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Hope rises as death toll eases in Italy, Spain, Germany and New York City. OPEC meeting delayed. EUR/USD, GBP/USD, USD/JPY, Gold, Brent, Crude, DXY. Market update

Apr 6 2020, 07:02 PM (BDT) |

There is a slight glimmer of hope that the situation with COVID-19 may be starting to stabilize as lethal cases drop in Italy, Spain and Germany. According to Johns Hopkins University, the total number of confirmed cases worldwide stand at 1,277,962, with 69,555 lethal cases. The United States remains in first place as far as the number of infected which is 337,646. New York City has also reported a drop in the number of deaths.

The United States Dollar index (DXY) continues to trade around 100.70.

After a brief rally, Brent and Crude oil is trading slightly lower, as the emergency OPEC + meeting that was supposed to take place on Monday to discuss plans to help stabilize the energy market got postponed. The meeting is now planned for Thursday April 9th, according to Bloomberg. After trading as high as $35 per barrel on April 3rd, today, Brent oil is trading around 32.94. Crude oil reached a high of $29.13 on Friday and trading around 27.33 today.

Gold is trading around 1636 per troy ounce.

On tomorrow’s economic calendar, we start the day off with the Reserve Bank of Australia interest rate decision at 04:30am GMT, which is expected to remain unchanged at 0.25%. At 2pm GMT which have the release of U.S. JOLTs Job openings for February and Canada’s Ivey PMI for March.

EUR/USD on a Daily TF touched support around 1.07865 and currently trading around 1.08063.

Resistance: R1 1.08272, R2 1.08685, R3 1.09 – 1.09300.

Support: S1 1.07865, S2 1.07500, 1.07235.

GBP/USD on a Daily TF is trying to break above 13EMA and currently trading around 1.23240.

Resistance: R1 48EMA and 38.2% Fibo around 1.25247 – 1.25445. R2 200EMA 1.27334, R3 50% FIbo 1.28951.

Support: S1 23.6% Fibo 1.21108, S2 1.19200, S3 1.17768.

USD/JPY on a Daily TF continues its advance up. The pair is trying to break above 200EMA, currently trading around 108.970.

Resistance: R1 109.382, R2 109.500, R3 110.

Support: S1 108.833, S2 108.347, S3 107.848.

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