Intraday Forex Thursday, April 1 (EURUSD, USDJPY, etc.) Risk-sensitive & commodities currencies edged lower against the dollar.


Hi everyone. This observation is made around 5:15 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian stocks edge higher on Thursday as the Q2 kicks off with several economic data releases out across the region and investors parsed the details of a multi-trillion-dollar U.S. government spending plan later today.
Oil fluctuated ahead of an OPEC+ meeting, and gold rose on inflation concerns, though a firm dollar and rising Treasury yields dented the metal's appeal.

Meanwhile, the dollar edged higher against the other currencies as investors bet U.S. fiscal stimulus and aggressive vaccinations will help the U.S. economy to lead and outpace a global pandemic recovery.

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  • The euro changed hands at $1.17177 on Thursday, traded 0.10% lower, after moved slightly higher overnight, though not enough to offset this week’s earlier damages.​
  • The euro has been punished following the pandemic resurgence on the continent. France President Emmanuel Macron on Wednesday put his country into a third lockdown and said schools would close for three weeks to cope with a third wave of COVID-19 infections that threatens to overwhelm hospitals.​
  • Dovish ECB comments on Wednesday also undercut German bund yields and EUR/USD. ECB President Lagarde said the market could test the ECB's resolve "as much as it wants," but policymakers won't shy away from using all of its tools should the market try to push bond yields higher.​
  • Investors now awaited President Biden’s spending plan later today and Friday's U.S. labour market data to assess the growing gap in recoveries astride the Atlantic Ocean.​
Important Levels to Watch for:​
  • Resistance line of 1.17653 and 1.17873.​
  • Support line of 1.16938 and 1.16717.​

  • The U.S. currency held firm against the yen after ending March with its biggest monthly gains since November 2016, having risen to as high as 110.963 on March 31, to set a fresh 1-year top.​
  • The dollar on Thursday traded at 110.676 yen, little changed since opening.​
  • The rising in the U.S. bond yields on hope of vaccine rollouts and fiscal stimulus are boosting the dollar, as the dollar/yen is known to be particularly sensitive to interest rates differentials.​
  • Optimism on the massive fiscal stimulus and aggressive vaccinations will boost the U.S. economic recovery also strengthened the dollar currency.​
  • The Japanese yen found support on Thursday as final au Jibun Bank Japan PMI rose to a 52.7 in March compared with 51.4 previous reading, marking the fastest expansion since October 2018.​
Important Levels to Watch for Today:​
  • Resistance line of 111.104 and 111.382.​
  • Support line of 110.206 and 109.928.​

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