Daily Market Lookup

• The dollar stood just shy of recent highs on Tuesday as traders counted down to a U.S.-imposed deadline for Iran to open the Strait of Hormuz to shipping or face attacks on its infrastructure. War in the Middle East and the closure of the chokepoint in the Persian Gulf have sent energy prices soaring and driven investors to dollars as the most effective safe haven, pushing the greenback higher, especially in Asia. Hope for some sort of deal or breakthrough held off further dollar buying over Easter, but markets were jittery and there were few sellers of dollars ahead of U.S. President Donald Trump’s 8 p.m. Eastern Time (midnight GMT) deadline. The yen slipped to 159.79 to the dollar, not far from multi-decade troughs and levels that drew intervention in 2024. The euro bought $1.1533 and sterling $1.3227, slightly above multi-month lows from late March. Trump said on Monday Iran could be "taken out" in one night "and that night might be tomorrow night." He promised to destroy Iranian power plants and bridges, brushing off concerns that such actions would be a war crime or alienate Iran’s people. Iran and Israel traded attacks on Tuesday as Tehran refused to reopen the Strait. Israel said it completed a wave of airstrikes targeting Iranian government infrastructure. Defences intercepted Iranian missiles in Israel and Saudi Arabia. The South Korean won remains on the weak side of 1,500, a level plumbed only in the wake of crises in 2009 and the late 1990s. Indonesia’s rupiah dropped to a record low, while China’s yuan hung on to March’s steady tone.
• Gold prices slipped in Asian trading on Tuesday, falling for a third straight session, as investors weighed inflation and interest rate concerns ahead of U.S. President Donald Trump’s deadline on Iran. The decline came even as geopolitical risks intensified, with Trump warning that Iran could be “taken out” if it failed to reopen the Strait of Hormuz by his Tuesday 8 p.m. ET deadline, raising the prospect of a broader conflict in the Middle East. The standoff has already disrupted global energy flows and pushed oil prices higher, fuelling inflation concerns and complicating the outlook for monetary policy. Typically supported by geopolitical uncertainty, gold has instead come under pressure as rising oil prices stoke inflation expectations, which in turn dampen prospects for near-term interest rate cuts by the U.S. Federal Reserve. Higher interest rates reduce the appeal of non-yielding assets such as gold, while a firmer dollar has also weighed on bullion prices. Diplomatic efforts to resolve the conflict have shown little progress. Iran rejected a U.S.-backed proposal for a 45-day ceasefire and phased reopening of the strait. Iran instead called for a permanent settlement that includes sanctions relief, security guarantees, and compensation for damages. The lack of a breakthrough has heightened uncertainty across financial markets, with investors now closely watching developments around Trump’s deadline. Investors also await key U.S. inflation data due on Friday, expected to provide clues about the Fed's interest rate trajectory.
• Oil prices extended gains in Asian trading on Tuesday, as investors braced for a potential escalation in the Middle East ahead of U.S. President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz. The gains marked a third consecutive session of increases, driven by concerns over the Strait of Hormuz, a critical chokepoint that typically carries roughly one-fifth of global oil shipments. Disruptions to tanker traffic in recent weeks have tightened supply expectations and lifted risk premiums across the oil market. Diplomatic efforts to de-escalate the conflict appeared to be faltering. Iran rejected a U.S.-backed proposal outlining a 45-day ceasefire and a phased reopening of the strait, alongside broader negotiations on sanctions relief and reconstruction. Iran rejected the proposal, calling instead for a permanent end to hostilities, binding guarantees against future attacks, removal of sanctions, and compensation for damages. Trump reiterated that the Tuesday deadline was firm and warned that failure to comply could prompt U.S. strikes on Iranian infrastructure, including power plants and bridges. He also said Iran could be “taken out” quickly, underscoring the rising risk of wider escalation. The increasingly aggressive rhetoric has kept energy markets on edge, with traders pricing in the possibility of further disruption in the Gulf region. While OPEC+ has moved to increase production modestly, the additional supply is seen as insufficient to offset potential losses stemming from disruptions in the Strait of Hormuz.

Gold – XAU

Gold on Monday interaday high of US$4706.54/oz and low of $4600.70/oz. God is down by 0.0270% at US$4648.36/oz.

Technicals in Focus:

On the daily charts, gold trades higher than 20DMA (2197). If it drops below this level, it could lead to 2,100. The MACD is currently above the zero line and the histograms are showing an increasing trend, indicating that there may be upward movement in the coming sessions. The RSI is currently at 83.04, which is in the overbought region, suggesting there may be selling pressure in the next 2 to 3 sessions. The Stochastic Oscillator is also in the overbought territory but has given a positive crossover, indicating a bullish stance for intraday trades, but rebound in expected in all the overbought indicators.

Trading Strategy: Sell on Strength

Sell below 4650-4770 keeping stop loss closing above 4800, targeting 4605-4550-4500-4460 and 4420-4390-4371-4360. Buy in between 4500-4240 with risk below 4240 targeting 4550-4570-4602-4655 and 4680-4700-4720-4750.

Silver - XAG

Silver on Monday its intraday high of US73.56/oz and low of US$71.13/oz settle up by 0.181% at US$72.77/oz.

Technicals in Focus:

On daily charts, silver is sustaining above 20MA (25.05), breakage above will lead to 23.73. MACD is below the zero line and histograms are increasing trend, bringing a bullish stance in the upcoming sessions. RSI is in the oversold region, indicating a sell signal for now. The Stochastic Oscillator is in the overbought region and gives a positive crossover to show an upside move for the intraday trade.

Trading Strategy: Buy on Dips

Buy in between 73.00-63.00, targeting 73.00-73.60-74.10-74.60 and 75.00-75.90-76.50-77.00 with stop loss should be placed on the breakage below 63.00. Sell in between 73.60-77.00 with a stop loss above 77.00 targeting 72.60-72.00-71.50-70.90 and 70.20-69.50-68.90-68.00.

Oil - WTI

Crude Oil on Monday high of US$106.39/bbl, an intraday low of US$100.72/bbl, and settled up by 0.053% to close at US$103.70/bbl.

Technicals in Focus:

On daily charts, oil is sustaining above its 100DMA i.e. 75.37, a support level, and breakage above will call for 77.48. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the overbought region, giving a negative crossover to confirm a bearish stance; while the RSI is in the neutral region, more upside can be expected to reach the overbought region, which is highly probable.

Trading Strategy: Neutral to Sell

Sell in between 105.00-108.00 with stop loss at 108.00, targeting 104.00-102.90-102.00-101.50 and 100.90-100.50-100.-99.40. Buy above 104.00-97.70 with risk daily closing below 97.00, targeting 105.00-105.70-106.40 and 107.00-107.50-108.00.

EUR/USD

EUR/USD on Monday an intraday low of US$1.1504/EUR, a high of US$1.1570/EUR, and settled the day up by 0.195% to close at US$1.1541/EUR.

Technicals in Focus:

On daily charts, prices are sustaining above 100DMA (1.1661), which becomes immediate support, a break below will target 1.1695. MACD is above the zero line and histograms are increasing mode, bringing a bullish view. Stochastic is in oversold territory, giving negative crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.

Trading Strategy: Neutral to Sell

Sell below 1.1550-1.1990, targeting 1.1500 and 1.1450-1.1410-1.1350 with stop-loss at daily closing above 1.1990. Buy above 1.1600-1.1450 with risk below 1.1450 targeting 1.1655-1.1690-1.1755-1.1800 and 1.1920-1.1950-1.1990-1.2010.

GBP/USD

GBP/USD on Monday made a intraday low of US$1.3296/GBP, a high of US$1.33319/GBP, and settled the day down by 0.534% to close at US$1.3348/GBP.

Technicals in Focus:

On daily charts, prices are sustaining above 50DMA (1.2674) is becoming a support level. 14-D RSI is currently in a neutral region and direction is difficult to predict on an RSI basis. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm a bullish stance. MACD is above the zero line, but histograms are increasing leading to movement.

Trading Strategy: Neutral to Buy

Based on the charts and explanations above; buy between 1.3325-1.3150 with a target of 1.3395-1.3440-1.3490-1.3530 and 1.3600-1.3640-1.3690-1.3725 with a stop loss closing below 1.3150. Sell in between 1.3395-1.3820 with targets at 1.3440-1.3395-1.3325-1.3275 and 1.3250-1.3190-1.3150 with a stop loss of 1.3700.

USD/JPY

USD/JPY on Monday made an intra‐day low of JPY159.29/USD an intraday high of 160.44/USD, and settled the day up by 0.089% at JPY159.66/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 100DMA (152.35), major support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are decreasing mode which might lead to downward movement. The Stochastic Oscillator is in overbought territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.

Trading Strategy: Neutral to Sell

Sell below 159.90-163.10 with risk above 160.10 targeting 157.10-156.60-153.00-152.65-152.10 and 151.70-151.00-150.35 Long positions above 158.10-148.00 with targets of 157.90-158.30-158.70 and 159.20-159.45-160.00 with stops below 148.00.