AUDUSD
The Australian Dollar (AUD) continued its downtrend for the second consecutive session on Friday, reaching near 0.6510. Market activity remained subdued due to Good Friday, resulting in lighter trading volumes. The prevailing market sentiment is inclined towards the Reserve Bank of Australia (RBA) adopting a dovish stance, possibly leading to interest rate cuts in the latter half of 2024.
Position: Short
Entry Suggestion: Given the prevailing downtrend and the potential for the RBA to adopt a dovish stance, short positions on AUDUSD could be considered. An entry point around the current level of 0.6510 or on any minor retracements could be viable.
WTI
West Texas Intermediate (WTI) oil prices settled higher at $82.82 per barrel on Thursday, with markets closed on Good Friday. The upward movement in crude oil prices is attributed to expectations of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintaining production cuts. Additionally, Ukrainian attacks on Russia's infrastructure are contributing to the sentiment of tightening global crude supplies.
Position: Long
Entry Suggestion: With the ongoing geopolitical tensions and the possibility of OPEC+ maintaining production cuts, long positions on WTI oil could be favorable. An entry point could be considered at the current level of $82.82 per barrel or on any pullbacks.
XAUUSD
Gold continued its upward trajectory, surpassing $2,200 an ounce on Thursday and hovering near all-time highs. The precious metal is on track to record its largest monthly gain of around 8.5% since November 2022. Increased expectations of monetary easing and growing geopolitical tensions have buoyed gold prices, despite persistently high US inflation.
Position: Long
Entry Suggestion: Given the ongoing bullish momentum and supportive factors such as expectations of monetary easing and geopolitical tensions, long positions on gold could be advantageous. An entry point could be considered at the current level around $2,200 per ounce or on any minor pullbacks.
Disclaimer
Derivative investments involve significant risks that may result in the loss of your invested capital. You are advised to carefully read and study the legality of the company, products, and trading rules before deciding to invest your money. Be responsible and accountable in your trading.
RISK WARNING IN TRADING
Transactions via margin involve leverage mechanisms, have high risks, and may not be suitable for all investors. THERE IS NO GUARANTEE OF PROFIT on your investment, so be cautious of those who promise profits in trading. It's recommended not to use funds if you're not ready to incur losses. Before deciding to trade, make sure you understand the risks involved and also consider your experience.
Paraphrasing text from FXStreet, and Trading Economic all rights reserved by the original author.
