Intraday Analysis 23.04.2025

GBPJPY(pound) stuck sideways

The GBPJPY(pound) failed to revive itself after the early April sell-off when the pair lost over 500 pips. Prices are probing the 190.00 level in the hope that they can shake off the prolonged sideways movement. On the hourly time frame, the pair needs to close above 189.20 to move higher and increase buying interest. A close below the recent low of 187.20 could begin a continuation of the previous bearish rally, especially if the firm support at 186.00 is broken.

XAUUSD begins to sell off

Gold continues pulling lower as sentiment shifts again. After a dip below 3400, prices crept higher to hold above that level. Bulls could see some pullback as a bearish divergence emerges on the RSI. This could lead to a move towards 3360 for a brief correction. Should the yellow metal attempt another record high, prices will first need to move past 3455 to open up a path towards 3500.

GER 40 hits resistance

The Dax steadies itself for another upswing after hitting resistance at 21500. Price action has been mainly bullish in recent sessions, as a close above 22000 is the next target for bulls. The limited downside retracement has met renewed buying interest, and a climb back above 21600 could attract more buyers and open the door to a move higher. Otherwise, a sentiment shift could open the door towards 20000 in the near term, with the RSI moving back into neutral territory.

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