Daily Market Outlook, April 23, 2020

<p><b>The market turned risk-on after a rally session in the U.S. on Wednesday night. U.S. 10 Year Treasury yield rose to 0.6175%, from 0.619%.</b><span> Asian equity markets were poised to edge higher on Thursday after rebounding crude prices. On Wall Street, all 11 S&amp;P 500 sector indexes traded higher as the U.S. The Senate unanimously approved the new relief package, adding to trillions of dollars in stimulus that have helped Wall Street rebound from its March lows. We also have good news from Australia that its goods exports rose sharply in March jumped 29%, which boosts investor’s confidence. </span></p>
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<p><b>U.S. West Texas Intermediate futures CLc1 rose 4.21% to $14.36 a barrel on Thursday morning.</b><span> It seems that the crude oil futures have shrugged off the pessimism after it hit negative. Brent crude LCOc1 has also managed to rebound from its lowest level since June 1999. These gains pale against persistent investor concerns about the collapse in demand for oil, as the majority of the world is still obeying the rule of stay-at-home and severe restrictions on businesses and travel to limit the spread of the coronavirus.U.S. storage onshore is swiftly filling, with inventories now at 518.6 million barrels, not far from an all-time high.</span></p>
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<p><b>The dollar went higher against most of its peers on Thursday. </b><span>The U.S. House of Representatives expects to pass a nearly $500 billion coronavirus relief bill on Thursday but will put off any decision on changing its voting rules during the pandemic, avoiding a potential partisan fight.</span><b> Gold tends to strengthen at times of currency debasement but the stronger USD is keeping a cap on it.</b></p>
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<p><b>Copper is on the rise after news that Australia’s goods exports rose sharply in March as the resource-rich country shipped more iron ore to China.</b><span> Exports of non-rural goods rose A$4.8 billion, or 20%, with a notable increase in iron ore shipments to China. This is a confirmation to many that China is picking up manufacturing after most parts of the country resumed normal life in early April. As the risk sentiment is quite bullish today, it could serve as a support for copper.</span></p>
<p><b>Technical &amp; Trade views</b></p>
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<p><b>USDCAD (</b><b>Intraday bias: bullish above 1.4165 neutral below )</b></p>
<p><img class="aligncenter size-large wp-image-42278" src="http://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-15-1024×464.png" alt="" width="1024" height="464" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-15-1024×464.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-15-300×136.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-15-768×348.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-15.png 1052w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><span>We remain bullish as price broke above upside confirmation,, which happens to be a confluence level of the 38.2% fibonacci retracement  and horizontal swing high. if price breaks above the upside confirmation, price is likely to bounce towards 1st resistance. </span></p>
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<p><b>UKOIL (</b><b>Intraday bias: bullish above 21.99 neutral below)</b></p>
<p><img class="aligncenter size-large wp-image-42279" src="http://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-16-1024×474.png" alt="" width="1024" height="474" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-16-1024×474.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-16-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-16-768×355.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-16.png 1055w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><span>We are waiting for price to break above upside confirmation, which happens to be a confluence level of the horizontal overlap resistance and 38.2% Fibonacci retracement. If price can breaks above the upside confirmation, more upside is available.</span></p>
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<p><b>XAUUSD ( </b><b>Intraday bias: bearish below 1720.44) </b></p>
<p><img class="aligncenter size-large wp-image-42280" src="http://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-17-1024×469.png" alt="" width="1024" height="469" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-17-1024×469.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-17-300×137.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-17-768×352.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-17.png 1059w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><span>We turned bearish technically as the price is approaching 1st resistance at 1720.44  where the 61.8% fibonacci retracement and horizontal swing high are/ Price is likely to drop towards 1st support at 1642.36  where the 38.2% fibonacci retracement and horizontal overlap support are.</span></p>
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<p><b>XCUUSD ( </b><b>Intraday bias: Bearish below  2.2476)</b></p>
<p><img class="aligncenter size-large wp-image-42281" src="http://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-18-1024×465.png" alt="" width="1024" height="465" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-18-1024×465.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-18-300×136.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-18-768×349.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-18.png 1059w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><span>We remain bullish as  price bounced off 1st support, which happens to be a confluence level of the 50% fibonacci retracement  and horizontal overlap support. Price is likely to go higher towards 1st resistance at 2.3514 where the previous swing high is.</span></p>
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