26 April 2018 Daily Analysis
Dollar rises above 90.0 key level following steeper yield curve.
Dollar index was traded higher against a trade-weighted basket of major currencies by 0.45% to 90.95 as of writing following a rise in U.S. bond yields above 3%. Overnight, the Greenback poised higher after the 10-year US treasury yield edged higher towards its 4-year highs. According to one of the largest bank by market capitalization – Wells Fargo, a robust economic growth coupled with core inflation reaching its 2% target could serve as a catalyst for the Federal Reserve to increase its interest rates at a more aggressive pace. On the contrary, EUR/USD was down 0.39% to $1.2170 as market participants remain cautious towards the European Central Bank (ECB)’s monetary policy meeting due tonight to gauge signals from the officials on the economic outlook in the European zone.
In the commodities market, crude oil price rose 0.5% to $68.34 per barrel following worries over supply disruptions in Venezuela with its output reduced from 2.5 million bpd to around 1.5 million bpd attributed to political and economic turmoil in the South American country. Otherwise, gold price slumped 0.74% to $1322.85 a troy ounce following solid growth in the U.S. treasury yields which supported the dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Press Conference
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | EUR – Gfk German Consumer Climate (May) | 10.9 | 10.9 | – |
| 16:30 | GBP – Gross Mortgage Approvals | 38.1K | 37.1K | – |
| 19:45 | EUR – ECB Marginal Lending Facility | 0.25% | 0.25% | – |
| 19:45 | EUR – ECB Interest Rate Decision (Apr) | 0.00% | 0.00% | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Mar) | 1.0% | 0.5% | – |
| 20:30 | USD – Goods Trade Balance (Mar) | -75.88B | -74.80B | – |
| 20:30 | USD – Initial Jobless Claims | 232K | 235K | – |
GBPUSD
GBPUSD, H1: GBPUSD was traded higher prior rebound from support level at 1.3910. Golden-cross as displayed by MACD signal line would suggest the pair to extend its gains towards the resistance level at 1.3960.
Resistance level: 1.3960, 1.4020
Support level: 1.3910, 1.3860
EURUSD
EURUSD, H1: EURUSD was traded higher prior gaining its support at 38.2 Fibonacci level. Golden-cross as shown by MACD signal line would suggest the pair to undergo short-term technical correction to trade higher before continuing its bearish bias.
Resistance level: 1.2240, 1.2290
Support level: 1.2160, 1.2050
USDJPY
USDJPY, D1: USDJPY was traded higher after breaking resistance level at 109.20. MACD that shows increasing bullish momentum would suggest the pair to extend its gains towards the next resistance level at 109.70.
Resistance level: 109.70, 110.20
Support level: 109.20, 108.50
CrudeOIL
CrudeOIL, H1: Crude oil price was traded higher after breaking resistance level at 67.70. MACD that shows increasing bullish momentum would suggest the commodity price to continue its gains if breakout at the next resistance level 68.40 is successful.
Resistance level: 68.40, 69.00
Support level: 67.70, 67.20
GOLD
GOLD_, H1: Gold price was traded lower prior retracement from resistance level at 1329.70. MACD that shows diminishing bullish momentum would suggest the safe-haven asset price to extend its losses if breakout at the support level 1321.30 is successful.
Resistance level: 1329.70, 1340.30
Support level: 1321.30, 1313.90