Daily

Market Report

April 7, 2023

Focus

of the day

Today is "Good Friday" - Australia, Germany, Hong Kong, US,

UK, Switzerland, Canada, and India markets are closed.

However, today, at 15:30 GMT+3, the US Bureau of Labor

Statistics will publish the Nonfarm Employment Change.

Job creation is an important indicator of consumer spending,

accounting for most of the overall economic activity.

Suppose today's numbers are lower than expected, highlighting

the possibility of a recession in the United States. In that case,
the Federal Reserve might soften its monetary policy, which will
lead to the US dollar drop.

On the other hand, if the actual result overperforms

expectations, the US dollar may rise.
Latest news
Goldman predicted the worst US reporting season since the
pandemic. According to analysts' forecasts, in Q1, companies' profit
from the S&P 500 index decreased by 7% compared to the level of
the previous year. This is the worst result since 3Q 2020
The Japanese government has confirmed Kazuo Ueda as the new
head of the Central Bank of Japan.
Musk brought back the original Twitter logo. DOGEUSD is down 10%.
According to the International Monetary Fund, the world economy
will grow at the slowest pace in the last three decades in the face of
rising interest rates.
Asian indices end the week positively, while US futures are slightly
lower as investors fear today's labor market data. However, if the
slowdown in the US economy is confirmed, the Fed may become
softer.

EURUSD
EURUSD has formed a bearish wedge. If the
price declines below 1.0860, it will fall to
1.0790 and 1.0745.

However, before that, the price might spike

and test the 1.0966 and 1.1025 resistance
levels.

Long-term
Short-term
Resistance: 1.0966, 1.1025

trend trend Support: 1.0860, 1.0790, 1.0745

XAUUSD
XAUUSD is retesting the 2000.00
support.

If buyers defend this level, the price

might continue its uptrend and move to
2032.00 and 2060.00.

In case of a breakout below the 50- and

100-MAs, a decline to 1950.00 might
happen.

Long-term
Short-term
Resistance: 2032.00, 2060.00

trend trend Support: 2000.00, 1984.00,

1950.00
Brent oil

(XBRUSD)
XBRUSD is flirting with the descending resistance
trendline.

In case the price breaks above 86.40, it will

confirm a beginning of an uptrend. In this case,
the closest target will be 88.80.

However, if the price declines, it will move to

79.70 to close the gap that appeared this
Monday.

Long-term
Short-term
Resistance: 86.40, 88.80

trend trend Support: 79.70, 77.50

US500
The US500 is forming a right shoulder of
the “Head and Shoulders” pattern with the
primary resistance ay 4180.00.

However, if the price moves above 4180.00,

this structure will be broken, and the index
will move to 4300.00.

Long-term
Short-term
Resistance: 4180.00, 4315.00

trend trend Support: 4090.00, 3080.00

Economic

calendar

Time Asset Event Previous Forecast

15:30

USD

Average Hourly 0.2%

0.3%

Earnings m/m

15:30

USD

Non-Farm 311K

228K

Employment
Change

15:30

USD
Unemployment 3.6%
3.6%

Rate

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