2012.01.

Moreover, the chart also has multiple candle rejections near the resistance signifying the buyers are not strong enough to push the prices above this zone and sellers are more in control. Currently, the RSI line is at 51.09, showing a slightly overbought condition. The price trading between two major support and resistance zones at $1948.52 and $2047.95.

The price can move in any direction depending on the support or resistance break with the inclination and impact of the news.

Pivot Points: XAUUSD

  Support  Resistance
S11993.71R11997.18
S21991.83R22002.53
S31988.36R32004.41

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