4 April HYCM Daily Market Review: AUDUSD towards oversold area?

The financial markets are headed for a busy week with Friday’s US Non-Farm Payroll figures. Where market volatility can usually be expected. Ahead this volatile trading week, the AtoZ approved broker has shared its 4 April HYCM Daily Market Review.

4 April, HYCM – In the run up to Friday’s all-important data, we take a look at what’s happening today. The British pound remains little changed. Even after the UK officially triggered article 50, sterling is still expected to continue to operate within a tight range.

4 April HYCM Daily Market Review highlights

  • USDGPB – Has settled below EMA 50 with the speculative sentiment index (SSI) remaining inconclusive at this point. The price of silver also continues to fluctuate within a tight range with no change on the suggested bullish trend.
  • AUDUSD – Resumes it’s positive trading with the SSI is gradually leaning towards the oversold area, keeping the bullish trend active for the rest of the day.
  • EURUSD – Speculative sentiment remains in conclusive although climbing slowly toward the overboard area.

ECB launch of new 50 Euro bank note

In terms of events for the day, ECB President Draghi is due to speak at the European Central Bank’s launching of the new €50 banknote. He is not expected to speak on any policy-related matters. Yet, Draghi has more influence over the euro’s value than any other person. Hence, traders always scrutinise his public engagements. As they are often used to drop subtle clues regarding future monetary policy.

Later on today, US Trade Balance and Factory Orders data are expected. The manufacturing rebound decreased in March, which could indicate that today’s hard data on factory orders for February will feel the impact. That sums up Tuesday’s market outlook. Be sure to log onto www.hycm.com for all your training needs. May we wish you a productive trading day!

About HYCM

The 4 April HYCM daily market review should not in any way be construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument, in any manner whatsoever. Any indication of past performance or simulated past performance included in this document is not a reliable indicator of future results.

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