What to trade on April 11-15

What to trade on April 11-15

2022-04-08 • Dikemaskini

Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market. Let's look at the events that are coming this week!

Trade ideas

Forex

As inflation is a big and triggering topic in the world right now, traders are constantly tracking any changes in the market. For major pairs, the most significant release is US CPI on Tuesday. EURUSD found its bottom at 1.0850 last week. This week, we expect a reversal back to 1.0940. As for USDJPY, it may try to retest its recent high at 125.10. Other important events include monetary policy statements by the European Central Bank and the Bank of Canada. The updates on the economic outlook will bring volatility to the euro and the Canadian dollar. USDCAD may strengthen to 1.2700.

Oil & Gold

Oil prices slid lower last week on the news that the members of the International Energy Agency were planning to unleash around 120 million barrels, the most significant release in the organization's history. XTIUSD fell below $95, while XBRUSD marked the level below $100 for the first time since March. If you consider shorting Brent, watch the $95 level as a potential target. The next target for sellers of WTI is placed at $88.

Gold keeps trading within a symmetrical triangle between the resistance at $1935 and the support at $1920. A breakout below $1920 will lead to a further fall to $1900. Vice versa, the target for XAUUSD after breaking the $1935 level lies at $1945.

Stocks

The American stock indices slid lower last week, with S&P500 reaching 4500 and NASDAQ hovering around 14 500. The most notable dynamics of a price happened on the charts of Twitter and HP after bullish news related to big bosses Elon Musk and Warren Buffett. HP jumped to its all-time high at $40, while Twitter rose to the resistance at $52. The earnings season is going to bring volatility to stocks this week. As usual, it begins with reports by major banks. Follow the release of JPMorgan Chase & Co on Wednesday. On Thursday, expect the quarterly results from Wells Fargo & Co, Goldman Sachs, Morgan Stanley, and Citigroup. 

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