27 March 2019 Morning Session Analysis
Greenback regained its strength despite downbeat data.
Dollar index which gauge its value against six major peer currencies strengthen even as US housing data and CB Consumer Confidence fell out of economist expectations where both data came in at despair rate. According to the Conference Board, US CB Consumer Confidence of March fell from 131.4 to 124.1 whereas missing the economist forecast of 132.0. It obviously indicating that consumer confidence toward the US economy outlook has been dented. At the same time, poor Building Permits data is also a crucial indicator supported that US consumer demanding on houses has been declined due to wobbles in economy. However, a strong rebound of US treasury yield has moderated the investor sentiments toward the Greenback market and urged Dollar index inched up 0.07% to 96.25 during Asian early trading session. On the other hand, the pair of NZD/USD tumbled 1.30% to 0.6815 following RBNZ interest decision which remain unchanged at 1.75%. Meanwhile, RBNZ also emphasized that their next move on official cash rates will be more likely to be dovish due to weaker global economic outlook and reduced momentum in domestic spending.
In the commodities market, crude oil price quoted down 0.30% to $59.70 per barrel amid API reported a buildup in crude oil inventory 1.93 million barrels for the week ending March 22 while missing economists’ forecast of 1.1 million barrels. Besides, gold price rose 0.13% to $1317.50 a troy ounce amid worries on global recessions continue to haunt the riskier assets.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 EUR ECB President Draghi Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 20:30 | USD – Trade Balance (Jan) | -59.80B | -57.00B | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -9.589M | -1.200M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above previous resistance level 96.20. MACD which illustrate bullish momentum suggest index to extend its gains towards the resistance level 96.70.
Resistance level: 96.70, 97.05
Support level: 96.20, 95.70
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3180. MACD which display bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 1.3300, 1.3415
Support level: 1.3180, 1.3085
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1260. MACD which display ongoing bearish momentum suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 1.1290, 1.1340
Support level: 1.1260, 1.1215
USDJPY, H4: USDJPY was traded lower following prior retracement from top levels. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 110.35.
Resistance level: 110.95, 111.45
Support level: 110.35, 109.75
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7125. MACD which display diminishing bullish momentum suggest the pair to extend its losses after successfully bearing below the support level.
Resistance level: 0.7170, 0.7210
Support level: 0.7125, 0.7080
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6820. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after breaking below the support level.
Resistance level: 0.6865, 0.6900
Support level: 0.6820, 0.6765
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3400. MACD which illustrate bearish momentum suggest the pair to extend its retracement towards the support level 1.3360.
Resistance level: 1.3400, 1.3455
Support level: 1.3360, 1.3325
USDCHF, H4: USDCHF remains traded in a sideway-channel following prior rebound from the 20-MA line (green). MACD which display bullish momentum suggest the pair to extend its rebound towards the top-level of the channel near the resistance level 0.9950.
Resistance level: 0.9950, 0.9980
Support level: 0.9905, 0.9855
CrudeOIL, H4: Crude oil was traded lower following prior retracement from top levels. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement towards the support level 59.50.
Resistance level: 60.55, 61.90
Support level: 59.50, 58.40
GOLD, H4: Gold price was traded higher following prior breakout above previous resistance level 1315.00. MACD which illustrate bullish bias signal suggest gold to extend its gains towards the resistance level 1323.00.
Resistance level: 1323.00, 1331.70
Support level: 1315.00, 1305.50