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Japans Topix transport equipment index extended losses to 3.8%.On April 3, the U.S. Senate passed a bill by 51 votes to 48 that would end the 25% tariff imposed by U.S. President Trump on Canadian imports. It is reported that the resolution is non-binding and House Republicans are not expected to vote on the policy. The bill proposed by the Democrats will end the national emergency declared by Trump on January 22. Earlier, the White House issued a statement saying that under the International Emergency Economic Powers Act (IEEPA), the threat posed by illegal immigration and drugs constitutes a national emergency, and Trump announced an additional 25% tariff on imports from Canada.Foreign investors bought -489.7 billion yen of Japanese bonds in the week ending March 28, compared with -179.74 billion yen in the previous week.Japan bought 583.2 billion yen of foreign stocks in the week ending March 28, with the previous value revised from 272.1 billion yen to 175.4 billion yen.Japan bought -5.9 billion yen in foreign bonds in the week ending March 28, with the previous value revised from -207.1 billion yen to -233.7 billion yen.

Natural Gas Price Analysis: XNG/USD appears poised to retest multi-month lows close to $2.00

Alina Haynes

Mar 29, 2023 14:25

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Natural Gas (XNG/USD) maintains losses near $2.20 as bears test the yearly low established in February. In doing so, the energy quotation remains lethargic following two consecutive days of decline.

 

The XNG/USD bears applaud the sustained trading below a two-week-old descending resistance line, around $2.27 at the time of writing, amidst bearish MACD signals and the absence of an oversold RSI. (14).

 

Consequently, the price of natural gas appears poised to fall below the yearly low of $2.13, which accentuates the $2.00 psychological magnet.

 

However, the early July 2020 high around $1.97 and the 61.8% Fibonacci Expansion (FE) of its moves during early January-March 2023, around $1.80, could challenge the Natural Gas skeptics later, in conjunction with a likely oversold RSI line.

 

In contrast, a break above the stated immediate resistance line, near $2.27, is not an open invitation to Natural Gas purchasers, as another downward-sloping trend line from the beginning of the year, near $2.40 at the latest, functions as a further check on the XNG/USD bulls.

 

If the price manages to remain firmer than $2.40, there is no reason to rule out a rally toward the mid-March high of $2.75.


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