3 April 2019 Afternoon Session Analysis
AUD shines as data delivers.
Australian dollar rebounds sharply from its prior low level following the release of economic data from the region. As of writing, pair of AUD/USD tacks up 0.43%, last quoted around 0.7098. According to Australian Bureau of Statistics, the Retail Sales for the month of March came in at 0.8%, exceeding economists’ forecast for an appreciation of only 0.3%. The data has diminished some worries among investors as strong spending in the economy could underpin further economic growth in the region. In addition, Australian dollar received further support after China’s Caixin Services PMI exceed expectations with 54.4 versus forecast of only 52.3. Recent economic data from China portrays a significant rebound in both manufacturing and services PMI and thus reducing some concern over global economic slowdown. On the other hand, dollar index retraced by 0.16% to 96.71 as market participants continues to digest bearish economic data from yesterday night. Likewise, recent rebound in US bond yields has come to an end as global central banks continues to adopt dovish rhetoric with regards to domestic and global economic projections.
As for commodities, crude oil price extended gains by 0.34% to $62.63 per barrel. Oil prices advanced for its third consecutive day following optimism over OPEC-led supply cuts and US sanctions against Iran and Venezuela which may help to solve global oversupply. Otherwise, gold price ticks up 0.04% to $1,293.10 a troy ounce following weaker US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16.30 | GBP – Service PMI | 51.3 | 51.0 | – |
| 20.15 | USD – ADP NonFarm Employment Change | 183K | 184K | – |
| 22.00 | USD – ISM Non-Manufacturing PMI (Mar) | 54.4 | – | – |
| 22.30 | CrudeOIL-Crude Oil Inventories | 2.800M | 0.425M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 96.80. MACD which illustrate bearish momentum and the formation of death cross suggest index to extend its losses toward the support level at 96.40.
Resistance level: 96.80, 97.20
Support level: 96.40, 96.15
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3145. MACD which display bullish momentum suggest the pair to extend its gains after successfully breakout the resistance level at 1.3145.
Resistance level: 1.3145, 1.3215
Support level: 1.3065, 1.3020
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1220. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the resistance level at 1.1220.
Resistance level: 1.1220, 1.1280
Support level: 1.1180, 1.1120
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 111.40. However, MACD which display diminishing bullish momentum and the formation of death cross suggest the pair to undergo technical correction in short term toward the support level at 111.40.
Resistance level: 112.00, 112.35
Support level: 111.40, 110.85
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7070. MACD which display bullish momentum suggest the pair to extend its gains toward the resistance level at 0.7120.
Resistance level: 0.7120, 0.7145
Support level: 0.7070, 0.7045
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level at 0.6775. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout the resistance level at 0.6775.
Resistance level: 0.6775, 0.6820
Support level: 0.6740, 0.6715
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3345. However, MACD which illustrate diminishing bearish momentum and the formation of golden cross suggest the pair to undergo technical correction toward the resistance level at 1.3345.
Resistance level: 1.3345, 1.3375
Support level: 1.3290, 1.3220
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9985. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.9965.
Resistance level: 0.9985, 1.0020
Support level: 0.9965, 0.9930
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 62.60. MACD which display bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 64.10.
Resistance level: 64.10, 65.90
Support level: 62.60, 61.25
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1292.30. MACD which illustrate bullish momentum and the formation of golden cross suggest gold to extend its gains after a successful breakout at the resistance level of 1292.30.
Resistance level: 1292.30, 1300.25
Support level: 1283.70, 1277.05