NGCUSD

The NGCUSD pair has moved a step closer to $3, supported by weather forecasts ahead of the U.S. natural gas futures storage figures to be announced today. The general trend of European and U.S. markets and the storage figures to be released by the U.S. Energy Information Administration could be decisive for the pair's direction. In Asian markets, the weakening of the Yen following the election results in Japan provides exchange rate support for the export-focused economy, while intensive employment data in the U.S. seems to play an influential role. Additionally, developments in the Middle East and uncertainties in global markets may also indirectly affect natural gas prices.

From a technical analysis perspective, the NGCUSD pair is being monitored on the 4-hour time frame on the current chart. Levels of 2.97, 2.94, and 2.91 are highlighted as support, while levels of 3.04, 3.07, and 3.10 are monitored as resistance. The RSI indicator is at 45, showing a negative trend. The pair is down by 0.89% compared to the previous day. In this case, closures below 2.91 may increase selling pressure, while upward movements may require the breaching of the 3.04 resistance.