USD/JPY

USD/JPY is trading at 107.90 having ranged between 107.80 and 108.19. The pair is relatively bid in Asia despite the risk-off tones circulating which would usually keep the yen underpinned. There are concerns over the Japanese outbreak of COVID-19 which would potentially jeopardise the yen’s safe-haven allure to many. USD/JPY is expected to find support at 107.52, and a fall through could take it to the support level of 107.24. On the other side, resistance stands at 108.30, and a rise through could take it to the level of 108.62.

USDJPY-03-04-2020

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 106.15 106.58 107.25 107.68 108.35 108.78 109.44
1 WEEK 102.57 105.16 106.54 109.13 110.51 113.10 114.48
1 MONTH 91.38 96.28 101.92 106.82 112.46 117.36 123.00

EURUSD

EUR/USD trades close to the six-day lows reached Thursday at 1.0820, as it awaits the critical US data for the next direction. With the US dollar bulls taking a breather following the latest upsurge, the pair is licking its wounds in the European open. EUR/USD is expected to find support at 1.0806 and a fall through could take it further to the support level of 1.0784. On the other side, resistance stands at 1.0870, and a rise through could take it to the next resistance level of 1.0896.

EURUSD-03-04-2020

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.0647 1.0734 1.0796 1.0883 1.0946 1.1032 1.1095
1 WEEK 1.0291 1.0464 1.0802 1.0975 1.1313 1.1486 1.1825
1 MONTH 0.9755 1.0196 1.0611 1.1052 1.1467 1.1908 1.2323

GBPUSD

GBP/USD trades weaker below 1.2400 ahead of UK PMI and the US data. The spot bears the burden of broad US dollar strength while waiting for fresh impulse with UK planning to issue coronavirus “immunity passports”. Final reading of the UK’s March PMIs, US jobs report and ISM Non-Manufacturing PMI will be in focus. GBP/USD is expected to find support at 1.2330 and a fall through could take it to the next support level of 1.2286. On the other side, resistance stands at 1.2449, and a rise through could take it to the next resistance level of 1.2480.

GBPUSD-03-04-2020

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.2210 1.2279 1.2336 1.2406 1.2463 1.2533 1.2589
1 WEEK 1.0734 1.1090 1.1774 1.2130 1.2814 1.3170 1.3853
1 MONTH 0.9693 1.0551 1.1485 1.2343 1.3277 1.4135 1.5069

GOLD

Gold snaps two-day recovery but stays above $1,600, as trade sentiment sours. The bullion earlier seemed to be benefited from the market’s risk-on due to US President Trump’s tweet suggesting an oil production cut pact between Saudi Arabia and Russia. Gold is expected to find support at the level of 1,601.20 and a fall through could take it to 1,593.30 level. On the other side, resistance stands at 1,620.40, and a rise through could take it to 1,627.30 level.

Gold-03-04-2020

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1556.34 1575.77 1606.74 1626.17 1657.14 1676.57 1707.54
1 WEEK 1308.16 1379.53 1432.06 1503.43 1555.96 1627.33 1679.86
1 MONTH 1207.86 1329.43 1460.76 1582.33 1713.66 1835.23 1966.56