04 May 2018 Daily Analysis
Greenback on key support level ahead of NFP.
Dollar was traded lower against its major peers by 0.16% to 92.20 as of writing following mostly pessimistic economic data in the region while market participants sold off their Greenback position ahead of the release of Nonfarm Payrolls (NFP) report. Overnight, initial jobless claims was reported by the U.S. Department of Labor to achieve an actual reading of 211K, much better than the economists’ forecast for an increase of 225K. However, gains of the Greenback was pared after unit labor costs for the first quarter and ISM Non-Manufacturing PMI missed the expected reading of 3.1% and 60.0, last stood at 2.7% and 59.1 respectively. Although the Federal Reserve has expressed their confidence towards the labor market in U.S., market participants will shift their focus to NFP report tonight to garner further indication on the economic growth in the region. On the other hand, GBP/USD pared gains by 0.15% to $1.3579 following the release of services PMI that missed the expected reading of 53.5, last stood at 52.8.
In the commodities market, crude oil price was settled higher by 0.74% to $68.39 per barrel following increased prospect of US sanctions on Iran after the latter stated that it would not renegotiate the Iran nuclear deal. Likewise, gold price rose 0.65% to $1312.70 a troy ounce attributed to renewed geopolitical uncertainty between the U.S. and Iran.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
00:00 (Sat) USD FOMC Member Dudley Speaks
03:00 (Sat) USD FOMC Member Williams Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:45 | CNY – Caixin Services PMI (Apr) | 52.3 | 52.4 | 52.9 |
| 15:55 | EUR – German Services PMI (Apr) | 54.1 | 54.1 | – |
| 16:00 | EUR – Markit Composite PMI (Apr) | 55.2 | 55.2 | – |
| 16:00 | EUR – Services PMI (Apr) | 55.0 | 55.0 | – |
| 17:00 | EUR – Retail Sales (MoM) (Mar) | 0.1% | 0.5% | – |
| 20:30 | USD – Average Hourly Earnings (MoM) (Apr) | 0.3% | 0.2% | – |
| 20:30 | USD – Nonfarm Payrolls (Apr) | 103K | 185K | – |
| 20:30 | USD – Unemployment Rate (Apr) | 4.1% | 4.0% | – |
| 22:00 | CAD – Ivey PMI (Apr) | 59.8 | 60.2 | – |
| 01:00 | CrudeOIL – US Baker Hughes Oil Rig Count | 825 | – | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded higher prior rebound from support level at 1.3550. MACD that portrays a golden-cross would suggest the pair to undergo short-term technical correction to trade higher towards the resistance level at 1.3610.
Resistance level: 1.3610, 1.3670
Support level: 1.3550, 1.3490
EURUSD
EURUSD, H4: EURUSD was traded higher prior rebound from support level at 1.1940. MACD that portrays a golden-cross would suggest the pair to extend its gains if candlestick successfully closes above the trend line of descending channel.
Resistance level: 1.2010, 1.2050
Support level: 1.1940, 1.1870
USDJPY
USDJPY, H4: USDJPY was traded lower prior breaking support level at 109.20 and the pair is currently retesting its previous low. MACD that portrays ongoing downward momentum would suggest the pair to extend its losses if candlestick closes below the 50.0 Fibonacci level.
Resistance level: 109.20, 109.40
Support level: 108.50, 108.00
CrudeOIL
CrudeOIL, H1: Crude oil price was traded lower prior retracement from descending trend line. MACD that shows downward signal would indicate the commodity price to extend its losses if breakout at support level 68.30 is successful.
Resistance level: 68.70, 69.20
Support level: 68.30, 68.00
GOLD
GOLD_, H4: Gold price was traded lower following its failure to break resistance level at 1315.70. MACD that shows ongoing bullish momentum would suggest the safe-haven asset price to extend its gains to retest the said resistance level.
Resistance level: 1315.70, 1321.30
Support level: 1307.40, 1303.60