04/29 Market report

【Dow Jones】

Meta surged 17.59 percent after earnings exceeded expectations, suggesting that investors could see signs of relief in the battered tech industry whose shares have fallen 48 percent this year ahead of the results.

Qualcomm rose 9.69% on the impetus of strong earnings, while PayPal rose 11.48% despite weak fiscal results in the second quarter. Amid concerns about slowing global growth, rising inflation and monetary tightening by the Federal Reserve, the Dow Jones index is now showing signs of a rebound.

In the daily technical line, Alligator is beginning to show a death cross while the KD is moving towards a golden cross from a low-end figure. The overall pattern is still bearish.

USA30-D1

Resistance point 1: 34200 / Resistance point 2: 34500 / Resistance point 3: 34800

Support point 1: 33200 / support point 2: 32800 / support point 3: 32200

【Japanese Yen】

The BOJ said it would carry out fixed-rate bond buying every business day as it firmed up its resolve to defend its target on 10-year yields as part of its stimulus measures.

The Bank of Japan issued a statement after the end of a two-day policy meeting on Thursday, alleging that it would buy 10-year Japanese government bonds every working day at a yield of 0.25 percent.

The BoJ left the short-term policy rate unchanged at -0.1%, in line with market expectations.

USDJPY directly broke through the price of 130 and went past the recent swing highs. Alligator shows a golden cross while the KD shows a high figure. The buying force is very strong and it is recommended for investors not to go against the trend.

USDJPY-D1

Resistance point 1: 132.200 / Resistance point 2: 133.500 / Resistance point 3: 135.800

Support 1: 128.800 / Support 2: 126.500 / Support 3: 124.800

【Gold】

The US gross domestic product (GDP) unexpectedly fell 1.4 percent annually in the first quarter when economists had expected a 1.1 percent increase. The oddity was largely due to the fall in fixed investment, higher defence spending, and the impact of a record trade deficit due to rising imports.

Analysts say gold is a safe haven, but there has not been much buying support in XAUUSD despite Russia cutting its supply of natural gas to two EU countries, Poland and Bulgaria. This is because the US dollar index hit a high of 0.38% in 2017 and suppressed the US denominated gold price.

In the daily technical line of gold, gold is trading near the barrier of $1900 per ounce and moving above and below this figure. Alligator shows a death cross while the KD shows a gold cross. Investors are advised not to chase the order.

XAUUSD-D1

Resistance point 1: 1920.00 / Resistance point 2: 1930.00 / Resistance point 3: 1950.00

Support point 1: 1880.00 / support point 2: 1850.00 / support point 3: 1830.00

【Crude Oil】

Germany has dropped its opposition to an embargo on Russian oil imports andthis “clears the way” for a wider EU ban on oil imports from Russia. The global oil supply may become tighter in the near future. Data released by the Commodity Futures Trading Commission (CFTC) on April 22 showed that the net position of speculators in crude oil futures was 307,697. This is a decrease of 2,919 compared with the previous week.

In addition, the net position of speculators in crude oil futures has decreased by 28%. This indicates that the volatility of crude oil has been shrinking.

The price of crude oil at this stage is about $105 per barrel. The key focus is whether this wave of rebound will break through the previous highs for a trend reversal. The overall pattern is still a bearish pattern. Investors are advised to manage their risks when trading before a clearer breakthrough.

USOIL-D1

Resistance point 1: 107.800 / Resistance point 2: 109.500 / Resistance point 3: 110.200

Support 1: 103.500 / Support 2: 101.200 / Support 3: 98.800

OnePro Special Analyst

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