Technical Analysis Post

Daily Market Report: Expert Technical & Fundamental Insights – 21.04.2025

| 21 April, 2025 at 12:00 GMT

EURUSD

Four consecutive weeks of the strong performance that sent EURUSD to the highest level since November 2021, trading higher today at $1.1540. Performance of EUR represents the loss of confidence in USD index that lost more than -5% in a month, worst monthly performance in DXY since November 2022. Once again, US President Trump expressed his frustration with the Fed Chair Powell’s approach after Trump said that Powell can not come fast enough in reducing the interest rates. At the same time, National Economic Council Director in the US revealed that Trump is exploring the possibility of firing Fed Chair Powell, such a political intervention is unlikely to help the dollar index in the short run.  

1H RSI is totally overbought ( at 82 now ) but the trend index remained bullish. No major support on 1H chart before $1.1390 which is unlikely today. Technically speaking, the correction ( profit taking) may happen & target  $1.15.

USDJPY

USDJPY traded lower today & fell by more than -1% to 140.58, the lowest since September 2024. In times of instability, investors are still rushing to the safest currencies, mainly JPY that gained more than 6% in a month, and increased by 1.7% last week. Even if US bond yields were little changed, traders ignored the correlation with theses yields & focused on the chaotic Trump’s policies that were against USD index. The question, what will happen to the Yen  if BoJ decides to raise the rates later? 

1H RSI was totally oversold ( below 30, at 18 now) which means that the price action remained bearish, and the correction may not happen as many wished for. 1 week forecast poll showed that traders remained mainly bearish on this pair. 142.20 is an important resistance. 139.70 is support. 

GBPUSD

Even if UK economy is not doing well, traders punished USD & rewarded the Pound by betting higher on his majesty’s currency that gained 7% YTD vs USD. GBPUSD traded higher today at $1.3412, the highest in seven months, matching the performance of other high-risk currencies that gained strongly against the weaker USD. Markets still expect a rate cut by BoE due to global uncertainty in trade & higher costs ahead which are giving huge dilemma to the central banks. .  

Daily chart is heading higher, supported by bullish price action with overbought RSI. 1H trend index remained strongly bullish,  targeting $1.35 ,   $1.3370 is short-term support.

Gold

Gold outperformed many assets in 2025, still up by almost 30% YTD, outperforming silver 13.6%, Copper 19%, Platinum 8%  & Titanium 11.2% . Gold jumped by another 2% today, traded higher at new record high above $3390 per ounce. Performance of gold simply confirmed that the markets lost confidence in fiat money & central banks’ traditional policies. Not to mention that the central banks are likely to cut the rates anytime soon in America, UK & EZ as well. What’s next for gold? It will depend on Trump’s traded tariffs & its consequences on the markets’ sentiments, central banks purchase & performance of USD. 

No need to say that the daily trend index remained strongly bullish, supported by price action that showed no appetite for huge correction. $3325 is the main support.

Silver

Silver gained & traded higher by 1% today at $32.80 per ounce, after it rose by 1.6% last week. While the performance of gold was much stronger than silver since the beginning of 2025, silver is facing different challenges by Trump’s trade barriers that may disrupt the global demand for silver & send the manufacturing costs higher. Remember that silver remained an industrial metal, but still offering a store of value. 

Both, daily & hourly trend index remained bullish. 1H RSI is showing that the traders aim higher & target $33.15. $32.15 is support.

Oil – WTI

The loss in oil prices by more than -8% in a month was exactly what the President Trump aimed for. Oil prices are falling today by more than -2.3%$ , WTI $60PB, Brent $66.345PB after closing higher by 2.5% last week. What happened in the last few days was a result of easing the concerns between Iran & the US in nuclear negotiations, which may result in higher oil supply. At the same time, OPEC+ is still expected to raise output by 411K barrels per day in May. Global growth is likely to face considerable obstacles ahead; in other words if the global growth falls, demand for oil may weaken . 

According to forecast poll, traders are targeting again $61 per barrel, $62.20 & $60.50 are important support levels. $64.80 is an important resistance target. Price action remained mixed amid negative momentum indicator.

DAX

After closing higher by more than 3% last week, DAX index closed lower by -0.5% on Friday at 21206.  ECB cut rates last Thursday by 0.25% , it was highly expected & priced in as well. DAX will reopen tomorrow after Easter holidays. In the meantime,  Airbus lost -2.8%, SAP -2.7% . DAX performance is likely to follow the US counterparts,  highly exposed to traders’ sentiments who are still assessing the current markets’ risks & Trump’s policies. 

21090  & 20500 are support levels, 21500 will be the next target  ( resistance).

Nasdaq

Unlike the major EZ stock indexes that gained last week, US stock indexes lost -4% last week, Dow Jones -4.2%, SPX -3.3% & Nasdaq fell by -4% & traded weaker today at 18053. Ongoing chaos & concerns about Trump’s policies & the uncertain future of the Fed Chair Powell remained markets’ most important catalysts. While weaker USD is better for the US exporters, the major issue is no longer about the stronger or/and weaker USD, it is  about the growth outlook in the US & how the inflation in the short-term looks like. Replacing the Fed Chair or forcing him to resign will just complicate the markets’ sentiments & keep the bearish mode intact. 

Both, daily & hourly trend index remained bearish & 1H price action is still falling. 17500 is an important support.

BTCUSD

Major cryptocurrencies proved that the high-risk assets may not have perfect correction ( perfectly  positive correlation ) as theses major currencies rose last week . Unlike the US equity indexes, BTC gained 3.3% last week & traded higher today at $87365, Eth 1.2% to $1641, Cardano 1.5%. As confidence in fiat money diminishes, the demand for digital , de-centralized assets may  gain momentum. Think about the fall in USD  index that lost -6% in a month, & political dilemma about the unpredictable Trump’s decisions. According to 2024 Electric Capital Report, Asia now accounts for 32% of active crypto developers, jumping from 12% in 2015, while the share of US fell to 19% from 38%, which means that the US is not the only major market for investments in cryptos. 

1H RSI is almost overbought ( slightly above 70), supported by bullish trend index in 1H & daily chart. $84800 is support, however markets’ sentiments still support further advance to $90600.