Daily Market Review: April 30

Financial Calendar

April 30 (Tuesday) Schedule of Data and Statistical website of regular foreign exchange tradersFinancial Events (Beijing Time)

07:30 Japan's Unemployment Rate for March

09:30 China's Official Manufacturing PMI for April

09:45 China's Caixin Manufacturing PMI for April

13:30 France's GDP Growth Rate for Q1 - Preliminary

14:45 France's CPI for April - Monthly

15:00 Switzerland's KOF Leading Indicators for April

15:55 Germany's Adjusted Unemployment Figures for April

Germany's Adjusted Unemployment Rate for April

16:00 Germany's Unadjusted GDP Growth Rate for Q1 - Preliminary

16:30 UK's Bank Mortgage Approvals for March

17:00 Eurozone CPI for April - Preliminary Annual and Monthly Rate

Eurozone GDP Growth Rate for Q1 - Preliminary

18:00 Japan's Government to Announce Monthly Forex Intervention Data

20:30 Canada's GDP for February - Monthly Rate

US Q1 Labor Cost Index - Quarterly

21:00 US FHFA House Price Index for February - Monthly Rate

US S&P/CS20 City HPI for February - Annual Rate

21:45 US Chicago PMI for April

22:00 US Consumer Confidence Index for April by the Conference Board

May 1

04:30 US API Crude Oil Stock for the Week Ending April 26

Market Review

On Monday, the US Treasury Department raised this quarter's borrowing forecast to $243 billion, exceeding market predictions. Concerns over a slowdown in US economic growth led to a fluctuating decline in the US dollar index, which finally closed at 105.64.

Today's Focus

US Dollar Index: The market continues to oscillate within the 105.4-106 range, expecting narrow fluctuations in the short term. If it fails to break above 106 today, anticipate a potential decline, keeping an eye on the trend not falling below 105, as the upward trend may continue.

EUR/USD: After a day of narrow fluctuation, focus turns to the Eurozone CPI release today, watching for the potential emergence of a short-term trend. The immediate resistance stands near the peak around 1.075, with another resistance structure around the 1.08 mark. If the price does not move upward, consider a short position.

GBP/USD: The price currently fluctuates within the 1.254-1.258 range, representing a reversal zone from past trends. Should the price not breach this area, a downward movement is anticipated, with a look out for trading opportunities following a K-reversal pattern today. If it breaks upwards, observe resistance at the 1.266-1.27 range for a potential short.

USD/JPY: After revisiting the 154.5-155 zone yesterday and then climbing, the bullish sentiment in the short term remains. Now, the focus is on a break above 157 to form a double bottom pattern followed by a decline for a chance to enter a long position. The short-term resistance at the 160 mark remains crucial.

AUD/USD: After briefly breaking above 0.656 and then declining, today's focus is on how the price behaves around this resistance level. A pullback below this level suggests an opportunity to resume short positions, while a breakout and steady position above suggest a potential test of the 0.664 resistance.

USD/CAD: Following a retest of the 1.363-1.365 support zone yesterday with an upward move, today's focus remains on this short-term support. A rebound without breaking below suggests a short-long strategy. The resistance at 1.372-1.374 should be watched for potential short positions if not breached afterward.

Crude Oil: The price continues its broad fluctuation, now nearing the lower end of its range. Attention is on the price behavior below $82, with potential short-long positions if a reversal pattern emerges, setting a stop loss below the previous low of $80.7. With no clear short-term trend, the strategy revolves around selling high and buying low.

Gold: The price is caught in high-level fluctuations, with a short-term pivot around the 2330 mark. Should today's price not break below this level, it's viable to continue short-long positions, with immediate resistance between 2360-2370. Should the price not breach this resistance soon, consider short positions.

S&P Index: The price approaches a resistance zone, suggesting a possible exit for prior long positions within the 5140-5160 area if not breached. Upon reaching this level, observe for a K-reversal pattern, and aggressive traders could short on a reversal, while conservative traders might wait for further declines to enter long positions again.

Bitcoin: The price stabilizes and climbs within the 62000-62500 zone, continuing its choppy upward trend. Immediate resistance remains unaltered at 66000, at which taking profits on long positions is advisable. Aggressive traders can short on a reversal below 67300, whereas conservative traders might consider short positions above the significant 70000 mark in anticipation of higher-level market fluctuations. No clear short-term continuation opportunities present themselves, with major trading decisions awaiting future trend confirmations.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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